Marine Harvest completes Canadian salmon producer acquisition

Published on
February 24, 2017

The Court of Queen's Bench of New Brunswick has approved Marine Harvest as the purchaser of the assets owned by the Gray Aqua Group of Companies.

Marine Harvest said it was pleased with the decision and that it looks forward to detail a production plan and investment framework for the East Coast of Canada.

In December last year, Marine Harvest confirmed that it had been nominated by the receiver of all the assets owned by the Gray Aqua to purchase the company for a price of CAD 15 million (USD 11.5 million, EUR 10.8 million).

At that time, Marine Harvest said the acquisition was important from a strategic point of view, as it further broadened its global farming footprint in a country where it is already present on the west coast. It also highlighted that the market for salmon in northeast America continues to develop very favorably, and the acquisition would represent a “compelling value proposition.”

The assets purchased include one hatchery in New Brunswick, two farming licenses in New Brunswick, seven farming licenses in Newfoundland and one processing plant in Newfoundland.

No fish has been stocked in the aforementioned licenses.

In addition, the company has applied for 17 farming licenses in Newfoundland.

Contributing Editor reporting from London, UK

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