Magnolia Pictures has acquired U.S. rights to Nordic disaster movie “The Wave” on the eve of its screening at the Toronto Film Festival.

“The Wave,” directed by Norwegian Roar Uthaug, is Norway’s official entry for the Best Foreign Language Academy Award this year.

The film is based on the 1934 real-life tsunami in Norway’s Tafjord, which left 40 people dead. “The Wave” opened last month’s Norwegian International Film Festival in Haugesund and posted the third-best opening in Norway for a local film during the final weekend of August.

The screenplay, written by John Kåre Raake and Harald Rosenløw Eeg, is set at Geiranger Fjord, one of Norway’s top tourist attractions. It takes place in contemporary Norway and centers around a geologist who realizes the inferno is about to hit.

Kristoffer Joner, Ane Dahl Torp, Jonas Hoff Oftebro and Fritjof Saheim star in Uthaug’s fourth feature, which was produced by Martin Sundland and Are Heidenstrom for Fantefilm Fiksjon.

The film has also been selected for the Fantastic Fest in Austin and the BFI London International Film Festival, which runs from Oct. 7 to 18.

“The Wave is an incredibly accomplished action spectacular with phenomenal special effects,” said Magnolia President Eamonn Bowles. “But it’s also beautiful filmmaking with multi-dimensional characters and terrific acting.”

Magnolia is planning a release early next year. It has previously released Norwegian films “Headhunter,” “Trollhunters,” “Ragnarok,” “Pioneer” and “Happy Happy.”