“We are very pleased to announce that Cermaq has entered into an agreement with Grieg Seafood ASA to acquire their operations in Finnmark in Norway and British Columbia and Newfoundland in Canada. This will strengthen our competitiveness and contribute to growth,” Cermaq CEO Steven Rafferty said in a statement.
The acquisition price is NOK 10.2 billion enterprise value on a cash and debt free basis, with completion dependent on approval by the relevant competition authorities.
“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 said.
Rafferty believes there is exciting potential in optimising operations in Norway and Canada.
He said 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 minimising 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 acted as legal advisor to Cermaq in connection with the acquisition.
