Leroy Seafood Group — M&A Activity 2021

Jun 29, 2021

Lerøy Seafood Group ASA: Scottish Sea Farms Ltd. enters into a Share Purchase Agreement to acquire Grieg Seafood Hjaltland UK Ltd.

Lerøy Seafood Group ASA: 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, 29th

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.

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:

Sjur S. Malm, CFO Lerøy Seafood Group, +47 41 77 20 20

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 Sjur S. Malm, CFO at Lerøy

Seafood Group ASA, on 29th June 2021 at 19.15 CET.

About Lerøy Seafood Group ASA

Lerøy Seafood Group ASA is a global seafood corporation with its head office in

Bergen. The Group's approx. 5,000 employees handles between 350,000 and 400,000

tonnes of seafood every year through our value chain, corresponding to around 5

million meals every day. The Group has a vertically integrated value chain for

redfish and whitefish, and significant activities using third-party products.

The Group's values - open, honest, responsible and creative - shall represent

the very foundations of everything we do, and we work hard to achieve our goal

of creating the world's most efficient and sustainable value chain for seafood.

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.