AKVA group ASA: Acquisition of 100% ownership in Observe Technologies

05 Jul 2024 16:08 CEST

AKVA group ASA (AKVA) is pleased to announce the completion of the acquisition
of 100% of the shares in Observe Technologies Limited (Observe) to further
strengthen and complement its digital capabilities.

Observe has, through its partnership with AKVA, successfully developed and sold
artificial intelligence (AI) feeding solutions to more than 100 farm sites
worldwide. Documented results show a decrease in feed conversion ratio by
automating the feed process using AI technology.

Knut Nesse, CEO of AKVA:

"The acquisition of 100% shares in Observe is of great strategic importance to
AKVA and will further develop and complement our digital offerings to the
market. AKVA now offers four digital products to the market: i) AKVA Fishtalk,
ii) AKVA Observe, iii) AKVA Connect and iv) AKVA Submerged. By combining these
products, we now offer a complete digital solution to enhance precision fish
farming."


Hemang Rishi & Pieter Fabry, CEO & CTO of Observe Technologies:

"This is a unique opportunity to be a key offering in AKVA's precision farming
solution while giving us the operational flexibility to continue to develop the
business.  We firmly believe AKVA's approach, combined with operational gains we
have already provided, will drive the industry towards even more sustainable
outcomes."

Pre-acquisition AKVA owned 33.69% of the shares in Observe. Following the
transaction AKVA will be the sole shareholder of Observe and own 100% of the
shares. The minimum purchase price for the 66.31% of the shares of GBP 13.7
million, has partly been settled by cash consideration, and partly by way of a
sellers' credit that will be settled in instalments to be paid over the next
three years. Furthermore, an additional consideration and earn out consideration
up to a maximum total purchase price of GBP 20.5 million will be paid if certain
conditions are met. The cash amount paid by AKVA at closing has been financed by
utilising options under AKVA's existing bank financing.

Dated: 5 July 2024
AKVA group ASA

Web: www.akvagroup.com

CONTACTS:

Knut Nesse Chief Executive Officer

Phone: +47 51 77 85 00

Mobile: +47 91 37 62 20

E-mail: knesse@akvagroup.com


Ronny Meinkøhn Chief Financial Officer

Phone: +47 51 77 85 00

Mobile: +47 98 20 67 76

E-mail: rmeinkohn@akvagroup.com

***

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements according
to section 5-12 of the Norwegian Securities Trading Act. The information was
submitted for publication by Ronny Meinkohn (CFO) (contact details as set out
above) on 5 July 2024 at 16:08 CET.

About AKVA group ASA

AKVA group ASA is a global technology and service partner that deliver
technology and services that helps solve biological challenges within the
aquaculture industry. Good operational performance and fish welfare ensures
sustainability and profitability for the customer. This is the premise for
everything we deliver, from single components to services and complete
installations. In-depth aquaculture knowledge, extensive experience and a high
capacity for innovation characterizes and enables us to deliver the best
solutions for both land based and sea based fish farming.

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