Norwegian seafood company Mowi’s bid to increase its stake in Nova Sea from 49% to 95% has been approved by the European Commission. Mowi will acquire the additional shares from Nova Sea investor Vigner Olaisen for Nkr7.4bn ($736.2m today). The EC found the transaction would not raise competition concerns in the markets where the companies are active.

The deal is still pending approval from Norway’s competition regulator. Mowi and Nova Sea together are expected to harvest 157,000 tonnes of salmon in 2025, contributing to a total of 572,000 tonnes globally. Mowi anticipates generating synergies of around Nkr400m annually from the integration and is looking to acquire the remaining 5% stake in Nova Sea.

Mowi reported unprecedented salmon harvest volumes in the third quarter and expects an operational EBIT of around €112m ($130.6m). Operational EBIT for consumer products in the same quarter was €66m, exceeding the previous year’s all-time high of €43.5m. Mowi’s total revenues for the third quarter of last year reached €1.4bn.

Read more at Yahoo Finance: Mowi gets EC approval for controlling stake in salmon peer Nova Sea