Bergen, Norway headquartered Marine Harvest has been nominated by the receiver of the bankrupt Gray Aqua Group to purchase the Northampton, New Brunswick, Canada-headquartered company’s assets. The price on a cash and debt free basis is C$ 15 million (approximately US $11.2 million).
The acquisition is regarded as an important strategic move for Marine Harvest, as it further broadens its global fish farming footprint in a country where it is already present on the West Coast at a time when the market for salmon in the northeast of Canada and the USA continues to grow.
The assets purchased include a hatchery in New Brunswick, two farming licenses in the same province, seven farming licenses in Newfoundland, and one processing plant in Newfoundland. Currently, no fish has been stocked in the above mentioned licenses.
In addition, the company has applied for 17 farming licenses in Newfoundland which are yet to be approved. Marine Harvest is looking forward to engage with relevant authorities to secure additional farming locations, as well as to establish new jobs in local communities.
Marine Harvest will shortly start to detail a production plan and investment framework for the East Coast of Canada, including building an organization capable of producing 15,000-20,000 tons gutted weight equivalent of salmon per annum.
Closing of the transaction is subject to signing a final purchase agreement as well as approval by the Court of Queen’s Bench of New Brunswick.
