Marine Harvest to acquire Canadian salmon farmer
December 23, 2017
By Liza Mayer
Marine Harvest has announced it has entered into a share purchase agreement to purchase Northern Harvest, a salmon farmer on the East Coast of Canada.
Marine Harvest says Northern Harvest is “fully integrated with its own broodstock, smolt/hatchery, farming sites and processing operations.”
“The potential acquisition supports Marine Harvest's long term strategy of being a world leading and integrated producer of seafood proteins,” it added.
The acquisition price on a cash and debt free basis is roughly $248 million (C$ 315 million).
Northern Harvest is expected to harvest 19,000 tonnes of salmon in 2018. I has currently 45 farming licenses in Newfoundland and New Brunswick and has applied for additional 13 farming licenses.
The transaction is subject to approval by relevant competition authorities and customary closing conditions.