Cermaq Announces Acquisition of Grieg Seafood ASA Operations

Oslo, Norway – In a significant move to bolster its market position, Cermaq has officially entered into an agreement to acquire the operations of Grieg Seafood ASA in Finnmark, Norway, as well as in British Columbia and Newfoundland, Canada. CEO Steven Rafferty expressed his enthusiasm for the acquisition, stating, “This will strengthen our competitiveness and contribute to growth.”

Acquisition Details

The enterprise value of the transaction is set at NOK 10.2 billion, calculated on a cash and debt-free basis. However, completion of the acquisition is contingent upon receiving the necessary approvals from relevant competition authorities.

Respect for Legacy

Rafferty emphasized the honor that Cermaq feels in acquiring Grieg Seafood’s operations, noting, “We have profound respect for Grieg Seafood and their pioneering initiatives as a global company with a long-lasting legacy.” He highlighted the shared commitment to sustainability and innovation, making this acquisition a fitting partnership.

Pursuing Growth Potential

Looking ahead, Rafferty believes the merger will unlock exciting opportunities to optimize operations in both Norway and Canada. “The combined force of the two companies provides a strong basis for producing more high-quality salmon and establishing ourselves as a stronger industry leader,” he stated.

Both Cermaq and Grieg Seafood share a commitment to enhancing fish welfare while minimizing environmental impact. “We eagerly anticipate strengthening our collaborative efforts towards sustainable growth with the additional expertise and resources provided by Grieg,” Rafferty added.

Advisors on the Deal

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