Mowi to acquire 95% stake control of Nova Sea in a US$655M deal

NORWAY – Norwegian salmon farming company Mowi is acquiring a 46% stake in Nova Sea from Vigner Olaisen for US$655 million, increasing its ownership in the company from 49% to 95%.

Mowi has been a minority shareholder in Nova Sea since 1995 and will gain near-full control through this transaction, which values the company at US$1.42 billion.

Under the agreement, 70% of the payment will be made in cash, while the remaining 30% will be settled in Mowi shares.

The company is also offering US$71 million in cash to acquire the remaining 5% of Nova Sea from other shareholders.

The acquisition is subject to regulatory approvals and is expected to be completed in the second half of the year.

Mowi CEO Ivan Vindheim stated that Nova Sea has developed a strong presence in the Norwegian aquaculture sector and has consistently demonstrated high biological performance and strong profit margins.

He noted that the Olaisen family has played a key role in building the company over the past five decades, making it a fully integrated salmon farming business.

Following the acquisition, Nova Sea board chairman Aino Olaisen is being proposed as a new board member at Mowi.

Nova Sea operates in northern Norway’s production area eight and manages all stages of salmon farming, from broodstock and smolt production to harvesting and sales.

The company is set to harvest 52,000 tonnes of salmon this year.

With Mowi’s increased stake, the two companies together expect to harvest 157,000 tonnes of salmon in northern Norway in 2025, contributing to Mowi’s total projected harvest of 367,000 tonnes in Norway and 572,000 tonnes globally.

Mowi estimates that integrating Nova Sea’s operations will create annual cost savings of around US$37 million, primarily by improving capacity utilisation and making targeted investments in fish health.

In September last year, Mowi announced a plan to cut costs by up to US$446 million over five years, mainly through the adoption of new technologies.

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