AKVA Group — M&A Activity 2024

Jul 5, 2024

AKVA group ASA: Acquisition of 100% ownership in Observe Technologies

AKVA group ASA: Acquisition of 100% ownership in Observe Technologies

AKVA group ASA (AKVA) is pleased to announce the completion of the acquisition

of 100% of the shares in Observe Technologies Limited (Observe) to further

strengthen and complement its digital capabilities.

Observe has, through its partnership with AKVA, successfully developed and sold

artificial intelligence (AI) feeding solutions to more than 100 farm sites

worldwide. Documented results show a decrease in feed conversion ratio by

automating the feed process using AI technology.

Knut Nesse, CEO of AKVA:

"The acquisition of 100% shares in Observe is of great strategic importance to

AKVA and will further develop and complement our digital offerings to the

market. AKVA now offers four digital products to the market: i) AKVA Fishtalk,

ii) AKVA Observe, iii) AKVA Connect and iv) AKVA Submerged. By combining these

products, we now offer a complete digital solution to enhance precision fish

farming."

Hemang Rishi & Pieter Fabry, CEO & CTO of Observe Technologies:

"This is a unique opportunity to be a key offering in AKVA's precision farming

solution while giving us the operational flexibility to continue to develop the

business.  We firmly believe AKVA's approach, combined with operational gains we

have already provided, will drive the industry towards even more sustainable

outcomes."

Pre-acquisition AKVA owned 33.69% of the shares in Observe. Following the

transaction AKVA will be the sole shareholder of Observe and own 100% of the

shares. The minimum purchase price for the 66.31% of the shares of GBP 13.7

million, has partly been settled by cash consideration, and partly by way of a

sellers' credit that will be settled in instalments to be paid over the next

three years. Furthermore, an additional consideration and earn out consideration

up to a maximum total purchase price of GBP 20.5 million will be paid if certain

conditions are met. The cash amount paid by AKVA at closing has been financed by

utilising options under AKVA's existing bank financing.

Dated: 5 July 2024

AKVA group ASA

Web: www.akvagroup.com

CONTACTS:

Knut Nesse Chief Executive Officer

Phone: +47 51 77 85 00

Mobile: +47 91 37 62 20

E-mail: knesse@akvagroup.com

Ronny Meinkøhn Chief Financial Officer

Phone: +47 51 77 85 00

Mobile: +47 98 20 67 76

E-mail: rmeinkohn@akvagroup.com

***

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

Market Abuse Regulation and is subject to the disclosure requirements according

to section 5-12 of the Norwegian Securities Trading Act. The information was

submitted for publication by Ronny Meinkohn (CFO) (contact details as set out

above) on 5 July 2024 at 16:08 CET.

About AKVA group ASA

AKVA group ASA is a global technology and service partner that deliver

technology and services that helps solve biological challenges within the

aquaculture industry. Good operational performance and fish welfare ensures

sustainability and profitability for the customer. This is the premise for

everything we deliver, from single components to services and complete

installations. In-depth aquaculture knowledge, extensive experience and a high

capacity for innovation characterizes and enables us to deliver the best

solutions for both land based and sea based fish farming.