Salmon producer SalMar has inked a deal to acquire the remaining shares in Wilsgård through a merger that values the Norwegian aquaculture company at NKr1.76bn ($168.8m).
SalMar, which is also based in Norway, already owned a 37.5% stake in Wilsgård. The transaction was first proposed in February and has now been confirmed.
The company said the merger brings together “two strong players” in fisheries and aquaculture and is “expected to increase operational efficiency, reduce costs and enhance financial resilience”.
The transaction is structured as a triangular merger, where SalMar issues shares while its subsidiary, SalMar Farming, absorbs Wilsgård. The deal is split between 80% in shares and 20% in cash.
SalMar originally acquired its stake in Wilsgård through its 2022 acquisition of NTS and subsequent merger with Norway Royal Salmon.
The company, which operates farms in Central and Northern Norway and Iceland, aims to complete the merger during the summer, subject to regulatory approval.
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By GlobalDataSalMar said Wilsgård holds a “strong presence” on the Norwegian island of Senja, with the 5,844t maximum allowed biomass (MAB) in licences in Northern Norway.
In what SalMar described as a “challenging year”, the company reported gross operating revenues of NKr26.43bn in 2024, down 6.3% from 2023.
Operational EBIT declined 33.8% year-on-year to NKr5.43bn. Profit for the period fell 8.5% to NKr3.11bn.
Announcing the results, Frode Arntsen, CEO of SalMar, said: “We have experienced challenges in 2024 that have affected harvest volumes, but we are taking steps, adapting, and improving throughout the value chain.”
Last month, SalMar agreed to purchase Aker Capital’s 15% stake in SalMar Aker Ocean (SAO) for NKr650m, valuing SAO at NKr4.33bn on a 100% basis. SalMar already owned 85% of the business.
Additionally, SalMar completed its purchase of a controlling stake in AS Knutshaugfisk, also a salmon farmer, in February.
AS Knutshaugfisk holds 3,466t MTB in licences and operates four farming locations in Mid-Norway.
