Mowi receives final approval for Nova Sea acquisition.
Mowi has received final approval for its acquisition of a controlling stake in Nova Sea, completing the regulatory process for the transaction.
The approval from the Norwegian Competition Authority follows last week’s clearance from the European Commission. Mowi will now proceed with closing the transaction, which increases its ownership in Nova Sea from 49 percent to 95 percent.
“The Nova Sea acquisition is a strategically important transaction for Mowi and will be a catalyst for sustainable growth in Northern Norway,” said Mowi CEO Ivan Vindheim. “We will grow further through the value chain and invest more in the region in the future, creating more jobs and stimulating more activity in coastal areas.”
With the inclusion of Nova Sea, Mowi expects to harvest 597,000 tonnes of salmon in 2025, of which 372,000 tonnes will be in Norway, including 161,000 tonnes in Northern Norway. The company noted that in recent years its total production has increased from 400,000 tonnes to nearly 600,000 tonnes, representing annual growth of 6.9 percent compared with the industry average of 3.6 percent.
Vindheim said Mowi and Nova Sea are a strong operational fit and that the acquisition is expected to yield annual synergies of approximately NOK 400 million ($39.6 million/€34 million). “These include better MAB utilisation and an improved licence and site portfolio in the company’s northernmost region,” he added.
“This transaction will strengthen our presence in what is probably the world’s best region for farming Atlantic salmon, as well as bringing about improved biological results and biosecurity in the region,” Vindheim said.
Mowi is one of the world’s leading seafood companies and the largest producer of farm-raised Atlantic salmon, with expected harvests of 597,000 tonnes in 2025 across operations in Norway, Scotland, Ireland, the Faroe Islands, Iceland, Canada, and Chile.