Mowi (MOWI) M&A Announcement summary

Deal rationale and strategic fit

• Mowi increases its stake in Nova Sea from 49% to 95%, consolidating operations and strengthening global leadership in aquaculture, especially in Northern Norway.

• Nova Sea is fully integrated, recognized for excellent biological results and industry-leading margins.

• The acquisition is strategically important, supporting Mowi's growth strategy, innovation, and sustainable salmon farming.

• The deal is expected to drive sustainable growth and local employment in Northern Norway.

Financial terms and conditions

• Mowi will pay NOK 7.4 billion (EUR 625m) for the shares, with 30% in new Mowi shares and 70% in cash, acquiring Vigner Olaisen's stake.

• The total equity value for Nova Sea is NOK 16 billion (EUR 1.36bn), with an EV/EBIT multiple of 9x before synergies.

• A voluntary cash offer of NOK 800 million (EUR 68m) will be made to the remaining 5% shareholders.

• Cash portion will be financed through existing credit lines.

Synergies and expected cost savings

• Preliminary synergies are estimated at NOK 400 million (EUR 34m), driven by improved utilization of licenses, site portfolio, and biological performance.