Mowi receives final approval for its acquisition of controlling stake in Nova Sea
Mowi ASA has received final regulatory clearance to complete its acquisition of a controlling stake in Nova Sea AS, one of Northern Norway’s leading salmon farming companies.
The move follows formal approval from both the EU Commission and the Norwegian Competition Authority, clearing the way for Mowi to increase its ownership in Nova Sea from 49% to 95%. The transaction marks one of the largest consolidation moves in Norway’s aquaculture sector in recent years.
With Nova Sea now fully integrated, Mowi expects to harvest 597,000 tonnes of salmon in 2025, of which 372,000 tonnes will come from Norway – including 161,000 tonnes in Northern Norway.
“In just a few years, Mowi has gone from producing 400,000 tonnes globally to nearly 600,000 tonnes – an annual growth rate of 6.9%, almost double the industry average of 3.6%,” the company said in a statement.
Mowi CEO Ivan Vindheim described the acquisition as a “strategically important transaction” that will act as 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,” he said.
Vindheim also highlighted the strong operational alignment between the two companies, noting that Mowi expects annual synergies of around NOK 400 million (€34 million) from the acquisition. These will come from improved license and site optimisation, better maximum allowed biomass (MAB) utilisation, and enhanced biosecurity performance.
“This transaction will strengthen our presence in what is probably the world’s best region for farming Atlantic salmon,” he said.
The Nova Sea deal continues Mowi’s strategy of vertical integration and regional expansion. The company now operates across seven major salmon-producing countries – Norway, Scotland, Ireland, the Faroe Islands, Iceland, Canada, and Chile – and employs 11,800 people in 26 countries.
For 2024, Mowi reported a turnover of €5.6 billion, maintaining its position as the world’s largest producer of farmed Atlantic salmon and a leader in seafood sustainability.
