Mowi has acquired 51.28% of the shares in Arctic Fish. The company is listed on Euronext Growth Oslo. The acquisition price is NOK 115 per share amounting to NOK 1.88 billion or EUR 181 million.
Arctic Fish is one of the leading salmon farmers in Iceland. In total, it has licenses for 10 ASC approved sites. Providing a maximum allowed biomass of 27,100 tonnes and another 4,800 tonnes pending approval. The company expects to harvest 10,600 GWT in 2022.
"The Icelandic salmon farming industry is set for extensive development and growth in the coming years and we take great pleasure in this opportunity to play a part. Icelandic waters provide excellent growth and living conditions for the salmon," said Ivan Vindheim, CEO of Mowi.
Moreover, Mowi is "impressed" by how the employees, management team and owners have developed Arctic Fish into one of the leading producers of Atlantic salmon in Iceland.
Furthermore, Vindheim noted: "Arctic Fish's geographical footprint and competent organisation fit unusually well with Mowi's current operations and strategy. With Mowi on board, Arctic Fish and its other owners will be positioned for an attractive growth journey with Mowi's extensive toolbox and strong financial position on hand, to the benefit of local communities."
Finally, the transaction is subject to consent by the EU commission and certain other closing conditions. Consequently, the consideration will be paid in cash using available credit lines under Mowi's existing revolving credit facility.