BREAKING NEWS: Mowi’s Nova Sea deal receives Oslo green light
Just 48 hours after receiving the European Commission’s thumbs up, Mowi’s £500 million-plus acquisition of salmon farmer Nova Sea has been approved by the Norwegian competition authority.
The deal will mean Mowi increasing its ownership share in Nova Sea from 49% to 95%, giving it almost full control.
Mowi said in an Oslo Stock Exchange announcement this morning: “This means that all formal approvals are now in place and the transaction can be completed.
“With Nova Sea, Mowi now expects to harvest 597,000 tonnes in 2025. Of that, 372,000 tonnes will be in Norway, including 161,000 tonnes in Northern Norway, one of the world’s best regions for farming Atlantic salmon.”
The statement continued: “In just a few years, Mowi has gone from producing 400,000 tonnes globally to producing nearly 600,000 tonnes. This corresponds to annual growth of 6.9%, compared with the industry average of 3.6% in the same period.
Mowi CEO Ivan Vindheim said: "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, creating more jobs and stimulating more activity in coastal areas.”
Vindheim said he believed that Mowi and Nova Sea are an excellent operational fit for each other and he expects the transaction to result in significant synergies, preliminarily estimated at NOK 400 million (£29m) annually.
Benefits include better MAB (maximum allowed biomass) utilisation and an improved licence and site portfolio in Mowi’s northernmost region.
"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 employs almost 12,000 people in 26 countries worldwide.
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