Who will buy AKVA?
If AKVA decides to go ahead with a sale, it could turn out be the aquaculture deal of the year – and possibly the deal of the decade.
The fish farming technology giant raised a few eyebrows last month when it announced that, to maximise shareholder value, it was carrying out a strategic review of the business, with a sale one of the options. Another possible avenue is a merger.
The board says the timing is appropriate to explore alternatives that may, “unlock and crystallise the underlying value of the company”.
The asking price is a guessing game, but is likely to be around NOK 5.5 billion (£435m) and higher than the market capitalisation.
The two largest shareholders at present are the Egersund Group AS, itself a premier supplier of fishing gear and aquaculture equipment, which holds 51% of the shares, and the Israel Corporation Ltd which has an 18% stake. Both are backing the move.
AKVA has achieved remarkable growth since it evolved from making plastic pens 52 years ago, to become the world’s largest aquaculture technology business.
It is a huge supplier of aquaculture services with a global reach and locations wherever there are large fish farming operations, including Scotland, Chile, Iceland and Canada, as well as its primary hub Norway.
The industry is rife with speculation as to who might buy, but as yet no-one is raising their head above the parapet.
However, analysts are pointing to the existing major shareholders (Egersund and Israel Corporation) to strengthen their position within the group.
Salmon farming giants Mowi and SalMar, who might want to take control of another part of the aquaculture industry, could also be interested, it is thought.
Other suggestions are private equity firms, especially those with a “blue economy” label or one of the technology giants from either Europe or the United States or even AKVA’s competitor ScaleAQ.
Finally, there is also the very real possibility that AKVA will remain as it is, continuing to grow and dominate the supply sector.
AKVA builds momentum
After several years of targeted investments in technology, operational scale and system integration, AKVA believes it has entered a period of strengthened commercial momentum across all business segments.
Through its sea-based segment, AKVA is a mission-critical supplier of a broad group of sea-based marine infrastructure and technology products designed to encourage aquaculture growth.
It also maintains a strong track record and market leading position in land-based post-smolt and grow-out technologies, enabling customers to produce and sell premium salmon at scale on land.
Growth has been impressive with revenues increasing from NOK 3.4 billion (£271m) in 2023 to NOK 4.4 billion (£350m) last year, representing a CAGR of 13.7%, accompanied by solid EBIT improvement over the same period.
Considering the above, the board of directors believes the timing is appropriate to explore strategic alternatives that may unlock and crystallise the underlying value of the company.
The controlling shareholder Egersund Group AS and minority shareholder Israel Corporation Ltd said they were supportive of a process maximising value for all shareholders, provided market conditions are right.
The strategic review is expected to be completed this year . No decisions have been taken and a transaction, if any, remains subject to market conditions and final binding agreements.
CEO Knut Nesse said 2025 had been a year where AKVA group continued to turn long-term ambitions into concrete results.
“We entered the year with a clear roadmap for growth and profitability, and delivered revenues of NOK 4,405 million [£349m] and an EBIT margin of 6.3%, exceeding our ambition to reach at least NOK 4 billion [£316.5m] in revenue and a 6% EBIT margin.
“Across our sea-based, land-based and digital business areas, the technologies we have invested in over time are now creating tangible value for customers.
“In sea-based farming, deep farming concepts such as Nautilus and our new air dome solution are in regular use and have documented strong reductions in lice treatments and improved fish welfare on commercial sites. “
He added: “In land-based, recirculating aquaculture systems (RAS) and Re-use technology have moved from pioneering concepts to industrial scale, with Nordic Aqua Partners’ facility in China and several other sites delivering predictable volumes and solid biological performance.
“The award of a new RAS contract to [supply] Tytlandsvik Aqua early in the fourth quarter further confirms the long-term demand for robust land-based capacity.”
CEO Nesse said the digital business has become a core part of the group’s offering. With more than 100 farming sites using its AI-based precision feeding and decision-support tools – and with more than 90% of digital revenues on a recurring basis – AKVA is building a data-driven platform that enables farmers to understand their operations in real time and respond faster to biological and operational changes.
He believes: “Aquaculture is also becoming an essential component of global food security. Analyses of Norway’s seafood sector show that farmed salmon represents a significant share of global seafood supply and is among the most climate efficient protein sources available.”
He is clearly bullish, adding: “With an order backlog of NOK 2,539 million [£201m] and a focused strategy, AKVA group is well positioned to support customers in this development.”
The speculation will no doubt go on and it should be remembered that the health of companies like AKVA depends on the health of the salmon farming industry which is currently going through a period of turbulence due to tariffs and international conflicts.
A lot can also change before the end of the year.
Why not try these links to see what our Fish Farmer AI can tell you.
(Please note this is an experimental service)
You May Also Like
© 2026 Fish Farmer.