M&A in Norway
General update on key trends in 2026
- Despite persistently high interest rates and elevated inflation, the Norwegian M&A market has shown resilience, with continued strong private M&A activity, particularly in the mid- and lower mid-market, alongside some public M&A transactions.
- Large-cap transactions remain more challenging and time-consuming.
- Private equity remains cautious on exits, but is expected to be increasingly active in acquisitions and add-ons.
- Corporate carve-outs continue to be popular.
- Geopolitical uncertainty and energy security concerns have placed greater responsibility on the Norwegian oil and gas sector, driving continued investment and positive spillover effects for the broader Norwegian economy.
Key M&A Trends and Drivers in the Norwegian Seafood Industry
Foreign capital flows to the value chain, not the pens
Norwegian aquaculture has attracted significant international capital, but investor appetite differs markedly between production-level assets and adjacent services and technology. Production-level assets see little financial or foreign investor involvement, with Cermaq/Mitsubishi as a notable exception, due to the high biological risk profile. By contrast, services and technology attract strong private equity and infrastructure interest, including Goldman Sachs (Frøy), American Industrial Partners (FSV Group and Aquaship), Marguerite (AQS), Arcus Infrastructure (Abyss), Summa Equity (STIM), and the Japanese industrial group Yanmar Holdings has been confirmed as the buyer of AKVA Group. This risk asymmetry explains why private equity and other financial investors gravitate towards the adjacent value chain rather than production itself.
Continued consolidation in the production segment
Everchanging framework conditions and the resource rent tax – and the total tax burden on Norwegian owners – have put pressure on smaller and medium-sized fish farmers, driving a wave of consolidation where smaller and medium-sized operators enter into transactions with larger players to achieve economies of scale. While the regulatory outlook remains uncertain, fish farmers must assume that capital expenditure requirements will increase in both frequency and magnitude. This makes it increasingly challenging for smaller and medium-sized operators to remain independent, and further consolidation is expected.
Technology focus
There is strong interest in companies providing solutions in fish health, sea lice control, and land-based farming.
With 2025 being the weakest profitability year since 2012 and approximately NOK 156 billion spent on seafood industry purchases in Norway in 2024, fish farmers are under significant margin pressure and increasingly prioritize technology that can document lower costs and reduce biological risk. Regulatory tailwinds are also supporting valuations with recent deals illustrative with Novo Holdings' acquisition of a majority stake in Stingray Marine Solutions in 2024, Summa Equity's acquisition of approximately 75% of STIM in 2024, and Vitruvian Partners' acquisition of Aquabyte in a deal signed in December 2025 and completed in 2026. Aquabyte’s position was strengthened by forthcoming automated sea-lice counting requirements, while Stingray’s case is directly linked to the regulatory focus on sea lice, and STIM being a fundamental supplier in the fish health space.
Limited global market
The market for assets, services, products and technology aimed at salmon farming is not necessarily global in the same way as in other industries. Norway is by far the largest market, which means that companies reaching a certain scale become truly dominant within a concentrated domestic market. This dynamic may be illustrated by Sølvtrans, the world’s largest wellboat operator, where Antin Infrastructure Partners in July 2026 brought in GLIL Infrastructure as a new long-term minority partner to support the company’s next growth phase. The potential for internationalisation is more limited for species-specific solutions, but significantly greater where the technology can be applied across species and in other forms of protein production.
Even stronger suppliers needed
Risk and capital cannot be borne by fish farmers alone if the industry is to make the necessary technological advances. There is a need for greater industrial maturity and strong suppliers with solid balance sheets, in a development that resembles the maturation of the supplier industry in the oil and gas sectors. The Japanese industrial group Yanmar has been confirmed as the buyer of AKVA Group and Ambienta has acquired a majority stake in four leading Nordic aquaculture technology companies, thus further consolidating and at the same time creating a platform to challenge the two dominant players in the aquaculture sector, AKVA Group and ScaleAQ. This illustrates the move towards consolidation and strengthening of the supplier side, although further consolidation and even strong suppliers may be needed.
New forms of collaboration
For the most capital-intensive technological advances, including closed containment systems and semi-offshore and offshore farming, even greater financial strength and risk-sharing will be required.
One possible future model is for fish farmers primarily to perform the husbandry and day-today farming operations – comparable to the operator role in the oil sector – while suppliers own and operate the equipment.
The growing investment requirements may also give rise to more joint venture-type structures, particularly around technology investments and technology upgrades that individual farmers may struggle to finance alone. This raises a broader question of risk allocation: if innovation is to accelerate, fish farmers cannot be expected to bear the full technological and financial risk of adopting new solutions.
Enabling the supplier side to take on greater risk in the development and deployment of new technology could foster innovation, but may also drive transactions and consolidation on the supplier side.
Land-based salmon farming – from capital markets case to industrial case
Salmon Evolution has achieved break-even on operations and expects its first major harvest from phase 2 in 2026.
BCG estimates that approximately 190,000 tonnes of land-based salmon will be produced globally by 2030. The segment is transitioning from a capital markets-driven model to one backed by industrial and strategic owners, as illustrated by Andfjord Salmon (backed by Jerónimo Martins) and Arctic Seafarm (backed by EMK Capital).
Infrastructure funds may also enter as operational risk becomes more derisked.
Major transactions and events
Selected Recent Transactions: Consolidation in the production segment
Grieg Seafood/Ackermans & van Haaren
In August 2026, Grieg Aqua became the vehicle for a restructuring of Grieg Gruppen’s ownership, with the Willumsen Grieg family branch assuming its 50.2% stake in Grieg Seafood and Ackermans & van Haaren entering as a 37.5% co-owner of Grieg Aqua.
SalMar & Måsøval
In July 2026, SalMar agreed to acquire Heimstø’s 70% controlling stake in Måsøval ASA for NOK 3.4 billion (NOK 39.50 per share), a 19.3% premium. The transaction is subject to regulatory approval and a mandatory offer to remaining shareholders. Thommessen advised the sellside.
Ode AS
In January 2026, trout farmer Ode AS agreed to acquire Vesterålen Havbruk Statt AS’ business relating to three trout farming sites. Thommessen advised Ode.
Alsaker Fjordbruk & Bolaks
In December 2025, Alsaker Fjordbruk acquired 100% of the Bolaks Group.
Cermaq & Grieg Seafood
In July 2025, Cermaq agreed to acquire Grieg Seafood’s operations in Finnmark, British Columbia and Newfoundland, for NOK 10.2 billion. The transaction closed on 29 December 2025 following competition approval.
Mowi & Nova Sea
In 2024–2025, Mowi acquired a further stake in Nova Sea for approximately NOK 7.5 billion, increasing its ownership from 49% to 95%.
Services, technology, and the supplier side
AKVA Group strategic review
AKVA Group announced a strategic review in April 2026 and reported in August 2026 that the process had entered an advanced phase, with a conclusion expected in autumn 2026.
Sølvtrans
In July 2026, GLIL Infrastructure joined Antin Infrastructure Partners as a long-term minority investor in Sølvtrans.
Frøy Akvaservice & Abyss
In October 2025, Frøy agreed to sell Frøy Akvaservice to Abyss; the transaction closed in December 2025 and included 33 service vessels and 230 employees. Thommessen has previously advised on transactions involving both Frøy and Abyss.
STIM
In March 2024, Summa Equity acquired approximately 75% of STIM.
Ambienta's Supplier Platform
Ambienta has acquired a majority stake in four leading Nordic aquaculture technology companies, thus further consolidating and at the same time creating a platform to challenge the two dominant players in the aquaculture sector, AKVA Group and ScaleAQ. Thommessen advised Ambienta.
Strategic partnerships
The collaboration between Mowi and Skretting in feed illustrates the shift toward partnership models alongside traditional M&A.
Outlook
The next phase of Norwegian aquaculture M&A is likely to be defined by a two-speed investor market.
Production assets will primarily remain the domain of strategic and industrial buyers; regulatory complexity, the resource rent tax, biological risk and rising capital expenditure are increasing consolidation pressure on smaller and mid-sized producers, as illustrated by SalMar/Måsøval, Mowi/Nova Sea and Cermaq/Grieg Seafood.
At the same time, services and technology will likely continue to attract financial and infrastructure capital, because solutions that improve fish health, sea-lice control, monitoring and land-based production can address both margin pressure and regulatory demands. The Stingray, STIM and Aquabyte transactions illustrate how technology-driven M&A is moving from a specialist theme toward a core part of the sector’s investment case, while the Yanmar aquisition of AKVA Group review and the Ambienta consolidation point to the parallel need for larger, better-capitalized suppliers.
As technology becomes more capital-intensive, ownership and risk-sharing models are likely to diversify. Partnerships and joint ventures may complement outright acquisitions, with suppliers potentially owning or operating equipment while farmers focus on core farming operations, as reflected in the Mowi/Skretting collaboration and of relevance to closed-containment and offshore projects.
Land-based salmon farming may likewise move from a capital-markets story toward industrial ownership, with Salmon Evolution’s operating progress and the backing of Andfjord Salmon and Arctic Seafarm suggesting a more selective but increasingly strategic investor base.
Regulatory uncertainty will in our view remain both a catalyst and a constraint: It accelerates demand for solutions that reduce biological and compliance risk, but can delay investment decisions and complicate valuations. Against this backdrop, the transactions listed are signals of a market becoming more consolidated, technology-led and structurally collaborative, while still demanding disciplined underwriting of regulatory, biological and execution risk.
Key contacts
Rune Ulriksen Steinsland
PARTNER // ADVOKAT
