Cermaq to acquire Grieg Seafood assets in Norway and Canada for nearly US$1B

NORWAY –  Japanese-owned salmon farming company Cermaq is set to acquire three major facilities from Grieg Seafood in a sweeping deal valued at NOK 10.2 billion (US$988.6 million), marking a significant shake-up in the global aquaculture industry.

The acquisition, announced on 17th July, includes Grieg’s salmon operations in Finnmark, Norway, and in Newfoundland and British Columbia, Canada, along with its North American sales division. 

The transaction is expected to close in the fourth quarter of 2025, pending regulatory approval from competition authorities in both Norway and Canada.

Grieg Seafood stated that the divestment will enable the company to consolidate and strengthen its core operations in Rogaland, Western Norway, where it anticipates harvesting 30,000 gutted weight tonnes (GWT) of salmon this year.

“This transaction will position both Grieg Seafood and the regions for the future. It allows us to concentrate focus and resources in Rogaland,” said interim CEO Nina Willumsen Grieg. “We aim to continue to be a strong actor in the advancement of sustainable aquaculture in Norway.”

Strategic realignment after challenging financials

The sale comes amid financial pressures for Grieg, which has faced persistent setbacks in Canada and Finnmark. 

In the first quarter of 2025, Grieg posted a 4.8% year-on-year drop in revenue to NOK 2.18 billion (US$211.2 million), while EBITDA fell 14% to NOK 381 million (US$36.9 million). The company reported a pre-tax loss of NOK 603 million (US$58.3 million).

Earlier this year, Grieg posted a full-year net loss of NOK 2.45 billion (US$237.1 million), largely due to a NOK 1.74 billion (US$168.2 million) impairment charge tied to uncertainties in its Canadian operations. 

Despite a modest 5.1% rise in annual sales to NOK 7.38 billion (US$714 million), profit margins remained under pressure, with EBITDA nearly halving from the previous year.

Grieg clarified that the deal does not affect its stakes in joint ventures Tytlandsvik Aqua and Årdal Aqua, or its new value-added processing facility in Gardermoen.

The acquisition will expand Cermaq’s operations in regions where it already has a presence, Finnmark and British Columbia, and introduce it to the Newfoundland market. 

The company is a subsidiary of Japan’s Mitsubishi Corporation, and the deal cements its position as one of the world’s top salmon producers.

“We have deep respect for Grieg Seafood and their long-standing heritage,” said Steven Rafferty, CEO of Cermaq Group. 

“We believe the companies are an excellent match with a shared goal of sustainable and innovative operations. We are very honoured to have the opportunity to continue the business that the Grieg family started over 30 years ago.”

Cermaq has not disclosed whether current staff at the three sites will be retained, citing the ongoing regulatory process.

Regional highlights of the acquisition

Grieg Seafood Finnmark, with operations in four northern municipalities and employing 309 people, is targeting a 2025 harvest of 32,000 GWT. 

The Newfoundland site, the only licensed salmon farming operation in Placentia Bay, holds 14 seawater licences and employs 110 people. It is targeting a 10,000 GWT harvest this year.

In British Columbia, Grieg’s 11 seawater farms and land-based freshwater facility employ 126 staff and are expected to yield 12,000 GWT in 2025. 

However, these operations face long-term uncertainty due to the Canadian government’s plan to phase out open-net pen farms by 2029.

“Cermaq shares our values of farming with the lowest possible environmental impact and highest possible fish welfare,” said Willumsen Grieg. “We are confident that the regions are in the best hands.”

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