Brief: Iceland Seafood To Acquire Elba

Iceland Seafood Internat hf

08/11/2019 08:40

Nov 8 (Reuters) - ICELAND SEAFOOD INTERNATIONAL HF
 ICESEA.IC :
    * SAID ON THURSDAY HAS AGREED HEADS OF TERMS WITH GPG
SEAFOOD EHF
AND ICEMAR EHF, THE CURRENT OWNERS OF ELBA S.L. TO ACQUIRE THE
BARCELONA-BASED COMPANY ELBA S.L.
    * THE INTENTION IS TO HAVE THE CONDITIONS FULFILLED BEFORE
YEAR
END 2019
    * PROPOSED ACQUISITION PRICE FOR 100% STAKE IN ELBA IS EUR
4.4 MLN
ON A DEBT-FREE CASH-FREE BASIS, WITH 50% OF THE PAYMENT SETTLED
WITH CASH AND THE OTHER 50% WITH NEW SHARES IN ICELAND SEAFOOD
    * SUBJECT TO FULFILMENT OF ALL CONDITIONS AND THE HEAD OF
TERMS,
CURRENT SHAREHOLDERS OF ELBA WILL HOLD APPROXIMATELY 1.2% STAKE
IN ICELAND SEAFOOD POST THE TRANSACTION, WHICH IS INTENDED TO
SETTLE IN Q1 2020 

    
 Source text for Eikon:  urn:newsml:reuters.com:*:nGNE6wjPLG
    
 Further company coverage:  ICESEA.IC  
   


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