Mowi ASA has announced it will acquire a 46% stake in Nova Sea AS from Vigner Olaisen AS for NOK 7.4 billion (EUR 625 million), increasing its ownership in the Norwegian salmon farming company to 95%. The transaction will be settled with 30% in Mowi shares and 70% in cash.
The deal values Nova Sea’s equity at NOK 16.0 billion (EUR 1.36 billion), and Mowi will make a voluntary cash offer to purchase the remaining 5% of Nova Sea for NOK 0.8 billion. The transaction is expected to close in the second half of 2025, subject to competition approval and other conditions.
Nova Sea, based in Northern Norway, is a leading salmon farmer in production area 8 and covers the entire value chain, from broodstock to harvesting and sales. The company is projected to harvest 52,000 tonnes of salmon in 2025. Mowi, a major minority shareholder in Nova Sea since 1995, expects the acquisition to result in significant synergies, including improved capacity utilization and biological performance.
Mowi CEO Ivan Vindheim praised Nova Sea for its biological performance and strong margins, adding that the acquisition will enhance Mowi’s position in the region. Combined with Nova Sea’s harvest, Mowi will have a total expected harvest volume of 157,000 tonnes of salmon in Northern Norway in 2025.
Aino Olaisen, Chairman of Nova Sea, expressed confidence in the merger, emphasizing its potential for long-term value creation and job growth in Northern Norway. After the transaction is completed, Mowi will propose Aino Olaisen for a position on Mowi’s board.
The transaction is expected to be EPS accretive immediately, even before synergies, with early synergy estimates at NOK 400 million annually.
