SalMar ASA

M&A Activity • Jun 29, 2021

SalMar - Scottish Sea Farms Ltd. enters into a Share Purchase Agreement to acquire Grieg Seafood Hjaltland UK Ltd.

SalMar - Scottish Sea Farms Ltd. enters into a Share Purchase Agreement to acquire Grieg Seafood Hjaltland UK Ltd.

Scottish Sea Farms Ltd. ("SSF"), a vertically integrated Scottish salmon farming

company owned 50/50 by Lerøy Seafood Group ASA and SalMar ASA,  has today, 29

June 2021, signed a Share Purchase Agreement to acquire 100% of the Shares in

Grieg Seafood Hjaltland UK Ltd. ("GSHU") from Grieg Seafood ASA (the

"Transaction"). The purchase price on a cash and debt free basis, and assuming a

normalized level of working capital, is set to GBP 164 million.

GSHU is a vertically integrated Scottish salmon farming company with operations

on Shetland and Isle of Skye. The company has currently 21 active seawater

sites, a freshwater facility, and a processing facility, and harvested

approximately 16,000 tonnes (HOG) of Atlantic salmon in 2020.

SSF is one of the largest salmon farmers in Scotland and has operations on

mainland, Orkney and Shetland. SSF harvested approximately 24,000 tonnes (HOG)

of Atlantic salmon in 2020. An acquisition of GSHU is expected to improve

biological and operational performance as a result of improved biological

control and realisation of combination synergies between the two companies.

* Through the acquisition SSF strengthens the presence in the region, this

provides a solid foundation for further sustainable and profitable growth,

says CEO of SalMar Gustav Witzøe

The transaction will be funded with external debt, and new equity from the

owners.

The Transaction is subject to certain customary closing conditions. It is

expected to close within Q4 2021, depending on processing time with relevant

authorities.

Pareto Securities is engaged as financial advisor to SSF and Wikborg Rein as

legal advisor to SSF in the Transaction.

For queries, please contact:

Leif Inge Nordhammer

Board Chair SalMar ASA

+47 916 85 250

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and is subject to the disclosure requirements pursuant

to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Håkon Husby, Head of Investor

Relations at SalMar, on 29 June 2021 at 19:15 CEST.

About SalMar

SalMar is one of the world's largest and most efficient producers of farmed

salmon. The Group has farming operations in Central Norway, Northern Norway and

Iceland, as well as substantial harvesting and secondary processing operations

in Norway, at InnovaMar in Frøya and Vikenco in Aukra. SalMar also owns 50 per

cent of the shares in Scottish Sea Farms Ltd.

See www.salmar.no. for more information about the company.