Charles Russell Speechlys advises founders of Observe Technologies on its acquisition by AKVA Group
min readCharles Russell Speechlys has advised the founders of Observe Technologies on its acquisition by Oslo Stock Exchange listed company, AKVA Group. Observe Technologies is the world's first artificial intelligence platform to transform how aquaculture farmers manage their farms.
This deal will allow AKVA Group, the world's largest supplier of solutions and services to aquaculture, to bring four new products to market which, combined, will offer a complete digital solution to enhance precision fish farming.
Pre-acquisition AKVA owned 33.69% of the shares in Observe. Following the transaction AKVA will be the sole shareholder of Observe and own 100% of the shares. The minimum purchase price for the remaining shares of GBP 13.7 million, has partly been settled by cash consideration, and partly by way of a sellers’ credit that will be settled in instalments to be paid over the next three years. An additional consideration and earn out consideration up to a maximum total purchase price of GBP 20.5 million will be paid if certain conditions are met.
Hemang Rishi, Co-Founder of Observe Technologies commented:
“Thank you to Mark, Grace, and the Charles Russell Speechlys team for their invaluable help and insights. From the beginning to the end, their advice was always commercially orientated, technically comprehensive and delivered in a timely manner, with a focus on what really matters to us.”
Mark Howard, Corporate Technology Partner, commented:
“It was a pleasure working with Rishi and Pieter on this seminal transaction. Their incredible AI tools give actionable insights to optimise the biggest costs on fish farms from feeding to health. This marks an exciting development for the aquaculture sector, and we are looking forward to seeing the business flourish in the future as part of the AKVA Group.”
The team was led by Corporate Technology Partner Mark Howard with support from Corporate Associates Grace Hudson and Nia John, and Solicitor Apprentice Ariella Tanfield. The wider team included Robert Birchall and Tessa Newman (Corporate Tax) and Caroline Young (Commercial).
