HB Grandi plans purchase of UR’s Asian sales firms
Iceland’s HB Grandi has announced it has opened talks with Utgerdarfelag Reykjavikur (UR) over the purchase of the latter’s companies in Japan, Hong Kong, and mainland China.
The former’s board of directors has begun talking to UR — formerly Brim Seafood, and 34% owner of HB Grandi — over the purchases, as well as looking at a service company in Iceland related to the Asian firms. “The purpose is to strengthen the company’s sales and marketing efforts,” said HB Grandi according to undercurrentnews.com.
“The contents of the proposed transaction will be further elaborated upon when parties reach agreement on a purchase agreement, but the aim is for the results of the negotiations to be available no later than at the end of the third quarter.”
The sales companies are likely what used to be Icelandic Group’s assets in Asia, sold to Brim at the very end of 2015.
Gudmundur Kristjansson, who pulled off a $220 million deal for a 34% stake in HB Grandi last year, has previously predicted more mergers and acquisitions (M&A) and co-branding in the North Atlantic in the coming years.
Kristjansson added HB Grandi, which owns more quotas in Iceland than anyone else, to his family company Utgerdarfelag Reykjavikur (UR) — formerly Brim Seafood — in an audacious deal last year. UR then sold Ogurvik to HB Grandi for around $100m and its minority stake in Vinnslustodin Hf. i Vestmannaeyjum to FISK-Seafood, for over $80m. UR has also bought into Iceland Seafood International shareholder Solo Seafood.
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