Norwegian salmon farming group Masoval said Wednesday it acquired rival producer Vartdal Group for NOK 1.52 billion ($170 million/€150 million).

Masoval, which is listed on the Oslo Stock Exchange, will finance the acquisition in part through loans with Norwegian lender DNB, and with a payout 4.76 million shares priced at NOK 42 ($4.80/€4.24) to Ottar Vartdal, the sole owner of the group.

Vartdal Group holds four salmon farming permits, as well as smolt and post-smolt production in Vartdal, Norway, south of Aalesund.