Norway's Froy Gets $599 Million Takeover Bid From Goldman Sachs Asset Management

By Dominic Chopping

Norway's Froy said Monday that Goldman Sachs Asset Management has agreed to buy the 72% stake held by NTS in a deal that values the entire company at 6.6 billion Norwegian kroner ($598.7 million).

Froy--a provider of aqua services to Norwegian salmon farmers--said that following the acquisition of NTS's stake in the company for NOK76.50 a share in cash, Goldman Sachs will make an unconditional mandatory cash offer to acquire all other shares in Froy for at least the same price.

The NTS share sale is expected to complete during the third quarter of 2023 and the Froy board unanimously recommended for shareholders to accept the mandatory offer.

NTS is a wholly-owned subsidiary of salmon farmer SalMar.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

06-05-23 0245ET