SalMar buys 70% stake in Måsøval
The fish farming heavyweight has entered into an agreement to purchase the majority of the shares in the smaller salmon producer. It is paying £271 million in cash and its own shares.
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SalMar has entered into an agreement to purchase all of Heimstø's 85,727,553 shares in Måsøval, corresponding to around 70% of the share capital in the company.
This was revealed in a stock exchange announcement on Wednesday.
Heimstø announced on March 25, 2026 that the company had initiated a strategic assessment of its ownership in Måsøval. As a result of this process, an agreement has now been entered into to sell the entire shareholding to SalMar, reports Fish Farming Expert's Norwegian sister site, Kyst.no.
Spends NOK 3.4 billion
The purchase price is NOK 39.50 per share, giving a total transaction value of approximately NOK 3.4 billion (£271 million) for Heimstø's shares. The settlement consists of 733,906 SalmMar shares, corresponding to 10% of the purchase price, with the remainder paid in cash. The value of the share settlement is based on a SalMar price of NOK 461.40 per share, corresponding to the closing price on July 6.
The price represents a premium of 71.7% compared to the closing price of Måsøval on March 25, 2026, which was the last trading day before Heimstø announced the strategic process. Compared to the volume-weighted average price over the last 30 trading days prior to the announcement, the premium is 71.9%.
Based on 122,508,455 outstanding shares, the transaction values the entire Måsøval at approximately NOK 4.84 billion.
According to analyst Sander Lie at SEB bank, Måsøval expects to harvest around 29,000 tonnes of salmon in 2026. Of this, 13,200 tonnes will come from the production area in Central Norway, 8,300 tonnes from Western Norway and 7,500 tonnes from locations shared with other farmers.
Innovative from the start
Heimstø chief executive Lars Måsøval said the Måsøval family is proud of what has been built up over several decades. He emphasised that the company has been built with a steadfast belief in salmon farming.
"There is no denying that there have been many heavy lifts over several decades. We have taken high risks and been innovative right from the very beginning when my father, uncle and grandfather built the cages, raised the fish and drove the fish to market, to where we are today a modern, fully integrated, publicly traded farming company with 370 employees that produces around 1% of the global salmon production."
He said they are proud of what has been built, while at the same time feeling a strong responsibility to preserve the values and communities that have been created along the coast, and to further develop these values for future generations.
He also pointed out that the industry is facing major changes.
"Framework conditions are changing, new technology is being phased in, while it is demanding to develop the company further with margin pressure and a high tax level. In the face of significant changes, it feels right that we are now reuniting forces with SalMar, which the Måsøval family helped establish in 1991."
He said the family is confident that Måsøval will be left in good hands that will continue its development for the best for local communities in Central Norway.
Sees industrial potential
SalMar chief executive Frode Arntsen described the acquisition as a strategic opportunity.
"We believe this is an exciting industrial opportunity that will strengthen SalMar's position in Central Norway, which is one of our most important core areas within aquaculture. Måsøval is a historically well-established and well-run company with strong roots in the region, and the business fits well with SalMar's existing activity."
Awaiting approval
He pointed out that the companies have common roots on Frøya, and that they see significant potential for further development.
"At the same time, the transaction is subject to necessary regulatory approvals and other customary conditions, and we are now starting these processes."
The completion of the transaction is subject to customary conditions, including approval from relevant authorities.
As part of the agreement, Heimstø has been granted the right to sell the SalMar shares they receive as settlement back to SalMar at NOK 461.40 per share for a period of 12 months after the transaction is completed.
Once the acquisition is completed, SalMar states that minority shareholders in Måsøval will have the opportunity to sell their shares at the same price, NOK 39.50 per share.
