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The owners of the two companies, Kverva Technology AS and Frøyaringen AS, announced November 21 2017 that they have established a joint venture that will own 100% of the shares in Steinsvik Group and Aqualine. It is expected that the new company will have a turnover of more than NOK 1.5 billion and 700 employees.
The commitment of both companies to develop new solutions to the aquaculture industry has been the main driver behind the new company, which is established to further strengthen their positions. Furthermore, the two companies will complement each other’s products and services, and geographic presence. The establishment is expected to be conducted as soon as an approval is obtained from the Norwegian Competition Authority and the remaining due diligence processes are completed.
After the transaction, Steinsvik Group and Aqualine will remain individual companies, continuing with their current locations and businesses.
Arntzen de Besche has assisted Frøyaringen. The team has consisted of André Michaelsen, Jon Martin Atkinson, Maria Tanemsmo, Siri van Kervel Røskaft, Ingebjørg Aksnes and Simen Nicolaysen.
The press release from Steinsvik Group is available here.