Apetit Plc has signed an agreement to sell its seafood business in Finland, Norway and Sweden to the Norwegian seafood group Insula AS, a group of specialised and traditional seafood companies operating in Norway, Sweden and Denmark. Through the acquisition Insula AS will enter the Finnish seafood market. Insula AS employs approximately 800 persons.
The transaction is structured as a business transfer in Finland and a share transaction of the Maritim Food Group in Norway and Sweden and is expected to close in the third quarter of calendar year 2017. It is subject to customary closing conditions, including regulatory approvals.
Insula AS was advised by the law firms Borenius, Hammervoll Pind and Mannheimer Swartling in the transaction.