Mowi increases ownership of Nova Sea to 95%

Nova Sea is a leading salmon farmer in production area 8 in Northern Norway and covers the entire value chain from broodstock and smolt production to harvesting and sales. The company expects to harvest 52,000 tonnes of salmon in 2025.

The transaction values 100% of the equity in Nova Sea at NOK 16 billion.

Nova Sea is a leading salmon farmer in production area 8 in Northern Norway and covers the entire value chain from broodstock and smolt production to harvesting and sales. The company expects to harvest 52,000 tonnes of salmon in 2025.

Mowi has been a large minority owner in Nova Sea since 1995.

“Nova Sea is a frontrunner in the Norwegian aquaculture industry and is known for its excellent biological performance and industry-leading margins. Over 50 years, the company and the Olaisen family have invested in the organisation and developed it into an impressive, fully integrated operation. It is therefore with great pleasure that we are now, after 30 years, combining our operations” Vindheim said.

Mowi holds a leading presence in Northern Norway and will, together with Nova Sea, have an expected harvest volume of 157,000 tonnes of salmon in this region in 2025, as well as 367,000 tonnes in total for Norway and 572,000 tonnes worldwide.

“Nova Sea and Mowi are a very good match and this combination will benefit the company, fish welfare and the whole organisation. Value creation and community building along the coast, and especially in Northern Norway, is very important to us. I believe this will create more value and more jobs in Nordland over time,” said Aino Olaisen, Chairman of the Board of Nova Sea.

The largest shareholder in Mowi will propose to the nomination committee that Aino Olaisen is nominated Board member of Mowi after completion of the transaction.

Mowi said the integration is expected to yield significant synergies, including improved capacity utilisation by leveraging the location portfolio in Region North and by further strengthening biological performance through investments aimed at improving fish health.

Preliminary synergy estimates are in the range of NOK 400 million on an annual basis.

Mowi expects the transaction to be closed in the second-half of 2025.