Cermaq has entered into an agreement with Grieg Seafood ASA to acquire its operations in Finnmark, Norway, and British Columbia and Newfoundland, Canada.

“This will strengthen our competitiveness and contribute to growth,” said the CEO of Cermaq, Steven Rafferty.

The acquisition price is NOK 10.2 billion (USD 979 million) enterprise value on a cash and debt-free basis. The acquisition is 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 honored 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 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.”