SalMar ASA

M&A Activity • Jul 20, 2023

Oppdatering om myndighetsgodkjennelser for Goldman Sachs Asset Management sitt kjøp av 72,11 % av aksjene i Frøy og etterfølgende pliktig tilbud

Oppdatering om myndighetsgodkjennelser for Goldman Sachs Asset Management sitt kjøp av 72,11 % av aksjene i Frøy og etterfølgende pliktig tilbud

Frøya, 20. juli 2023

Det vises til børsmelding 5. juni 2023 vedrørende transaksjonsavtalen

("Transaksjonsavtalen") mellom Falcon Bidco. AS ("Tilbyder"), et indirekte

heleid datterselskap av infrastrukturfond forvaltet av Goldman Sachs Asset

Management, NTS AS ("NTS") et heleid datterselskap av SalMar ASA ("SalMar") (OSE

ticker: SALM), og Frøy ASA ("Frøy" eller "Selskapet") (OSE ticker: FROY), hvor

Tilbyder på visse vilkår og betingelser har avtalt å erverve hele NTS' eierandel

i Frøy, tilsvarende om lag 72,11 % av aksjene i Frøy ("Aksjesalget") og etter

gjennomføring av Aksjesalget fremme et pliktig tilbud for erverv av alle de

resterende aksjene i Frøy uten vilkår og med oppgjør i kontanter (det "Pliktige

Tilbudet").

Som kunngjort er gjennomføring av Aksjesalget kun betinget av:

i. mottak av relevante godkjennelser fra konkurransemyndighetene i Norge og

Ukraina, og at Nærings- og fiskeridepartementet har gitt unntak for

nasjonalitetskravene i sjøloven for NOR-registrering som gjelder for

fartøyene som eies av Selskapet;

ii. at ingen relevant myndighet har tatt noen form for juridiske skritt

(hverken midlertidige, preliminære eller permanente) som forhindrer

gjennomføringen av Aksjesalget eller i forbindelse med Aksjesalget har

pålagt Tilbyder, Selskapet eller noen av deres nærstående noen materielle

betingelser; og

iii. at Transaksjonsavtalen ikke er blitt hevet i tråd med sine vilkår.

Den 20. juni 2023 ble det kunngjort at Konkurransetilsynet i Norge godkjente

Aksjesalget, og at Nærings- og fiskeridepartementet innvilget unntak fra

nasjonalitetskravene i sjøloven for NOR-registrering som gjelder for fartøyene

som eies av Selskapet.

Den 20. juli 2023 ble Aksjesalget godkjent av Ukrainske konkurransemyndigheter

(the Antimonopoly Committee of Ukraine). Med mindre annet avtales mellom partene

og forutsatt at de øvrige gjennomføringsbetingelsene er oppfylt, er det dermed

forventet at gjennomføring av Aksjesalget vil finne sted på eller omkring den

14. august 2023 og det Pliktige Tilbudet fremsettes omgående deretter. Tilbyder

har til hensikt å gjennomføre tvangsinnløsning av de resterende aksjene i Frøy

som ikke eies av Tilbyder i sammenheng med fremsettelsen av det Pliktige

Tilbudet.

DNB Markets, del av DNB Bank ASA, er finansiell rådgiver og Advokatfirmaet BAHR

AS er juridisk rådgiver til NTS og Selskapet.

Goldman Sachs International, Nordea Corporate Finance, en del av Nordea Bank

Abp, filial i Norge og RBC Capital Markets er finansielle rådgivere og

Advokatfirmaet Thommessen AS og Linklaters LLP er juridiske rådgivere, og

Sullivan & Cromwell er konkurranseretts og FDI -rådgiver, til Tilbyder.

Kontaktinformasjon

Frøy:

Tonje Foss, CEO

Sondre Vevstad, CFO

Tel:

+47 996 10 116

+47 936 54 555

Email:

tonje.foss@froygruppen.no

sondre.vevstad@froygruppen (mailto:sondre.vevstad@froygruppen).no

Falcon Bidco. / Goldman Sachs Asset Management:

Joseph Stein

Tel: +44 20 7774 1000

SalMar:

Frode Arntsen, CEO

Tel: +47 482 06 665

Email: frode.arntsen@salmar.no

***

Disse opplysningen er informasjonspliktige etter verdipapirhandelloven § 5-12.

About Frøy

Frøy is a leading integrated provider of aqua services to Norwegian salmon

farmers. With a team of more than 900 aqua service specialists and a modern

fleet of 80 vessels, Frøy offers a wide range of infrastructure solutions to

salmon farmers. The service offering includes transport of fish, sorting,

counting, cleaning of nets, treatment for diseases and lice, inspection,

installation and maintenance of salmon farming sites.

Falcon Bidco. in brief

Falcon Bidco. is a private limited company (registration number 930 936 936)

incorporated under the laws of Norway with its registered office at c/o

Advokatfirmaet Thommessen AS, Ruseløkkveien 38, 0251 Oslo, Norway. Falcon Bidco.

was formed on 20 February 2023 and registered with the Norwegian Register of

Business Enterprises on 2 March 2023. Falcon Bidco. is indirectly wholly-owned

by infrastructure funds managed by Goldman Sachs Asset Management. Falcon Bidco.

has never conducted and at present does not conduct any form of business, and

its sole business purpose is to implement the Transaction.

About the Goldman Sachs Asset Management Infrastructure business

Bringing together traditional and alternative investments, Goldman Sachs Asset

Management provides clients around the world with a dedicated partnership and

focus on long-term performance. As the primary investing area within Goldman

Sachs (NYSE: GS), we deliver investment and advisory services for the world's

leading institutions, financial advisors and individuals, drawing from our

deeply connected global network and tailored expert insights, across every

region and market-overseeing $2.67 trillion in assets under supervision

worldwide as of 31 March 2023. Driven by a passion for our clients' performance,

we seek to build long-term relationships based on conviction, sustainable

outcomes, and shared success over time. Goldman Sachs Asset Management invests

in the full spectrum of alternatives, including private equity, growth equity,

private credit, real estate and infrastructure.  Established in 2006, the

Infrastructure business within Goldman Sachs Asset Management has consistently

navigated the evolving infrastructure asset class, having invested approximately

$15 billion in infrastructure assets across market cycles since its inception.

We partner with experienced operators and management teams across multiple

sectors, including digital infrastructure, energy transition, transportation &

logistics and essential services.

About SalMar

SalMar is one of the world's largest and most efficient producers of salmon. The

Group has farming operations in Central Norway, Northern Norway and Iceland, as

well as substantial harvesting and secondary processing operations. In addition,

the company is operating within offshore aquaculture through the company SalMar

Aker Ocean and SalMar owns 50% of the shares in Scottish Sea Farms Ltd.

***

The Mandatory Offer and the distribution of this announcement and other

information in connection with the Mandatory Offer and the Transaction may be

restricted by law in certain jurisdictions. When published, the offer document

for the Mandatory Offer (the "Offer Document") and related acceptance forms will

not and may not be distributed, forwarded or transmitted into or within any

jurisdiction where prohibited by applicable law, including, without limitation,

Canada, Australia, New Zealand, South Africa, Hong Kong and Japan. The Offeror

does not assume any responsibility in the event there is a violation by any

person of such restrictions. Persons into whose possession this announcement or

such other information should come are required to inform themselves about and

to observe any such restrictions.

This announcement is not a tender offer document and, as such, does not

constitute an offer or the solicitation of an offer to acquire shares in Frøy.

Investors may accept the Mandatory Offer only on the basis of the information

provided in the Offer Document. Offers will not be made directly or indirectly

in any jurisdiction where either an offer or participation therein is prohibited

by applicable law or where any tender offer document or registration or other

requirements would apply in addition to those undertaken in Norway.

Notice to U.S. Holders

U.S. Holders (as defined below) are advised that the shares of the Company are

not listed on a U.S. securities exchange and that the Company is not subject to

the periodic reporting requirements of the U.S. Securities Exchange Act of 1934

(the "U.S. Exchange Act"), and is not required to, and does not, file any

reports with the U.S. Securities and Exchange Commission (the "SEC") thereunder.

The Mandatory Offer will be made in reliance on the exemption from certain

requirements of Regulation 14E of the U.S. Exchange Act provided by Rule

14d-1(c) thereunder, and otherwise in accordance with the requirements of

Norwegian law. Accordingly, the Mandatory Offer will be subject to disclosure

and other procedural requirements, including with respect to the offer

timetable, withdrawal rights, settlement procedures and timing of payments, that

are different from those that would be applicable under U.S. domestic tender

offer procedures and law. The Mandatory Offer will be made in the United States

by the Offeror and no one else.

The Mandatory Offer will be made to holders of shares of the Company resident in

the United States ("U.S. Holders") on the same terms and conditions as those

made to all other holders of shares of the Company to whom an offer is made. Any

information documents, including the Offer Document, will be disseminated to

U.S. Holders on a basis comparable to the method that such documents are

provided to the Company's other shareholders to whom an offer is made.

The receipt of cash pursuant to the Mandatory Offer by a U.S. Holder of the

shares of the Company may be a taxable transaction for U.S. federal income tax

purposes and under applicable state and local, as well as foreign and other tax

laws. Each holder of shares of the Company is urged to consult his independent

professional advisor immediately regarding the tax consequences of acceptance of

the Mandatory Offer.

It may be difficult for U.S. Holders of shares of the Company to enforce their

rights and any claim arising out of the U.S. federal securities laws, since the

Offeror, NTS, SalMar and the Company are located in and organized under the laws

of countries other than the United States, and some or all of their officers and

directors may be residents of a country other than the United States, and their

respective assets are located primarily outside the United States. U.S. Holders

of shares of the Company may not be able to sue a non-U.S. company or its

officers or directors in a non-U.S. court for violations of the U.S. securities

laws. Further, although U.S. Holders of shares of the Company are not waiving

their rights under U.S. federal laws by accepting the Mandatory Offer, it may be

difficult to compel a non-U.S. company and its affiliates to subject themselves

to a U.S. court's judgement. As used herein, the "United States" or the "U.S."

means the United States of America, its territories and possessions, any state

of the United States of America, and the District of Columbia.

Pursuant to an exemption from Rule 14e-5 under the U.S. Exchange Act, the

Offeror and its affiliates or brokers (acting as agents for the Offeror or its

affiliates, as applicable) may from time to time, and other than pursuant to the

Mandatory Offer, directly or indirectly, purchase or arrange to purchase, shares

of the Company or any securities that are convertible into, exchangeable for or

exercisable for such shares outside the United States during the period in which

the Mandatory Offer remains open for acceptance, so long as those acquisitions

or arrangements comply with applicable Norwegian law and practice and the

provisions of such exemption. To the extent information about such purchases or

arrangements to purchase is made public in Norway, such information will be

disclosed by means of an English language press release via an electronically

operated information distribution system in the United States or other means

reasonably calculated to inform U.S. Holders of such information. In addition,

the financial advisors to the Offeror may also engage in ordinary course trading

activities in securities of the Company, which may include purchases or

arrangements to purchase such securities.

Neither the SEC nor any U.S. state securities commission has approved or

disapproved or will approve or disapprove the Mandatory Offer, passed or will

pass upon its fairness or passed or will pass upon the fairness, adequacy or

completeness of this document or any documentation relating to the Mandatory

Offer.  Any representation to the contrary is a criminal offence in the United

States.

Goldman Sachs International, which is authorised by the Prudential Regulation

Authority and regulated by the Financial Conduct Authority and the Prudential

Regulation Authority in the United Kingdom, is acting exclusively for the

Offeror and no one else in connection with the Transaction, the Mandatory Offer

and the matters set out in this announcement. Neither Goldman Sachs

International nor its affiliates, nor their respective partners, directors,

officers, employees or agents are responsible to anyone other than the Offeror

for providing the protections afforded to clients of Goldman Sachs

International, or for giving advice in connection with the Mandatory Offer or

any matter or arrangement referred to in this announcement.

Nordea Bank Abp, which is under the supervision of the European Central Bank

together with the Finnish Financial Supervisory Authority, is acting (through

its Norwegian branch, Nordea Bank Abp, filial i Norge) as financial adviser to

the Offeror and no one else in connection with the Transaction, the Mandatory

Offer and the matters set out in this announcement.  Neither Nordea Bank Abp nor

its affiliates will regard any other person as its client in relation to the

Offer and the matters set out in this announcement and will not be responsible

to anyone other than the Mandatory Offeror for providing the protection afforded

to clients of Nordea Bank Abp, nor for providing advice in relation to the

Mandatory Offer or the other matters referred to in this announcement. Any

securities activities in the United States by Nordea Bank Abp will be

intermediated by its U.S. registered broker-dealer affiliate, Nordea Securities

LLC, and such activities will be effected only to the extent permitted by Rule

15a-6 under the U.S. Exchange Act.

RBC Europe Limited (trading as "RBC Capital Markets"), which is authorised by

the PRA and regulated by the FCA and the PRA in the United Kingdom, is acting

exclusively for the Offeror and for no one else in connection with the subject

matter of this announcement and will not be responsible to anyone other than

Goldman Sachs Asset Management and Offeror for providing the protections

afforded to its clients or for providing advice in connection with the subject

matter of this announcement.