Norwegian authorities have approved Mowi's acquisition of Nova Sea. The European Commission also cleared the deal this week.
Mowi will increase its ownership stake from 49% to 95% in Norway's largest northern aquaculture company. The shares cost 7.4 billion Norwegian kroner ($680 million).
All formal approvals are now complete. The transaction can proceed immediately.
Mowi will now make a voluntary offer to remaining shareholders. The company announced this in a statement on Tuesday.
With Nova Sea, Mowi expects a harvest volume of 597,000 tons in 2025. This represents substantial growth for the world's largest salmon producer.
CEO Ivan Vindheim said they will invest more in Northern Norway going forward. He emphasized job creation and coastal development.
"We will create more jobs and increased activity along the coast," Vindheim stated.
The deal strengthens Mowi's dominance in Norway's aquaculture sector. It also raises questions about market concentration in the industry.
Northern Norway represents a key growth area for salmon farming. The region offers ideal conditions for aquaculture operations.
This acquisition follows Mowi's strategy of vertical integration. The company controls everything from fish eggs to supermarket products.
Norwegian aquaculture remains a major export industry. Salmon farming generates billions in revenue annually for Norway.