Nordhavn Seafood (McKinsey)

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• Standalone value: 10 × US$78M = US$780M
• Synergies: 10 × US$20M = US$200M
• Value with synergies: US$780M + US$200M = US$980M
• (On Y0 earnings, the standalone value would be US$1,040M, which explains the family's price.)

At US$1.0 billion, Nordhavn would pay slightly more than the full value including all synergies. The deal creates value only if synergies exceed plan, and any delay or shortfall destroys value. A sensible walk-away price sits between US$780M and US$980M, depending on how much of the synergies Nordhavn is willing to share and how confident it is in delivering them.

• Fish health: transfer Nordhavn's practices for monitoring, vaccination and sea lice control; set up early warning for algal blooms. This drives most of the synergy target.
• Feed and purchasing: combine feed contracts with Nordhavn's. If feed is about half of the US$5.6 cost per kg and joint buying saves 5%, that is about US$0.14 per kg, or roughly US$8M a year on 60,000 tons, 40% of the synergy target.
• People: keep the local managers and site leaders who know the waters; agree on safety standards and clear decision rights early.
• Regulators and communities: build relationships with authorities, fishing communities and indigenous groups with coastal claims before any expansion.
• Customers: offer existing customers year-round supply from both hemispheres; use Nordhavn's sales network for Patagonia Salmon's frozen products in Asia.
• Risk management: insurance against biological losses, a crisis playbook, and reporting that shows each site's health and costs every week.
• Prioritize: fish health and feed first, since they decide whether the US$20M of synergies, already paid for at the asking price, are delivered.