Nordic Halibut to acquire Pure Norwegian Seafood, as Måsøval settles shareholder disputes

Nordic Halibut has agreed to acquire 100% of Pure Norwegian Seafood (PNS) from Måsøval, in a deal that will give the halibut farmer full control of the Averøy processing facility it already uses.

The transaction comes shortly after Måsøval, Pure Norwegian Seafood and minority shareholders in the processor reached a confidential settlement resolving pending disputes between the parties.

Nordic Halibut said the acquisition represents the final step in securing control over its full value chain, from genetics through to harvesting, processing and value-added production.

PNS owns a processing facility in Averøy, Møre og Romsdal, with a flexible production line capable of handling multiple species. Since 2025, PNS has provided processing services for Nordic Halibut, in an agreement which also saw the halibut farmer obtain the option to purchase 100% of the shares in PNS.

Nordic Halibut said the share purchase agreement with Måsøval has now been entered into "on materially the same commercial terms as those contemplated under the earlier option agreement", with the acquisition expected to be completed by 30 June 2026.

The halibut farming firm said the deal values Pure Norwegian Seafood at around NOK 60 million (approx. EUR 5.3m / USD 6M). The final amount paid for the shares will be settled in cash when the deal completes, with Nordic Halibut saying it expects to fund the acquisition through a new bank loan.

The company said full ownership of the facility and related operations will support its planned production scale-up, as it targets annual production of 10,350 tonnes head-on-gutted by 2031.

Under the terms of the agreement, Måsøval will remain responsible for any financial costs or liabilities linked to an ongoing criminal and regulatory investigation involving PNS.

The deal follows a settlement reached between Måsøval, PNS and minority shareholders in PNS.

In a stock exchange anouncement on 28 June, Måsøval said the settlement means all disputes between the parties have been resolved, and that cases between Måsøval and the minority shareholders, as well as between PNS and the minority shareholders, will be closed.

The settlement was reached following dialogue between the parties, and the contents of the settlement agreement remain confidential.

“The parties are satisfied that the cases have been resolved and now look forward to putting the matters behind them,” Måsøval stated.

The parties said they would not provide further comment on the settlement.

Pure Norwegian Seafood (PNS) is a seafood processing and sales company based in Averøy, Norway. Måsøval acquired a 65% stake in the company in June 2021, with PNS providing it with primary processing services, as well as market export and sales services for Måsøval fish.

The shareholder settlement follows previous scrutiny of PNS after Måsøval said in early 2024 that an independent investigation had found the company had sold frozen salmon not suitable for human consumption under Norwegian regulations.

According to Måsøval at the time, the products included discarded or ensiled fish, as well as production-grade fish that should have undergone secondary processing before export. The company said at the time that the affected products represented just under 1% of total fish volume and approximately 0.5% of PNS’ revenue over the previous three years.

Måsøval said immediate action had been taken after it became suspicious of irregularities at PNS in October 2023, including halting the irregular activity, sealing freezer storage and recalling affected products, and notifying the Norwegian Food Safety Authority Mattilsynet.

The settlement comes during a period of change for Måsøval. In March, Måsøval announced the departure of its CEO Helge Kvalvik, with the company later confirming that chairman Lars Måsøval would take over as interim CEO from 1 July.

The CEO change was announced on the same day that Heimstø AS, an investment company owned by the Måsøval family, said it had initiated a strategic review of its ownership in Måsøval. Heimstø controls approximately 70% of the shares in the salmon farming company.

Måsøval said at the time that the review did not mean a transaction had been decided, but that the company’s majority owner was exploring alternatives related to its ownership.