Salmon producer SalMar has finalized a deal to acquire the remaining shares in Wilsgård. This merger values the Norwegian aquaculture company at NKr1.76bn ($168.8m).
Already holding a 37.5% stake in Wilsgård, SalMar, which is also based in Norway, has confirmed the transaction that was initially proposed in February.
The merger is expected to unite “two strong players” in the fisheries and aquaculture sector. Additionally, SalMar anticipates that this collaboration will enhance operational efficiency, reduce costs, and bolster financial resilience.
This transaction is structured as a triangular merger, whereby SalMar will issue shares while its subsidiary, SalMar Farming, absorbs Wilsgård. Notably, the deal comprises 80% in shares and 20% in cash.
SalMar originally acquired its stake in Wilsgård through its 2022 acquisition of NTS, followed by a merger with Norway Royal Salmon.
The company operates farms in Central and Northern Norway and Iceland and aims to complete the merger during the summer, pending regulatory approval.
SalMar noted that Wilsgård holds a “strong presence” on the Norwegian island of Senja, with the maximum allowed biomass (MAB) of 5,844t in licenses within Northern Norway.
Despite facing what SalMar described as a “challenging year,” the company reported gross operating revenues of NKr26.43bn in 2024, marking a 6.3% decline from 2023.
Additionally, operational EBIT fell 33.8% year-on-year to NKr5.43bn. The profit for the period decreased by 8.5% to NKr3.11bn.
Upon announcing these results, Frode Arntsen, CEO of SalMar, stated, “We have experienced challenges in 2024 that have affected harvest volumes, but we are taking steps, adapting, and improving throughout the value chain.”
In a strategic move 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 this business.
Furthermore, SalMar completed its acquisition of a controlling stake in AS Knutshaugfisk, another salmon farmer, in February. AS Knutshaugfisk holds 3,466t of MTB in licenses and operates four farming locations in Mid-Norway.
