The investment company of Norwegian salmon billionaire Gustav Witzøe has acquired a significant minority stake in Måsøval, a group currently exploring a potential sale.
Kverva has purchased 10.6 million shares in Måsøval, equivalent to 8.7 per cent of the company, making it the second-largest shareholder. The stake was acquired from Odin Fondene earlier this week. Finansavisen reported that the shares were sold for NOK 374 million (€34.03 million), according to reporting by Finansavisen and DN.
Control of Måsøval remains with the founding family, which holds around 70 per cent of the shares through its investment vehicle Heimstø. In late March, the family said it was reviewing strategic options, including a possible sale of the business. The announcement has driven a sharp rally in the shares, which have risen by about 50 per cent since.
Kverva’s move has fuelled speculation that SalMar, also controlled by Witzøe, could be positioning for an acquisition.
Henrik Longva Knutsen, an analyst at Pareto Securities, said the purchase was difficult to interpret otherwise.
“Many parties are likely to be interested, but those able to realise synergies in the same region can justify higher bids. SalMar is the most obvious buyer of Måsøval. Mowi could also be a candidate, while Lerøy appears less likely given current valuations,” he told DN.
Knutsen added that Kverva’s stake supports the view that SalMar is preparing to act.
“Kverva has minority holdings in other companies, but given that Måsøval is under consideration for sale, it is hard to read this as anything other than interest from SalMar,” he said.
Pareto Securities estimates a likely takeover price in the range of NOK 34 to NOK 37 per share. With the company currently valued at just over NOK 4 billion (€364 million), expectations of a transaction are already partly reflected in the share price.
The third-largest shareholder is salmon investor Helge Gåsø, who holds 7.6 per cent through Frøy Kapital. Gåsø and Witzøe previously competed for control of NTS, a contest ultimately won by Witzøe.