|Aker BioMarine and Neptune announce closing of $US34 million transaction to accelerate business and industry development.
Neptune exits bulk krill oil manufacturing and distribution activities including the transfer of krill oil inventory and IP to Aker BioMarine.
Cash consideration of $US34 million paid by Aker BioMarine at closing.
Aker BioMarine becomes exclusive krill oil supplier to Neptune’s Solutions Business.
Transformative transaction allows for acceleration of Neptune’s expansion into larger and expanding industry segments via acquisition and innovative extractions from its Sherbrooke site.
Agreement gives Aker BioMarine’s business more scale, which allows the company to increase investments in science and product innovation, sustainable krill-harvesting practices, and marketing support.
Neptune retains and remains committed to its promising investment in Acasti.
Summary of the transaction
Neptune will exit its bulk krill oil manufacturing and distribution activities, and support Aker BioMarine with the transition of its customers, krill oil inventory and intellectual property for a total cash consideration of $US34 million. Some of the proceeds will be used to reduce debt with high interest rates and the balance will be allocated to innovation projects, such as the Green Valley medical cannabis oil extraction project and to acquisitions, in line with its growth strategy.