EL7.AI
Mergers & AcquisitionsMedium•9 November 2026•
3 min read

Yanmar launches recommended cash offer to acquire shares in Norway’s AKVA Group

Key Facts

1AKVA’s revenue rose from 3.4 billion Norwegian kroner in 2023 to 4.4 billion in 2025, at a compound annual growth rate of 13.7%.
2AKVA’s revenue in the first quarter of 2026 was about 1,140 million kroner, up 13% year on year, while record EBITDA reached 153 million kroner.
3The order backlog stood at 2,830 million kroner at the end of the first quarter of 2026, and AKVA targeted revenue of at least 5 billion kroner and an EBIT margin of 9% in 2027.
4Egersund Group owns 51% of AKVA and Israel Corporation owns 18%; both shareholders expressed support for the value-maximization review.

Yanmar has launched a recommended cash offer to acquire shares in Norway’s AKVA Group, following the company’s review of its strategic options. AKVA announced on April 8, 2026, that it had begun a review aimed at maximizing shareholder value, including the options of selling the company or entering into value-creating business combinations. The board said at the time that it expected the review to be completed during 2026. In comments reported by Finansavisen, Yanmar executive Tetsuya Yamamoto said combining the groups’ technologies and global resources could create new opportunities. He added: "We see promising opportunities for AKVA and Yanmar through combining complementary technologies and global resources."

Data presented by AKVA when it announced the review showed revenue growth from 3.4 billion Norwegian kroner in 2023 to 4.4 billion in 2025. Revenue grew at a compound annual rate of 13.7% over that period, the company said. AKVA said it saw potential to exceed its previous 2030 guidance, which targeted revenue of 7 billion kroner and an operating profit margin before interest and taxes above 10%. These figures provided context for the company’s ambitions before the review began. Controlling shareholders Egersund Group and Israel Corporation also backed the value-maximization process for all shareholders.

In the first quarter of 2026, AKVA reported revenue of 1,140 million Norwegian kroner, up 13% year on year. EBITDA was 153 million kroner, a quarterly record according to the company, and 40 million kroner higher than in the same period of 2025. The order backlog stood at 2,830 million kroner at the end of the quarter, after the company received new orders worth 1,493 million kroner during the period. The company was targeting revenue of at least 5 billion kroner and an operating profit margin before interest and taxes of 9% in 2027. AKVA said revenue grew at a compound annual rate of 13.7% between 2023 and 2025, placing its quarterly results within its stated expansion trajectory.

The deal follows a review that AKVA said it launched to explore alternatives for maximizing shareholder value, including a sale or merger with other businesses. In its announcement, the company said revenue rose from 3.4 billion kroner in 2023 to 4.4 billion in 2025, with a compound annual growth rate of 13.7%. It also saw potential to exceed its previous 2030 guidance of 7 billion kroner in revenue and a margin above 10%. Egersund Group owns 51% of the company, while Israel Corporation owns 18%; both said they supported the value-maximization process. The available information provided no further details on the offer’s progress after its launch.