27th Jul 2015 07:32
LONDON (Alliance News) - Benchmark Holdings PLC on Monday said it has acquired Akvaforsk Genetics Center AS and an 80% stake in Akvaforsk Genetics Center Inc for a total of NOK140 million, or GBP11 million, in cash.
Benchmark, which provides technical services, products and specialist knowledge for the food and farming industries, said Akvaforsk Genetics Center AS is a Norway-based aquaculture genetics and research business, while Akvaforsk Genetics Center Inc isa US-based tilapia genetics and breeding business.
It has acquired all of the Norway-based business and has bought 80% of the US-based company, with a put option to acquire the rest of the company by 2022 based on the sales performance of the company in the interim.
Benchmark said the deal marks a strategic move into aquaculture genetics across a wider number of the major farmed species, and into breeding in the fast growing tilapia sector.
"This deal is an opportunity for Benchmark to further advance its position in the aquaculture genetics and breeding sector. The acquisitions bolster our recognised status in the salmon genetics space, and moves Benchmark into the rapidly growing tilapia market," said Malcolm Pye, Benchmark's chief executive.
Benchmark shares were up 4.8% to 65.00 pence on the news.
By Sam Unsted; [email protected]; @SamUAtAlliance
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