Mowi to acquire Torghatten Aqua’s sea-based salmon farming operations

Mowi has agreed to acquire the seawater salmon farming operations of Torghatten Aqua in production area 8 in northern Norway.

The deal, announced this morning, covers a portfolio of 3.37 salmon farming licences with a combined maximum allowed biomass (MAB) of 2,628 tonnes. The licences consist of 1.37 commercial licences, one exhibition licence and one education licence. According to Mowi, the sites linked to the licences are expected to produce around 4,500 tonnes of harvested salmon annually.

Torghatten Aqua operates several aquaculture-related activities, including leasing salmon licences and seawater farming sites through a joint operating arrangement with a third party. The company is also involved in land-based salmon projects, consulting and education initiatives, including via its majority ownership of seafood consultancy INAQ.

Mowi became a minority shareholder in Torghatten Aqua through its acquisition of Nova Sea, which held a 33.34% stake in the company since 2024.

Under the agreement, Mowi will transfer that stake back to Torghatten Aqua as part of the transaction. This will allow Torghatten Aqua to continue developing its other aquaculture activities independently, the companies said.

“Torghatten’s seawater farming business is a very good match with Mowi Region North and will further strengthen Mowi’s leading presence in Northern Norway," said Mowi CEO Ivan Vindheim.

"The transaction will strengthen Mowi’s position in an area known for its excellent biological performance which is already core to Mowi Region North, and it supports our long-term strategy to sustainably grow our harvest volumes in a cost competitive way,” he added.

Mowi will pay NOK 293 million (EUR 26m) in net cash consideration upon completion of the transaction, which is still subject to approval from the Norwegian competition authority.

The announcement comes shortly after the formal confirmation last week that Nova Sea's merger into the Mowi group is complete. As previously reported by WeAreAquaculture, Ørjan Tveiten has been named Regional Director of the "new" Mowi Norway North, although the 'Nova Sea' brand will continue as a separate company.