Torghatten Aqua deal deepens Mowi’s push into production area 8.
Mowi has entered into an agreement to acquire Torghatten Aqua’s seawater salmon farming business in production area 8 in Northern Norway, strengthening the company’s presence in a region known for strong biological performance.
Under the transaction agreement, Mowi will carve out and purchase a portfolio of 3.37 licences with a combined maximum allowed biomass (MAB) of 2,628 tonnes. The portfolio consists of 1.37 commercial licences, one exhibition licence and one education licence. The company expects the licences to support annual harvest volumes of around 4,500 gutted weight tonnes.
Torghatten Aqua operates a range of aquaculture-related activities including leasing salmon licences and seawater sites through a joint operating agreement with a third party, as well as land-based salmon farming, consulting and educational initiatives.
Mowi already holds a 33.34 percent stake in Torghatten Aqua following its acquisition of Nova Sea last year. As part of the transaction, Mowi will return this ownership stake to Torghatten Aqua, allowing the company to continue developing its non-seawater activities independently.
The net cash consideration payable from Mowi to Torghatten Aqua is NOK 293 million ($29.3 million), payable at closing.
In a statement, Mowi CEO Ivan Vindheim said the assets are a good strategic fit for the company’s northern Norwegian operations.
“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. The transaction will strengthen Mowi’s position in an area known for its excellent biological performance which is already core to Mowi Region North, and it supports our long-term strategy to sustainably grow our harvest volumes in a cost competitive way,” he said.
The transaction is subject to approval by the Norwegian competition authority and customary closing conditions.
Mowi, headquartered in Bergen, is the world’s largest producer of farmed Atlantic salmon. The company expects to harvest around 605,000 tonnes in 2026 across operations in Norway, Scotland, Ireland, the Faroe Islands, Iceland, Canada and Chile. In 2025 the company reported turnover of €5.7 billion and employs around 12,500 people globally.