Marine Harvest buys Canadian salmon farmer

MARINE Harvest is to buy leading east coast Canadian salmon farmer Northern Harvest, the Bergen based company announced.
Northern Harvest is fully integrated with its own broodstock, smolt/hatchery, farming sites and processing operations.
It is expected to harvest 19,000 tonnes of salmon in 2018; it has 45 farming licences in Newfoundland and New Brunswick, and has applied for an additional 13 farming licences.
Marine Harvest will pay CAD 315 million (USD 251 million, EUR 209 million) for the acquisition which, it said, ‘supports Marine Harvest\’s long term strategy of being a world leading and integrated producer of seafood proteins’.
Marine Harvest – the largest salmon farming company in the world, with more than USD 1 billion (EUR 850 million) in sales in the third quarter of 2017 – intends to pay for Northern Harvest in cash.
‘The transaction is subject to approval by relevant competition authorities and customary closing conditions,’ Marine Harvest said.