Mowi’s agreement to sell its Canada East salmon farming operations to Cooke for CAD 225 million (€140 million) is positive for shareholders, with the company securing a significantly higher valuation than expected, according to Arctic Securities.
The divested business produces around 9,000 tonnes of salmon annually. Mowi has reduced its 2026 harvest guidance by 5,000 tonnes following the transaction.
Arctic said the earnings impact should be minimal, noting that Canada East has consistently been one of Mowi’s lowest-margin farming regions.
The investment bank said the sale price was well above its own valuation. Arctic had valued Mowi’s entire Canadian farming business at €106 million in its sum-of-the-parts analysis, meaning the €140 million agreed for the Canada East operations alone exceeded its expectations.
The proceeds are equivalent to around 5% of Mowi’s net interest-bearing debt, strengthening the company’s balance sheet.
Arctic said the combination of a strong sale price and limited operational impact justified a modestly positive share price reaction. The bank maintains a Buy recommendation on Mowi with a target price of NOK 240 per share.
Cooke, a privately held Canadian seafood company with existing farming operations in Atlantic Canada, is expected to complete the acquisition in the second half of 2026, subject to regulatory approval and customary closing conditions.
Arctic said investors will now focus on whether Mowi undertakes further portfolio rationalisation in Canada, where it will continue to own farming operations on the country’s west coast after the sale.
