Norwegian salmon farming giant Norway Royal Salmon on Monday announced it finalized a deal to carve out and sell off subsidiary Sor Farming to three salmon farming companies.

On Nov. 23, NRS completed demerging NRS Farming, and transferred full ownership to Sor Farming.

Norway Royal Salmon reached a deal in September with Tombre Fiskeanlegg, Lingalaks and Eidesvik Laks regarding the sale of all shares in Sor Farming for a purchase price of NOK 1.2 billion (€121 million/$132 million).

As part of the deal, Norway Royal Salmon entered a long-term cooperation deal for the purchase and sale of the fish harvested in the region. Sor Farming's total maximum allowable biomass is 4,680 metric tons.

The company hired DnB markets as an adviser in May to look at "strategic alternatives" for the region, formerly called NRS Feoy. NRS CEO Charles Hostlund told IntraFish the company was open to a sale, joint venture or "other forms of cooperation" for the division.

Several bidder reportedly expressed interest in the operations, sources told IntraFish.