Once completed, Mowi will hold a 95% stake in the company.
Mowi has signed an agreement to acquire Vigner Olaisen AS’s 46% stake in Nova Sea AS, expanding its presence in one of Norway’s key salmon farming regions. The deal, valued at NOK 7.4 billion ($165 million), will be settled 30% in Mowi shares and 70% in cash.
The transaction values Nova Sea’s equity at NOK 16.0 billion ($1.4 billion), and will give Mowi a 95% economic interest in the company. A voluntary cash offer of NOK 0.8 billion will be made for the remaining 5% of Nova Sea’s shares.
“Nova Sea is a frontrunner in the Norwegian aquaculture industry and is known for its excellent biological performance and industry-leading margins,” said Mowi CEO Ivan Vindheim. “Over 50 years, the company and the Olaisen family have invested in the organisation and developed it into an impressive, fully integrated operation. It is therefore with great pleasure that we are now, after 30 years, combining our operations.”
Strengthening Position in Northern Norway
Nova Sea, a leading salmon farmer in production area 8, expects to harvest 52,000 tonnes in 2025 and operates across the entire value chain, from broodstock and smolt production to harvesting and sales.
Following the acquisition, Mowi and Nova Sea will have a combined harvest volume of 157,000 tonnes of salmon in Northern Norway in 2025. Across Norway, Mowi’s total expected harvest is 367,000 tonnes, contributing to global production of 572,000 tonnes.
“Nova Sea and Mowi are a very good match, and this combination will benefit the company, fish welfare, and the whole organisation,” said Aino Olaisen, Chair of Nova Sea. “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.”
As part of the deal, the largest shareholder in Mowi will propose Aino Olaisen as a board member in Mowi after the transaction is completed.
Synergies and Economic Impact
The integration is expected to generate annual synergies of NOK 400 million, based on:
- Optimised capacity utilisation across Mowi’s Region North sites.
- Further strengthening biological performance through targeted investments in fish health.
Mowi stated that the deal will be immediately EPS accretive, even before synergies materialise.
Transaction Structure and Regulatory Approval
Mowi currently holds 49% of Nova Sea and will fund the cash portion of the acquisition through its existing credit facilities.
The transaction is subject to competition approval, including from the European Commission, as well as other standard closing conditions.
Mowi expects the transaction to be completed in the second half of 2025.
