Pelagia signed an agreement to purchase the remaining 50% in Hordafor AS on March 15, 2021. The agreement was dependant on approval from the relevant competition authorities that have now approved the acquisition.
Pelagia paid NOK477 million ($54 million) for the remaining 50% of shares in Hordafor AS and is now owning 100% of the shares in Hordafor AS through its subsidiary Pelagia AS.
“We are very pleased with the approval,” said CEO in Pelagia AS, Egil Magne Haugstad. “There are several reasons why Pelagia and Hordafor are a good match. We can achieve much more together than individually, and together, we can provide our customers and partners with even better products and services. Hordafor complements Pelagia in many areas, such as logistics, service solutions and product mix.”
Hordafor produces fish oil and hydrolyzed marine protein from fish byproducts for use in the Norwegian, Asian and European feed industries.