Cermaq finalizes US$970M acquisition of Grieg Seafood’s Canada and Norway units

NORWAY and CANADA – Cermaq, one of the world’s leading salmon farming companies, has completed its acquisition of Grieg Seafood’s operations in Canada and northern Norway, closing one of the largest transactions the global salmon industry has seen in recent years. 

The NOK 10.2 billion (about US$970 million) deal marks a strategic turning point for both companies and significantly reshapes the competitive landscape of Atlantic salmon farming.

Grieg Seafood confirmed the completion of the transaction in a stock-exchange statement on Monday, December 29, after receiving all required regulatory approvals in Canada and Norway. 

The acquisition, first announced in July 2025, had been expected to close in the fourth quarter of 2025.

Under the agreement, Cermaq has acquired Grieg’s salmon farming assets in British Columbia and Newfoundland in Canada, as well as operations in Finnmark, northern Norway, in addition to Grieg’s North American sales organisation. 

Grieg Seafood will retain its Rogaland operations in southwestern Norway and refocus its resources on what it describes as its core farming region.

Regulatory clearance and financial rationale

Regulatory authorities in both jurisdictions approved the transaction ahead of closing. Norway’s Competition Authority cleared the Finnmark portion earlier in the year, while Canada’s competition regulator responded to Grieg on December 15, according to information published on the agency’s website.

Grieg Seafood said the divestment reflects both financial pressures and a strategic reassessment of risk. The company has faced operational and regulatory uncertainty in Canada and has opted to streamline its portfolio. 

Following completion of the sale, Grieg reiterated plans to distribute a NOK 4 billion dividend (approximately US$380 million), noting that dividend guidance provided in its third-quarter presentation remains unchanged.

The transaction is widely regarded as the biggest salmon farming deal since SalMar’s acquisition of fellow Norwegian producer NTS, underlining its significance for the sector.

Cermaq’s growth strategy and global footprint

For Cermaq, which is owned by Japan’s Mitsubishi Corp., the acquisition strengthens its Northern Hemisphere production base and balances its existing operations in Chile.

Mitsubishi announced on December 22 that it had boosted capital to help fund the purchase of three salmon farming operations, including the Grieg assets.

The deal is expected to propel Cermaq toward becoming the world’s third-largest salmon producer. Following the integration of Grieg Seafood’s operations, Cermaq’s total production volume is projected to reach around 280,000 tons by fiscal year 2027.

Cermaq farms salmon in Norway, Chile and Canada and exports to more than 50 countries, with key markets in the United States, Europe and Asia. 

The company has invested heavily in technology and sustainability, including its iFarm system, which uses artificial intelligence and machine learning to monitor individual fish health, and non-medicinal sea lice control methods such as laser technology.

It is also expanding land-based smolt production through recirculating aquaculture systems, including a US$32.5 million facility at the Chacao Canal in Chile.

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