OSLO, NORWAY: Mowi ASA has entered into a share purchase agreement to acquire 51.28% of the shares in Arctic Fish. Arctic Fish is one of the leading salmon farmers in Iceland, situated in the West Fjords with favorable conditions for salmon farming.

The company is listed on Euronext Growth Oslo and the acquisition price is NOK 115 per share amounting to NOK 1.88 billion or EUR 181 million.

Arctic Fish has licenses for 10 ASC approved sites in total, providing a maximum allowed biomass of 27,100 tonnes and another 4,800 tonnes pending approval. The company expects to harvest 10,600 GWT in 2022.

“The Icelandic salmon farming industry is set for extensive development and growth in the coming years and we take great pleasure in this opportunity to play a part. Icelandic waters provide excellent growth and living conditions for the salmon”, says Ivan Vindheim, CEO of Mowi.

Mowi has followed Arctic Fish for several years and is impressed by how the employees, management team and owners have developed Arctic Fish into one of the leading producers of Atlantic salmon in Iceland.

“Arctic Fish’s geographical footprint and competent organisation fit unusually well with Mowi’s current operations and strategy. With Mowi on board, Arctic Fish and its other owners will be positioned for an attractive growth journey with Mowi’s extensive toolbox and strong financial position on hand, to the benefit of local communities”, says Vindheim.

The transaction is subject to consent by the EU commission and certain other closing conditions. The consideration will be paid in cash using available credit lines under Mowi’s existing revolving credit facility.

Mowi is one of the world’s leading seafood companies and the largest producer of farm-raised salmon in the world with 466,000 GWT harvested in 2021 in six farming countries including Norway, Scotland, Ireland, Faroes, Canada and Chile.

As the first global seafood company with an end-to-end supply chain, Mowi brings supreme quality salmon and other seafood to consumers around the world, partly under our own MOWI brand. Mowi is ranked as the most sustainable animal protein producer in the world by Coller FAIRR.

With headquarters in Bergen, Norway, Mowi employs 11 500 people in 25 countries worldwide, and is listed on the Oslo Stock Exchange. Turnover was EUR 4.2 billion in 2021.