Grieg Seafood has signed an agreement to sell its businesses in Finnmark and Canada to Cermaq for NOK 10.2 billion (USD 988.3 million) on a cash and debt free basis. The deal includes Grieg Seafood Finnmark, Grieg Seafood Newfoundland, Grieg Seafood British Columbia as well as Grieg Seafood’s North American sales organization. Going forward, Grieg Seafood will develop the company based on its Rogaland region in Western Norway. The company aims to be a strong actor in the advancement of sustainable aquaculture in Norway.
Completion of the transaction is subject to certain customary conditions, including approval from relevant competition authorities. The operation is expected to close within Q4 2025, depending on processing time with relevant competition authorities.
“This transaction will position both Grieg Seafood and the regions for the future. It allows us to concentrate focus and resources in Rogaland. We aim to continue to be a strong actor in the advancement of sustainable aquaculture in Norway,” said Nina Willumsen Grieg, CEO of Grieg Seafood.
For his part, the CEO of Cermaq, Steven Rafferty said: “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.”
Combined Force
In a press release, Rafferty assured that “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.” Rafferty believes there is exciting potential in optimizing operations in Norway and Canada.
“Cermaq shares our values of farming with the lowest possible environmental impact and highest possible fish welfare, as well as of respecting and contributing to the rural and Indigenous communities where the operations take place. We are confident that the regions are in the best hands and that they will continue to create local value long into the future,” said Willumsen Grieg.
“Significant values have been created over many years. I want to sincerely thank all employees for their dedication to the company,” she added.
Rafferty, on the other hand, assured: “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.”
Internal Reorganization
Prior to completion of the transaction, Grieg will undergo an internal reorganization whereby licenses and biomass currently owned by the subsidiary Grieg Seafood Norway will be demerged into Grieg Seafood Rogaland Sjø and Grieg Seafood Finnmark Sjø (which will be part of the transaction).
Following the transaction, Grieg Seafood will maintain its strong position in Rogaland with a guided harvest volume in 2025 of 30,000 tons (GWT) and well-invested platform for further growth driven by the successful post-smolt strategy in the region.
Leading Salmon Farmers
Grieg Seafood, that will remain listed at the Oslo Stock Exchange, is one of the world’s leading salmon farmers. Following completion of the transaction, their operations will have a more geographically focused footprint in southwestern Norway with farms located in Rogaland and headquarters in Bergen.
Sustainable farming practices are the foundation of Grieg Seafood‘s operations. The lowest possible environmental impact and the best possible fish welfare is both an ethical responsibility and drive economic profitability.
Cermaq, on its part, is one of the world’s leading companies in farming of salmon and trout, with operations in Norway, Chile and Canada and about 4,000 employees. In 2016, the company delivered 137,000 tons healthy, sustainably farmed salmon and trout to the global market. Cermaq is a fully owned subsidiary of Mitsubishi Corporation.
