Completion of the acquisition by Goldman Sachs Asset Management of 72.11% of the shares in Frøy ASA from NTS AS

Frøya, 14 August 2023.

Reference is made to the announcement on 5 June 2023 regarding the agreement (the “Transaction Agreement”) entered into by Falcon Bidco. AS (the “Offeror”), a company indirectly wholly owned by infrastructure funds managed by Goldman Sachs Asset Management, with NTS AS (“NTS”), a wholly owned subsidiary of SalMar ASA (“SalMar”) (OSE ticker: SALM), and Frøy ASA (“Frøy” or the “Company”) (OSE ticker: FROY), whereby the Offeror, amongst other things and on certain terms and conditions, agreed to acquire NTS’ entire ownership stake in Frøy, representing approximately 72.11% of the shares in Frøy (the “Share Sale”).

On 20 July 2023, it was announced that all regulatory approvals required for the consummation of the Share Sale had been received by the relevant authorities, and today, the Share Sale has been completed.

DNB Markets, a part of DNB Bank ASA, is acting as financial advisor and Advokatfirmaet BAHR AS is acting as legal advisor to NTS and the Company.

Goldman Sachs International, Nordea Corporate Finance, part of Nordea Bank Abp, filial i Norge and RBC Capital Markets are acting as financial advisors, Advokatfirmaet Thommessen AS and Linklaters LLP are acting as legal advisors, and Sullivan & Cromwell LLP is acting as competition and FDI law advisor, to the Offeror.

Contacts

Frøy:
Tonje Foss, CEO
Sondre Vevstad, CFO

Tel:
[phone]
[phone]

Email:
[e-mail]
[e-mail]

Falcon Bidco. / Goldman Sachs Asset Management:
Joseph Stein
Tel: [phone]

SalMar:
Frode Arntsen, CEO
Tel: [phone]
Email: [e-mail]

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This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

About Frøy

Frøy is a leading integrated provider of aqua services to Norwegian salmon farmers. With a team of more than 900 aqua service specialists and a modern fleet of 80 vessels, Frøy offers a wide range of infrastructure solutions to salmon farmers. The service offering includes transport of fish, sorting, counting, cleaning of nets, treatment for diseases and lice, inspection, installation and maintenance of salmon farming sites.

Falcon Bidco. in brief

Falcon Bidco. is a private limited company (registration number 930 936 936) incorporated under the laws of Norway with its registered office at c/o Advokatfirmaet Thommessen AS, Ruseløkkveien 38, 0251 Oslo, Norway. Falcon Bidco. was formed on 20 February 2023 and registered with the Norwegian Register of Business Enterprises on 2 March 2023. Falcon Bidco. is indirectly wholly-owned by infrastructure funds managed by Goldman Sachs Asset Management. Falcon Bidco. has never conducted and at present does not conduct any form of business, and its sole business purpose is to implement the Transaction.