AKVA group has entered into an agreement to sell all issued and outstanding shares in the company to Osaka, Japan-based Yanmar Holdings.
AKVA said the deal involves a NOK 161 (USD 16.73, EUR 14.86) cash consideration for each share, which represents a premium of 57 percent compared to the closing price of NOK 102.50 (USD 10.65, EUR 9.46) on 7 April – the last day of trading prior to AKVA group announcing its strategic review. Based on that price, the offer values the group at roughly NOK 5.9 billion (USD 612 million, EUR 544 million).
"AKVA has built a unique position in the global aquaculture industry over more than five decades. Following a comprehensive strategic review and with strong support from our largest shareholders, we believe the offer represents the best solution for both AKVA and our current shareholders,” AKVA group CEO Knut Nesse said. “By combining AKVA's industry-leading aquaculture expertise with Yanmar's global industrial capabilities, technology base, and long-term ownership perspective, we see substantial potential to create value for customers and further strengthen the company's growth and innovation agenda.”
AKVA group launched a strategic review of the company in April and, at the time, suggested that the review could take the form of a sale. At the time, Egersund Group was the majority shareholder in the company, holding 51 percent, and the Israel Corporation was the second-largest shareholder at 18 percent.
According to AKVA's release, Egersund Group and Israel Corporation have both pre-accepted the potential deal, as have all members of the board and executive management of the company, Pareto Asset Management and discretionary portfolios managed by it, Nordea Investment Management, and Alfred Berg.
All told, 92 percent of current shareholders support the offer.
According to the board, following its initial announcement of a strategic review, the company and its advisors were in dialogue with “several interested parties” regarding the potential terms for a transaction, though it did not offer any detail on what those potential deals would have been or who they would have been made with. It said Yanmar’s offer presents the “most attractive alternative” as of the announcement.
The board also said Yanmar “expressed their intention to maintain AKVA as a separate legal entity” and to position AKVA group as a core platform in the company’s aquaculture business with a leading role in product development.
Yanmar Group is a pioneer in diesel engine technology and created the first compact diesel engine “of a practical size” in 1933, according to the company. Since then, it’s evolved into a producer of industrial equipment ranging from engines to agriculture machinery to marine components. The company has developed a number of aquaculture technologies, including automated feeding systems which it developed through a joint project with Owasebussan and Food and Life Companies.
"We are very pleased to have this opportunity to partner with AKVA, a company that has established a leading position in global aquaculture," Yanmar Holding Executive Vice President and Representative Director Tetsuya Yamamoto said in a release. "By combining complementary technologies and global resources, we believe there are exciting opportunities for AKVA and Yanmar to form a strong combination delivering next-generation integrated and technology-enabled solutions to sea-based and land-based aquaculture operators."
AKVA group said Yanmar has an “impressive track record” of acquiring and reintegrating businesses and that served as part of the foundation for the deal. AKVA also said the company “expressed its conviction that completion of the offer would establish a strong platform for long-term value creation by combining complementary technologies,” allowing AKVA to strengthen its financial position and global position in the aquaculture industry.
“Yanmar has expressed that the offer is intended to provide AKVA a platform to scale by leveraging Yanmar's capabilities, global resources, and patient capital as a long-term industrial owner,” AKVA group said.
The announcement comes after AKVA itself has been involved in acquiring companies. It recently completed an intragroup merger with Submerged, a company which it acquired in 2023. It has also acquired companies like Egersund Net in 2018 and moved to acquire Plastsveis in 2012.
The company recently posted a record EBITDA in Q2 2026, achieving NOK 179 million (USD 18.9 million, EUR 16.3 million) on high order intake.
