Mowi to increase ownership of Nova Sea from 49 to 95 per cent

Mowi has entered into an agreement with Vigner Olaisen to acquire its controlling stake in Nova Sea, valuing the equity of Nova Sea at NOK16.0 billion (US$1.41 billion).

Settlement for the 51 per cent economic ownership of Nova Sea that Mowi does not already own will be approximately 27 per cent in shares with the rest in cash.

"An early assessment of annual synergy potential is NOK400 million," said Moqi. "Nova Sea and Mowi will have a leading position and will continue to invest in one of the world’s best areas for salmon farming, with an aim to further improve biological performance and fish health."

Nova Sea is a salmon farmer in production area 8 in northern Norway and covers the entire value chain from broodstock and smolt production to harvesting and sales. The company expects to harvest 52,000 tonnes of salmon in 2025.

"The integration is expected to yield significant synergies, including improved capacity utilisation by leveraging the location portfolio in Region North and by further strengthening biological performance through investments aimed at improving fish health," added Mowi.

Mowi today holds 49 per cent of Nova Sea and will now acquire Vigner Olaisen’s 46 per cent in the company for NOK7.4 billion through a 30 per cent settlement in Mowi shares and 70 per cent in cash.

Mowi will make a voluntary cash offer on similar terms to the shareholders owning the remaining five per cent of Nova Sea for NOK0.8 billion.

Mowi said it expects the transaction to be closed in the second half of 2025.