Shares of Måsøval AS jumped more than 14% on Thursday following confirmation that SalMar ASA has agreed to acquire a 70% stake in the company.
Under the agreement, SalMar will purchase Heimstø AS's 85,727,553 shares in Måsøval. The purchase price is set at 39.50 crowns per Måsøval share, producing an aggregate sale consideration of approximately 3.40 billion crowns.
The consideration for the transaction is a mix of equity and cash. SalMar will deliver 733,906 of its own shares as part of the payment - a portion that represents 10% of the overall purchase price - with the remainder to be settled in cash. The value attributed to the consideration shares is based on a SalMar price of 461.40 crowns per share, which corresponds to SalMar's closing price on Euronext Oslo Bors on July 6.
Using the count of 122,508,455 outstanding Måsøval shares as of July 8, the transaction implies a valuation of the company's entire share capital at about 4.84 billion crowns.
SalMar described the deal as strengthening its platform for sustainable growth in Central Norway and noted the companies share a common heritage on Frøya that has influenced modern Norwegian aquaculture. Commenting on the transaction, Frode Arntsen, Chief Executive Officer of SalMar, said: "We believe this represents an exciting industrial opportunity that will strengthen SalMar’s position in Central Norway, one of our most important core regions for aquaculture."
The agreement includes a provision granting Heimstø a right, exercisable for 12 months from completion, to sell the consideration shares back to SalMar at a price of 461.40 crowns per SalMar share. Completion of the acquisition remains subject to customary conditions, including any required regulatory approvals.
SalMar has also stated that, after closing, it will make arrangements so minority shareholders in Måsøval can realize their shares at the price of 39.50 crowns per share.
Market reaction and details
- Måsøval shares rose over 14% on the news of the agreed sale.
- SalMar included 733,906 of its own shares as part of the payment, valued at 461.40 crowns per share for pricing purposes.
- The deal implies a full equity valuation for Måsøval of about 4.84 billion crowns based on 122,508,455 shares outstanding.
Context provided by the companies
SalMar framed the transaction as an industrial opportunity to consolidate its presence in Central Norway. The company cited shared historical ties with Måsøval on Frøya as part of the rationale and emphasized the strategic fit for continued sustainable growth in the region.
Summary of material transaction terms
- Seller: Heimstø AS - 85,727,553 Måsøval shares.
- Price per Måsøval share: 39.50 crowns.
- Total consideration: approximately 3.40 billion crowns.
- Consideration structure: 733,906 SalMar shares (10% of consideration) plus cash for the remainder.
- Pricing basis for SalMar shares: 461.40 crowns per share (SalMar closing price on July 6).
- Implied full company valuation for Måsøval: about 4.84 billion crowns.
All elements of the transaction remain conditional on the satisfaction of customary closing conditions, including regulatory approvals.