Mowi nears full control of Nova Sea with US$655M acquisition

NORWAY – Global salmon farming powerhouse Mowi is making a major move to solidify its dominance in Norway’s aquaculture industry by increasing its stake in Nova Sea from 49% to 95%. 

The deal, valued at US$655 million, involves acquiring a 46% stake from Vigner Olaisen, pushing Mowi closer to full ownership of the company.

Mowi, which has held a minority share in Nova Sea since 1995, has now set a total enterprise valuation of US$1.42 billion on the Norwegian salmon farming company. 

As part of the agreement, 70% of the payment will be made in cash, while the remaining 30% will be settled in Mowi shares.

Additionally, Mowi has extended a US$71 million cash offer to acquire the remaining 5% of Nova Sea from other minority shareholders, bringing it to a full 100% ownership if accepted.

The transaction is still subject to regulatory approvals and is expected to be finalized in the second half of 2025.

The acquisition marks a significant milestone for Mowi, reinforcing its stronghold in Norway’s lucrative salmon farming sector. 

Mowi CEO Ivan Vindheim praised Nova Sea’s biological performance and strong profit margins, attributing its success to the Olaisen family, who have nurtured the company into a fully integrated salmon farming enterprise over the past five decades.

As part of the deal, Nova Sea board chairman Aino Olaisen is being proposed as a new board member at Mowi, ensuring continuity and strategic alignment between the two companies.

Nova Sea’s operations are based in northern Norway’s production area eight, where the company oversees every stage of salmon farming, from broodstock and smolt production to harvesting and sales. 

This year, Nova Sea expects to harvest 52,000 tonnes of salmon, contributing significantly to Norway’s seafood exports.

With Mowi’s increased stake, the two companies project a combined harvest of 157,000 tonnes in northern Norway in 2025. 

This will contribute to Mowi’s total anticipated production of 367,000 tonnes in Norway and 572,000 tonnes globally, further solidifying its position as one of the world’s leading seafood companies.

Mowi also estimates that integrating Nova Sea’s operations will lead to annual cost savings of approximately US$37 million. These savings will primarily stem from improving capacity utilization, streamlining operations, and making targeted investments in fish health to enhance overall production efficiency.

Mowi Feed achieves ASC Certification

Beyond expanding its farming operations, Mowi is also making strides in sustainable aquaculture. The company’s feed production division, Mowi Feed, has recently secured Aquaculture Stewardship Council (ASC) certification for its feed mills in Kyleakin, Scotland, and Valsneset, Norway.

These state-of-the-art facilities play a crucial role in Mowi’s European salmon farming operations, ensuring a steady supply of high-quality, responsibly produced feed. 

The ASC certification is a key milestone, as ASC-certified farms must exclusively source feed from ASC-certified mills by October 31, 2025, to maintain their certification status.

The ASC Feed Standard is widely regarded as a gold standard for responsible feed production, promoting sustainability, transparency, and environmental stewardship throughout the aquaculture supply chain. 

By securing this certification, Mowi strengthens its position as a leader in sustainable seafood production, aligning with global efforts to reduce the environmental impact of fish farming.