Icelandic fishing and processing company Síldarvinnslan is in the process of acquiring Grindavík company Vísir.
Based in the east of Iceland, Sildarvinnslan operates pelagic and demersal vessels, processing plants and has interests in other fishing ventures. In a deal reported to be worth ISK 31 billion, it is now acquiring the entire shareholding in Vísir, which is based in the south coast port of Grindavík and operates longliners and a trawler, and runs its own processing for both frozen and salted production.
Payment for the holding in Vísir is to be made in the form of cash (30%) and Síldarvinnslan shares (70%).
According to an announcement made to the Icelandic stock exchange late on Sunday evening, the intention is for Vísir to be run as a subsidiary company, with Pétur H Pálsson remaining in his post as the company’s managing director. The acquisition is subject to approval by the monopoly authorities and by Síldarvinnslan’s shareholders – one of which is Samherji, one of Iceland’s largest fishing and seafood operators.
‘The buyer and the vendor are in agreement that this transaction will strengthen both companies in the future,’ said Síldarvinnslan CEO Gunnthór Ingvason.
‘We, the owners of Vísir hf, are in this moving our shareholding into another fisheries company that is registered on the stock market, and become among the key owners of a strong seafood company,’ said Vísir’s managing director Pétur Hafsteinn Pálsson.
The acquisition of Vísir with its quotas, processing and export markets substantially strengthens Síldarvinnslan’s position in the groundfish sector.
The company states that the acquisition is expected to place Síldarvinnslan in the position of exceeding the allowable quota ownership threshold by what it describes as a small amount. This would require a suitable adjustment to be made within six months.
