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    Home > Food News > Food Articles > Mowi acquires a majority stake in Arctic Fish and enters the salmon farming industry in Iceland for the first time

    Mowi acquires a majority stake in Arctic Fish and enters the salmon farming industry in Iceland for the first time

    • Last Update: 2022-11-04
    • Source: Internet
    • Author: User
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    Yesterday, Mowi, the world's largest salmon producer, announced the acquisition of a 51.
    28% stake in Icelandic salmon company Arctic Fish for NOK 1.
    88 billion ($181 million).

     
    Arctic Fish was previously held by Royal Norwegian Salmon (NRS), a subsidiary
    of Norwegian Maritime Group (NTS).
    This year, Norwegian salmon giant SalMar decided to acquire NTS, making it the world's second-largest salmon company
    .
    But in order to pass the approval of the European Commission's antitrust review program, NRS was required to divest its entire stake
    in Arctic Fish.
     
    As a result, MG decided to acquire a majority stake in Arctic Fish, a deal that marked its first foray into the Icelandic farming business
    .
     
    Arctic Fish farms, located in the fjords off Iceland's west coast, are expected to produce 10,600 tonnes
    this year.
    Arctic Fish holds a total of 10 Icelandic farming licences with a maximum allowable biomass (MAB) of 27,100 tonnes and another 4,800 tonnes awaiting approval
    .
     
    Ivan Vindheim, CEO of Megaway, said: "The Icelandic salmon farming industry will enter a period of rapid development in the coming years and we are delighted to have the opportunity to participate in it
    .
    Icelandic waters offer excellent growing and living conditions
    for salmon.
     
    For many years, Mewei has kept a close eye on the salmon farming industry in Iceland, "and has been impressed by Arctic Fish's employees, management and shareholders and witnessed the important history
    of Arctic Fish.
    " ”
     
    "Arctic Fish's geography and organizational structure are well aligned
    with Metroway's current operating strategy.
    With the addition of Megaway, Arctic Fish and its shareholders will leverage Megaway's extensive resources and strong financial background to create more attraction
    for the development of the local community.
    Vindheim added
    .
     
    Mega's acquisition of Arctic Fish will be made using cash payments and a line of credit, subject to review by the European Commission and meeting a number of other conditions
    .
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