SalMar farming site in Central Norway.
Photo: SalMar.
SalMar has agreed to acquire a 70% stake in Måsøval, in a deal that would bring another Central Norway salmon farming company under the control of one of the industry’s largest players.
The agreement, announced on 8 July, will see SalMar buy 85,727,553 shares from Heimstø, the investment company owned by the Måsøval family and Måsøval’s majority shareholder.
The purchase price has been set at NOK 39.50 per share, valuing the stake at approximately NOK 3.4 billion (EUR 303.2m / USD 346.6m). Based on Måsøval’s 122,508,455 shares outstanding as of 8 July, the deal values the company’s full share capital at around NOK 4.84 billion (EUR 431.6m / USD 493.5m).
Lars Måsøval was brought in as interim CEO of Måsøval in June 2026.
Photo: Heimstø.
The transaction follows months of speculation around Måsøval’s future ownership.
In April, WeAreAquaculture reported that Kverva, the Witzøe family’s investment company and a major shareholder in SalMar, had bought an 8.7% stake in Måsøval from Odin Fondene, making it Måsøval’s second-largest shareholder.
The move came shortly after Heimstø, an investment company owned by the Måsøval family which then owned 70% of the company, announced a strategic review of its ownership in Måsøval, alongside the resignation of then-CEO Helge Kvalvik.
In June, the company announced that Lars Måsøval, CEO of Heimstø and a former board chairman of Måsøval, would be stepping in as the new interim CEO.
SalMar said its acquisition of Måsøval would strengthen its position in Central Norway, one of its core farming regions. The company also highlighted Måsøval’s synergy with its existing operations and said the deal could support better use of infrastructure, operational expertise and development capacity in the region.
“We believe this represents an exciting industrial opportunity that will strengthen SalMar's position in Central Norway, one of our most important core regions for aquaculture,” said Frode Arntsen, CEO of SalMar.
“Måsøval is a historically well-established and well-managed company with strong roots in the region, and its operations are a good fit with SalMar's existing activities. The companies share common roots on Frøya, and we see significant potential for further development," Arntsen said, noting that the transaction was however subject to regulatory approvals and other customary conditions.
Under the latest agreement, most of the consideration will be paid in cash. The remaining 10% will be settled through 733,906 SalMar shares, valued at NOK 461.40 each. That price corresponds to SalMar’s closing share price on Euronext Oslo Børs on 6 July.
As part of the agreement, Heimstø has been granted the right to sell the SalMar shares it receives back to SalMar at NOK 461.40 per share for a period of 12 months after completion. SalMar also said it will ensure that Måsøval’s minority shareholders are able to realise their shares at the same NOK 39.50-per-share price if the transaction is completed.
SalMar is due to provide further information on the transaction and its implications when it presents its second quarter results on 25 August.
