Aker BioMarine

M&A Activity • Jul 3, 2024

Aker BioMarine ASA – Agreement to sell its ownership position in Feed Ingredients

Aker BioMarine ASA – Agreement to sell its ownership position in Feed Ingredients

Fornebu, July 3, 2024 – Aker BioMarine ASA (“Aker BioMarine”) today announced that it has entered into an agreement with American Industrial Partners (“AIP”) and Aker Capital (“Aker”) for the sale of Aker BioMarine’s ownership position in the Feed Ingredients business, based on an enterprise valuation of USD 590 million (around NOK 6.3 billion). The acquiring party will be a newly established company owned 60% by AIP and 40% by Aker Capital.

On 14 February 2024, Aker BioMarine announced a strategic review of its ownership position in the Feed Ingredients business. The transaction will create significant shareholder value and is an important step in crystallizing value and enables a focused Aker BioMarine within the human health and nutrition business.

"We are pleased to announce the sale of our ownership position in the Feed Ingredients business. This transaction is the result of a process that attracted interest from a wide range of reputable parties and not only demonstrates the value of Feed Ingredients but also underscores the value potential of Aker BioMarine as a whole. We will continue to explore how we can drive shareholder value by enabling potential partnerships and transactions for each of the remaining business units”, says Matts Johansen, CEO of Aker BioMarine.

The enterprise value of USD 590 million (on a cash and debt-free basis), is to be adjusted for normalized working capital and excess product inventory at closing. Upon closing of the transaction, Aker BioMarine intends to refinance its debt to obtain an appropriate leverage for the remaining business, and targets to distribute an extraordinary dividend after closing. Management expects the proposed dividend to be between NOK 35 and NOK 45 per share. Further details will be communicated in connection with closing of the transaction.

Following the transaction, Aker BioMarine will be a focused human health and nutrition company consisting of three business units; (1) Human Health Ingredients (2) Consumer Health Ingredients and (3) Emerging Businesses. Aker BioMarine has entered into a long-term contract with Feed Ingredients for the supply of krill raw materials for its Human Health Ingredients business.

Closing of the transaction is expected during the third quarter of 2024, subject to obtaining the necessary competition clearances.

Arctic, Carnegie and Rabobank acted as financial advisors to Aker BioMarine in connection with the transaction, and Schjødt as legal adviser.

The board has obtained a fairness opinion from a third party which concludes that the agreement is in the interest of both Aker BioMarine ASA and its shareholders, and that the financial consideration is fair.

For further information, please contact:

Christopher Robin Vinter, VP IR & Corporate Finance

Mobile: +47 911 60 820

Email: Christopher.vinter@akerbiomarine.com

For media:

Tormod Sandstø, Director of Communications

Mobile: +47 909 43 215

Email: tormod.sandsto@akerbiomarine.com

About Aker BioMarine

Aker BioMarine is a leading biotech innovator and Antarctic krill-harvesting company developing krill-derived products for consumer health and wellness as well as animal nutrition. The company has a strong position in its industry and is the world's leading supplier of krill, the natural, powerful and health promoting source of nutrients from the pristine waters of Antarctica. Aker BioMarine is listed on Oslo Stock Exchange (AKBM). More information is available at www.akerbiomarine.com.

About American Industrial Partners

American Industrial Partners (“AIP”) is a global industrials investor, with approximately $16 billion in assets under management. AIP is distinctively focused on industrial businesses across a broad range of end markets that include: aerospace and defense, automotive, building products, capital goods, chemicals, industrial services, industrial technology, logistics, metals & mining, and transportation, among others. AIP looks to generate differentiated returns by investing in quality industrial businesses with strong management teams and working with those teams to implement comprehensive operating agendas to build long-term value. Current AIP portfolio companies generate aggregate annual revenues of approximately $25 billion and employ approximately 65,000 employees as of March 31, 2024. In October 2023, AIP closed its eighth fund at $5.1 billion. www.americanindustrial.com

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act and contains information deemed to constitute inside information pursuant to the European Market Abuse Regulation.

This announcement was published by Christopher Robin Vinter, VP IR & Corporate Finance of Aker BioMarine ASA on 3 July 2024.