Mowi has entered into a deal to acquire 51.28-percent stake, or 16.3 million shares, in Icelandic salmon farmer Arctic Fish.
The acquisition price is NOK 115 per share amounting to NOK 1.88 billion or $180.9 million.
Arctic Fish has licenses for 10 ASC (Aquaculture Stewardship Council)-certified sites in total, providing a maximum allowed biomass of 27,100 tonnes and another 4,800 tonnes pending approval. The company expects to harvest 10,600 GWT in 2022.
“The Icelandic salmon farming industry is set for extensive development and growth in the coming years and we take great pleasure in this opportunity to play a part. Icelandic waters provide excellent growth and living conditions for the salmon”, says Ivan Vindheim, CEO of Mowi.
“Arctic Fish’s geographical footprint and competent organisation fit unusually well with Mowi’s current operations and strategy. With Mowi on board, Arctic Fish and its other owners will be positioned for an attractive growth journey with Mowi’s extensive toolbox and strong financial position on hand, to the benefit of local communities.”
The share purchase agreement is related to SalMar’s merger with Norway Royal Salmon (NRS), which owns the shares – totalling 16,346,824 – in Arctic Fish. SalMar has committed to divest NRS’ ownership of those shares, by selling them to Mowi, once the merger is completed.
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The transaction is subject to consent by the EU commission and certain other closing conditions. The consideration will be paid in cash using available credit lines under Mowi’s existing revolving credit facility.
