Mowi's acquisition of a controlling stake in Nova Sea has received final approval, allowing the transaction to be completed. Following approval from the EU Commission last week, Mowi was informed on October 21 that the Norwegian competition authority has also approved the deal.
The agreement, originally announced on January 30, 2025, will see Mowi increase its ownership share in Nova Sea from 49 per cent to 95 per cent.
With the acquisition, Mowi now expects to harvest a total of 597,000 tonnes in 2025. Of that volume, 372,000 tonnes will be harvested in Norway, including 161,000 tonnes in Northern Norway.
Mowi highlighted that its global production has grown from 400,000 tonnes to nearly 600,000 tonnes in just a few years, representing an annual growth rate of 6.9 per cent compared to the industry average of 3.6 per cent in the same period.
Mowi CEO Ivan Vindheim stated, "The Nova Sea acquisition is a strategically important transaction for Mowi and will be a catalyst for sustainable growth in Northern Norway. We will grow further through the value chain and invest more in the region in the future."
Vindheim believes the two companies are an "excellent" operational fit and expects significant synergies, preliminarily estimated at NOK400 million ($40 million) annually.
