The acquisition is expected to realize significant growth and operational efficiencies within the newly acquired facilities

Cermaq to Acquire Key Grieg Seafood Operations in Norway and Canada for NOK 10.2 Billion

OSLO – Cermaq, a leading global salmon farming company and a subsidiary of Japan's Mitsubishi Group, today announced its intention to acquire Grieg Seafood's salmon farming operations in Finnmark (Norway), British Columbia, and Newfoundland (Canada). The acquisition is valued at NOK 10.2 billion (approximately USD 960 million) on a cash and debt-free basis. This strategic move, which is subject to approval by relevant competition authorities, is set to create a stronger, more sustainable presence in key international salmon markets, further solidifying the Japanese giant's participation in the global salmon business.

Grieg Seafood farms are situated across four regions in the north and south of Norway, and in the east and west of Canada. The remaining part of its existing structure in these regions is not part of the Cermaq acquisition. Click on the image to enlarge it

"We have profound respect for Grieg Seafood and their pioneering initiatives as a global company with a long-lasting legacy," stated Rafferty, a representative for Cermaq. "With dedicated employees and operations in several regions where Cermaq operates today, we believe the integration of these businesses represents an excellent match with a common goal for sustainable and innovative aquaculture. We are very honored to get the opportunity to continue the operations that the Grieg family started over 30 years ago in these significant regions."

The acquisition is expected to unlock significant potential for growth and operational optimization within the acquired facilities in Norway and Canada. Rafferty highlighted the synergy, stating, "The combined strength from these key operations provides a strong basis for producing more high-quality salmon and reinforcing our position as an industry leader."

Both Cermaq and Grieg Seafood share a deep commitment to responsible aquaculture. "Both companies are committed to enhancing fish welfare and minimizing environmental impact," Rafferty affirmed. "We eagerly anticipate strengthening our collaborative efforts towards sustainable growth with the additional expertise and resources provided by the acquired Grieg operations."

In connection with the acquisition, ABG Sundal Collier served as financial advisor to Cermaq, while Schjødt acted as legal advisor.

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Address:	Grev Wedels plass 5, Sentrum - P.O. Box 144
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