LONDON: Benchmark Holdings plc, a leader in aquaculture genetics, specialist nutrition, and health, has announced the sale of its genetics business to Starfish Bidco AS, a subsidiary of Novo Holdings.
The deal is valued at up to £260 million, including an initial payment of £230 million and a potential additional £30 million based on performance.
The sale will help Benchmark focus on its Advanced Nutrition and Health business, streamline its operations, and reduce costs. Benchmark Holdings started a strategic review in January 2024 to explore options for its business, including potential sales. After receiving several offers, the company decided that selling its genetics business to Novo Holdings was the best option.
Benchmark will use the proceeds to return capital to shareholders and reduce debt. The deal is expected to be completed in the first quarter of 2025, pending shareholder approval and regulatory clearances. Post-sale, Benchmark will focus on its Advanced Nutrition and Health sectors, continuing to innovate in aquaculture nutrition and health solutions.
Trond Williksen, Benchmark CEO, expressed his satisfaction with the deal, highlighting its benefits for shareholders and the company’s future focus areas. This sale concludes Benchmark’s strategic review and ends its formal sale process under the City Code on Takeovers and Mergers. Stay tuned for more updates as the company plans to release its full-year results on 12 December 2024.