Norwegian seafood giant Mowi’s acquisition of a majority share in Nova Sea is under review by the European Commission. The deal, worth Nkr7.4bn, would give Mowi a controlling 95% stake in Nova Sea. The EC is seeking comments on the transaction and its potential impact on competition in the seafood industry.

Mowi has held a minority stake in Nova Sea since 1995 and plans to acquire Vigner Olaisen’s stake for Nkr7.4bn. The deal values Nova Sea at Nkr16bn. Mowi aims to create synergies through the integration and expects to harvest 157,000 tonnes of salmon in northern Norway by 2025.

Mowi CEO Ivan Vindheim praised Nova Sea’s performance and margins, expressing excitement about combining operations. The acquisition would enhance Mowi’s position in the Norwegian Farmed Atlantic Salmon market. Nova Sea’s board chairman, Aino Olaisen, is set to join Mowi’s board, and the companies plan to harvest 572,000 tonnes of salmon globally by 2025.

Read more at Yahoo Finance: Mowi’s additional stake in Nova Sea attracts EU scrutiny