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Bain, Altor Raise Bid For Cermaq Unit to $1.1B To Clinch Deal

Target: EWOS

Price: $1.08 billion

Sponsors: Bain Capital, Altor

Seller: Cermaq

“Cermaq has today entered into a definitive share purchase agreement with Altor and Bain Capital regarding the sale of EWOS,” Cermaq said in a statement. After the close of the deal, Cermaq expects to pay out 4.5 billion crowns to 5 billion crowns, or 48 crowns to 54 crowns per share, in an extraordinary dividend.

Cermaq’s shareholders voted in favor of selling its fish feed arm, EWOS, it said in a statement. The state-controlled company said earlier that it had received a rival indicative bid for the unit that was higher than the 6.2 billion crown bid from Bain and Altor.

Last month the Norwegian state spent 1.56 billion crowns on increasing its stake in Cermaq to 59.17 percent from 43.5 percent, just days after fending off a $1.7 billion hostile bid by its bigger local rival Marine Harvest.