By Dominic Chopping


Norwegian fish farmer Mowi ASA said late Monday that it has agreed to buy 51.28% of the shares in Icelandic peer Arctic Fish Holding AS in a 1.88 billion Norwegian kroner ($180.8 million) deal.

"The Icelandic salmon farming industry is set for extensive development and growth in the coming years," Mowi Chief Executive Ivan Vindheim said.

"Icelandic waters provide excellent growth and living conditions for the salmon."

Mowi will pay NOK115 a share in cash for the stake using available credit lines, it said.

The deal is subject to consent by the EU commission and certain other closing conditions, it added.

Shares in Arctic Fish are listed on Euronext Growth Oslo and closed Monday at NOK87.


Write to Dominic Chopping at dominic.chopping@wsj.com


(END) Dow Jones Newswires

11-01-22 0404ET