Bergen, Norway-headquartered salmon-farming firm Mowi has entered into an agreement to acquire a 46 percent share of Nova Sea from its parent company Vigner Olaisen, with the deal expected to be completed in the second half of 2025.
Under the terms of the transaction, Mowi will pay NOK 7.4 billion (USD 654.9 million, EUR 629.1 million) for Vigner Olaisen’s stake in the Lovund-headquartered salmon producer, thus giving Mowi 95 percent ownership of Nova Sea overall.
More specifically, this will be conducted through a 30 percent settlement in new Mowi shares and 70 percent in cash, with the cash element financed through existing credit lines.
The transaction values 100 percent of the equity in Nova Sea at NOK 16 billion (USD 1.42 billion, EUR 1.36 billion). As such, a voluntary cash offer will be made to the remaining 5 percent shareholders, estimated to total NOK 800 million (USD 70.8 million, EUR 68 million).
Mowi, which has been a minority owner in Nova Sea since 1995 and currently holds a 49 percent share, said it believes the acquisition will enable the two companies to leverage a strong joint position, with the aim to further improve biological performance and fish health.
Nova Sea’s salmon farming in Production Area 8 of Northern Norway covers the entire value chain from broodstock and smolt production to harvesting and sales. The company expects to harvest 52,000 metric tons (MT) of fish this year
Announcing the acquisition, Mowi CEO Ivan Vindheim described Nova Sea as “a frontrunner” in the Norwegian aquaculture industry and highlighted its reputation for excellent biological performance and industry-leading margins.
Over 50 years, the company and the Olaisen family have invested in the organization and developed it into an impressive, fully integrated operation, Vindheim said.
Nova Sea Chairman of the Board Aino Olaisen added his belief that Nova Sea and Mowi are a “very good match” and that “this combination will benefit the company, fish welfare, and the whole organization.”
“Value creation and community-building along the coast, especially in Northern Norway, is very important to us. I believe this will create more value and more jobs in Nordland over time,” Olaisen said.
Last year, Nova Sea harvested 42,143 MT of salmon and achieved revenues in excess of NOK 3.7 billion (USD 327.4 million, EUR 314.6 million). The company posted operational EBIT of NOK 1.19 billion (USD 105.3 million, EUR 101.1 million)
In adding Nova Sea’s presence to its own in Northern Norway, Mowi expects to harvest 157,000 MT of salmon in the region in 2025. In total, it is projecting 367,000 MT from Norway as a whole and 572,000 MT worldwide this year.
It had previously forecast harvests of around 315,000 MT from Norway and 520,000 MT group-wide.
The largest shareholder in Mowi will propose to the nomination committee that Aino Olaisen be nominated a board member of Mowi after completion of the transaction.
The deal is subject to competition approval, including from the European Commission, in addition to certain other standard closing conditions.
