Norwegian aquaculture group SalMar ASA has entered into an agreement with Heimstø AS to acquire 85,727,553 shares in Måsøval AS. The transaction represents approximately 70% of the share capital of Måsøval, strengthening SalMar's operational footprint in Central Norway.
The transaction is subject to regulatory approvals and customary closing conditions, after which SalMar will offer minority shareholders the opportunity to realise their shares.
Transaction Details and Consideration
The purchase price is set at NOK 39.50 per share, representing an aggregate consideration for the sale shares of approximately NOK 3.4 billion.
The payment structure is divided into the following components:
📈 Share Consideration: SalMar will issue 733,906 shares, representing 10% of the total purchase price. The value of these shares has been fixed at NOK 461.40 per share, based on the closing price of SalMar shares on Euronext Oslo Børs on 6 July 2026.
💵 Cash Consideration: The remaining 90% of the purchase price will be settled in cash.
🔄 Put Option: As part of the agreement, Heimstø has been granted a right, exercisable for 12 months following completion, to sell the consideration shares back to SalMar at the initial price of NOK 461.40 per share.
Based on 122,508,455 outstanding shares as of 8 July 2026, the transaction values the entire share capital of Måsøval at approximately NOK 4.84 billion. After the transaction is completed, SalMar has committed to ensuring that minority shareholders can exit the business at the same price of NOK 39.50 per share.
Regional Alignment and Synergies
Both SalMar and Måsøval share historical roots on the island of Frøya. SalMar expects the acquisition to provide a stronger platform for sustainable growth in Central Norway, which is one of the premier global regions for aquaculture.
The combination of the two operations is expected to deliver several operational benefits, including:
🏗️ Infrastructure Integration: Improved utilisation of existing regional infrastructure and facilities.
🧠 Resource and Expertise Sharing: Combining operational knowledge and technical expertise to strengthen regional innovation capability.
🌊 Coastal Development: Supporting long-term value creation along the Norwegian coastline.
Frode Arntsen, Chief Executive Officer of SalMar, stated that the acquisition represents an industrial opportunity that fits with the company's existing activities. Arntsen noted that Måsøval is a well-established regional operator, and both firms see potential for further development.
SalMar has confirmed that further details regarding the transaction and its operational implications will be presented alongside the group's second-quarter financial results on 25 August 2026.
