Aker BioMarine : Agreement to sell its ownership position in Feed Ingredients

Aker BioMarine ASA - Agreement to sell its ownership position in Feed Ingredients

03 Jul 2024 20:00 CEST

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Issuer

AKER BIOMARINE ASA

Fornebu, July 3, 2024 - Aker BioMarine ASA ("Aker BioMarine") today announced
that it has entered into an agreement with American Industrial Partners ("AIP")
and Aker Capital ("Aker") for the sale of Aker BioMarine's ownership position in
the Feed Ingredients business, based on an enterprise valuation of USD 590
million (around NOK 6.3 billion). The acquiring party will be a newly
established company owned 60% by AIP and 40% by Aker Capital.

On 14 February 2024, Aker BioMarine announced a strategic review of its
ownership position in the Feed Ingredients business. The transaction will create
significant shareholder value and is an important step in crystallizing value
and enables a focused Aker BioMarine within the human health and nutrition
business.

"We are pleased to announce the sale of our ownership position in the Feed
Ingredients business. This transaction is the result of a process that attracted
interest from a wide range of reputable parties and not only demonstrates the
value of Feed Ingredients but also underscores the value potential of Aker
BioMarine as a whole. We will continue to explore how we can drive shareholder
value by enabling potential partnerships and transactions for each of the
remaining business units", says Matts Johansen, CEO of Aker BioMarine.

The enterprise value of USD 590 million (on a cash and debt-free basis), is to
be adjusted for normalized working capital and excess product inventory at
closing. Upon closing of the transaction, Aker BioMarine intends to refinance
its debt to obtain an appropriate leverage for the remaining business, and
targets to distribute an extraordinary dividend after closing. Management
expects the proposed dividend to be between NOK 35 and NOK 45 per share. Further
details will be communicated in connection with closing of the transaction.

Following the transaction, Aker BioMarine will be a focused human health and
nutrition company consisting of three business units; (1) Human Health
Ingredients (2) Consumer Health Ingredients and (3) Emerging Businesses. Aker
BioMarine has entered into a long-term contract with Feed Ingredients for the
supply of krill raw materials for its Human Health Ingredients business.

Closing of the transaction is expected during the third quarter of 2024, subject
to obtaining the necessary competition clearances.

Arctic, Carnegie and Rabobank acted as financial advisors to Aker BioMarine in
connection with the transaction, and Schjødt as legal adviser.

The board has obtained a fairness opinion from a third party which concludes
that the agreement is in the interest of both Aker BioMarine ASA and its
shareholders, and that the financial consideration is fair.

For further information, please contact:

Christopher Robin Vinter, VP IR & Corporate Finance
Mobile: [phone]
Email: [e-mail]

For media:

Tormod Sandstø, Director of Communications
Mobile: [phone]
Email: [e-mail]

About Aker BioMarine
Aker BioMarine is a leading biotech innovator and Antarctic krill-harvesting
company developing krill-derived products for consumer health and wellness as
well as animal nutrition. The company has a strong position in its industry and
is the world's leading supplier of krill, the natural, powerful and health
promoting source of nutrients from the pristine waters of Antarctica. Aker
BioMarine is listed on Oslo Stock Exchange (AKBM). More information is available
at www.akerbiomarine.com.

About American Industrial Partners
American Industrial Partners ("AIP") is a global industrials investor, with
approximately $16 billion in assets under management. AIP is distinctively
focused on industrial businesses across a broad range of end markets that
include: aerospace and defense, automotive, building products, capital goods,
chemicals, industrial services, industrial technology, logistics, metals &
mining, and transportation, among others. AIP looks to generate differentiated
returns by investing in quality industrial businesses with strong management
teams and working with those teams to implement comprehensive operating agendas
to build long-term value. Current AIP portfolio companies generate aggregate
annual revenues of approximately $25 billion and employ approximately 65,000
employees as of March 31, 2024. In October 2023, AIP closed its eighth fund at
$5.1 billion. www.americanindustrial.com

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act and contains information deemed to
constitute inside information pursuant to the European Market Abuse Regulation.

This announcement was published by Christopher Robin Vinter, VP IR & Corporate
Finance of Aker BioMarine ASA on 3 July 2024.

More information:
Access the news on Oslo Bors NewsWeb site

Source

Aker BioMarine ASA

Provider

Oslo Børs Newspoint

Company Name

AKER BIOMARINE ASA

ISIN

NO0010886625

Symbol

AKBM

Market

Oslo Børs