Aquaculture: Billion-Dollar Deal Reshapes Canada’s Salmon Farming Sector

Cermaq has signed a definitive agreement to acquire Grieg Seafood ASA’s operations in British Columbia, Newfoundland, and Finnmark, Norway

By Fabian Dawson
SeaWestNews

In a landmark billion-dollar deal that signals a seismic shift in the global aquaculture industry, Cermaq has signed a definitive agreement to acquire Grieg Seafood ASA’s operations in British Columbia, Newfoundland, and Finnmark, Norway.

The NOK 10.2 billion ($990 million CAD) acquisition, announced early today, marks one of the largest transactions in global salmon farming history. Cermaq—owned by Mitsubishi Corporation—will take control of Grieg Seafood British Columbia, Grieg Seafood Newfoundland, Grieg Seafood Finnmark, and Grieg’s North American sales organization based in Vancouver.

“We are very honoured to get the opportunity to continue the operations that the Grieg family started over 30 years ago,” said Steven Rafferty, CEO of Cermaq. “We have profound respect for Grieg Seafood and their pioneering initiatives as a global company with a long-lasting legacy.”

The combined operations are expected to optimize Cermaq’s production footprint in both Norway and Canada, enhancing the company’s ability to deliver high-quality salmon while navigating growing regulatory and environmental challenges.

Grieg Seafood BC, which employs 126 people, includes 11 ocean farms on both coasts of Vancouver Island, a land-based freshwater hatchery in Gold River, and administrative offices in Campbell River. Its North American sales hub is located in Vancouver.

“I want to sincerely thank all employees for their dedication to Grieg Seafood over many years. I also want to thank our First Nations partners for teaching and guiding us in how to be good stewards of the ocean,” said Nina Willumsen Grieg, CEO of Grieg Seafood ASA. “This transaction will position both Grieg Seafood and the regions for the future.”

With the consolidation, Mowi and Cooke Aquaculture are now the other two largest salmon farming companies operating in Canada, alongside Cermaq. Together, these major firms dominate the country’s salmon aquaculture industry, with extensive operations primarily in British Columbia and Atlantic Canada.

Currently, ocean-raised salmon generate over $1.17 billion for the B.C. economy, supports 4,560 well-paid full-time jobs, and remains the province’s top agri-food export.

That represents nearly half of what the sector produced before the Trudeau government aligned itself with anti-fish farming activists to announce a plan to ban open-net fish farms in B.C. by 2029.

Ottawa is now advancing the broader Transition Plan for the sector, which carries a staggering $9 billion price tag for taxpayers, along with extensive economic, social, and environmental consequences.

(Main Image shows Nina Willumsen Grieg, CEO of Grieg Seafood ASA)