"This transaction will strengthen our presence in what is probably the world's best region for farming Atlantic salmon," said Mowi CEO Ivan Vindheim.
Photo: NASF 2024.
When Mowi announced on January 30 that it had reached an agreement to increase its ownership share of Nova Sea from 49% to 95%, it included the usual notice that the transaction was subject to competition approval. After receiving the green light from the European Commission last Friday, all that was left was the final approval from the Norwegian competition authority, which arrived today. "This means that all formal approvals are now in place and the transaction can be completed," the salmon giant pointed out in a statement.
"The Nova Sea acquisition is a strategically important transaction for Mowi and will be a catalyst for sustainable growth in Northern Norway," said, for his part, Mowi CEO Ivan Vindheim, commenting on the news. "We will grow further through the value chain and invest more in the region in the future, creating more jobs and stimulating more activity in coastal areas," he added.
The fact that, as predicted by the global salmon producer, the transaction will be completed in the second half of 2025 means that, according to its forecast, with Nova Sea included in its portfolio, Mowi now expects to harvest 597,000 tons in 2025. Of these, 372,000 tons will be in Norway, including 161,000 tons in Northern Norway, an area the company describes as "one of the world's best regions for farming Atlantic salmon."
An idea with which Ivan Vindheim agrees. "This transaction will strengthen our presence in what is probably the world's best region for farming Atlantic salmon, as well as bringing about improved biological results and biosecurity in the region," Mowi's CEO said.
The company also highlighted that Vindheim believes that Mowi and Nova Sea are an excellent operational fit for each other, and expects the transaction to result in significant synergies, preliminarily estimated at NOK 400 million (EUR 34 million) annually. These include better MAB utilisation and an improved license and site portfolio in the company's northernmost region.
As we saw when the acquisition was announced in January, Aino Olaisen, Chair of Nova Sea, also shares this view. "Nova Sea and Mowi are a very good match and this combination will benefit the company, fish welfare and the whole organisation. Value creation and community building along the coast, and especially in Northern Norway, is very important to us. I believe this will create more value and more jobs in Nordland over time," she said then.
Under the terms of the transaction announced in January, Mowi will pay NOK 7.4 billion (EUR 625 million) for the acquisition, buying out majority owner Vigner Olaisen's 46% stake through a settlement of 30% in Mowi shares and 70% in cash.
Nevertheless, this stake could increase to 100%, since Mowi also indicated it will make a voluntary cash offer on similar terms to Nova Sea shareholders owning the remaining 5%, for NOK 0.8 billion. Although the company has not confirmed this, it may already have happened, given that when the European Commission announced in September its intention to scrutinize the transaction, it referred to Mowi acquiring sole control of the whole of Nova Sea.
Whether it is 95% or 100% of the shares, what seems almost certain—as announced in January's release—is that, following the acquisition, Aino Olaisen, as said, Nova Sea's Chair, will be proposed as a new member of Mowi's Board.
One of the world's leading seafood companies and the largest producer of farm-raised Atlantic salmon in the world, Mowi will grow even further when Nova Sea's 25 facilities along the Helgeland coast join the rest of its facilities in Norway, adding their harvest to that which the company also obtains from its operations in Scotland, Ireland, the Faroe Islands, Iceland, Canada, and Chile.
In just a few years, Mowi has gone from producing 400,000 tons globally to producing almost 600,000 tons, which, according to the salmon producer, represents an annual growth of 6.9%, compared to the industry average of 3.6% over the same period.
Achieving a harvest of 600,000 tons is precisely the goal of its farming division for 2026, as announced by the company at its Capital Markets Day in September 2024, when it stated that, from harvest to value-added business, volume growth throughout the entire value chain was one of its strategic pillars for the period up to 2029.
Since the deal was announced, quarter after quarter —as was the case in Q1 2025 and Q2 2025 — Mowi's results reports have been pointing out that with the acquisition of Nova Sea, its projected harvest volume for 2025 in its Northern Norway operations would increase to 157,000 tons, and to 367,000 tons in total for Norway.
Now that, with all approvals in place, the transaction to acquire Nova Sea can be completed, the salmon producer has even raised this forecast. As mentioned above, in its latest statement, Mowi has said that it expects to harvest a total of 372,000 tons in Norway, of which 161,000 tons will come from Northern Norway.
