Mowi signed a transaction agreement to purchase the salmon farming seawater business of Torghatten Aqua on March 10. This acquisition follows Mowi becoming a minority shareholder in Torghatten Aqua last year through its purchase of Nova Sea.
The deal involves a licence portfolio consisting of 1.37 commercial licences, one exhibition licence, and one education licence. Total biomass for these assets is 2,628 tonnes, and Mowi said it is focused on harvesting around 4,500 tonnes annually from this acquisition.
Chief Executive Officer Ivan Vindheim stated, “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.”
He noted the area is known for strong biological performance and aligns with the company strategy to grow harvest volumes competitively.
Under the terms of the agreement, Mowi will return its 33.34 per cent stake in Torghatten Aqua to allow the seller to focus on land-based farming and consulting. The cash consideration for the transfer is NOK293 million ($28 million) and will be payable upon the completion of the transaction.
This transaction remains subject to customary closing conditions and must be approved by the Norwegian competition authority. Mowi noted that the asset carve-out enables Torghatten Aqua to develop its non-seawater operations on a standalone basis.
