Cermaq to acquire Grieg Seafood operations in Norway and Canada for NOK 10.2 billion.
Cermaq has entered into an agreement to acquire Grieg Seafood’s farming operations in Finnmark (Norway), British Columbia, and Newfoundland (Canada) for an enterprise value of NOK 10.2 billion ($989.4 million) on a cash- and debt-free basis.
The transaction is subject to approval by the relevant competition authorities.
“We are very pleased to announce that Cermaq has entered into an agreement with Grieg Seafood to acquire their operations in Finnmark in Norway and British Columbia and Newfoundland in Canada. This will strengthen our competitiveness and contribute to growth,” said Steven Rafferty, CEO of Cermaq.
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“We have profound respect for Grieg Seafood and their pioneering initiatives as a global company with a long-lasting legacy. With dedicated employees and operations in several regions where Cermaq operates today, we believe the companies are an excellent match with a common goal for sustainable and innovative operations. We are very honoured to get the opportunity to continue the operations that the Grieg family started over 30 years ago,” Rafferty added.
He noted the potential for operational improvement across both Norway and Canada: “There is exciting potential in optimizing operations in Norway and Canada. The combined force of the two companies provides a strong basis for producing more high-quality salmon and a stronger industry leader. Both companies are committed to enhancing fish welfare and minimizing environmental impact. We eagerly anticipate strengthening our collaborative efforts towards sustainable growth with the additional expertise and resources provided by Grieg.”
ABG Sundal Collier acted as financial advisor, and Schjødt served as legal advisor to Cermaq in connection with the transaction.
