By the end of the year, a $225-million share purchase agreement that will see Cooke Aquaculture acquire Mowi Canada East salmon farming operations is expected to be finalized.
The two companies announced the pending transaction on June 30.
“Mowi has today entered into a share purchase agreement to divest its 9k GWT salmon farming operations in Canada East to Cooke Inc. for CAD $225 million on a debt-free basis in order to further improve Mowi’s farming portfolio and focus even more on core farming geographies. The transaction will reduce Mowi’s volume guidance for 2026 from 605k GWT to 600k GWT. In connection with the transaction, Mowi will take a write-down of approx. CAD $140 million,” said the Norwegian company in a media release.
Mowi has operations in New Brunswick, Prince Edward Island and Newfoundland and Labrador, including freshwater hatchery facilities, sea farming sites and two processing plants. Standing salmon biomass was 9,000 gross weight tonnes as of the end of June.
“This is an exciting growth opportunity for our Atlantic Canada operations. We look forward to welcoming Mowi Canada East’s 250 employees to Cooke, and to working together to grow the sector and sustainably farm Atlantic salmon for customers in this region and beyond,” said Glenn Cooke, CEO, Cooke Inc.
The acquisition remains subject to due diligence and customary closing conditions, including regulatory approvals.
“Cooke is committed to growing the sector and continuing to invest in the region’s rural coastal communities,” said Cooke. “Our immediate objectives will be to stabilize and reinvest in the operations through synergies with our existing farming operations across Atlantic Canada.”
Cooke Inc. is the largest private family-owned seafood company in the world, employing 15,000 people in 16 countries. The Cooke family of companies operate global aquaculture and wild fishery divisions providing a sustainable seafood source reaching tables all over the world.
Mowi is one of the world’s leading seafood companies and the largest producer of farm-raised Atlantic salmon in the world, with an estimated 2026 harvest of 600,000 tonnes from seven farming countries including Norway, Scotland, Ireland, Faroes, Iceland, Canada and Chile. A fully integrated global seafood company, Mowi employs 11,500 people in 26 countries worldwide.
Atlantic Canada’s finfish aquaculture sector employs over 9,400 people, generates $3.2 billion in economic output, produces more than 356 million meals annually and supports more than 1,400 local businesses, contributing over $600 million in additional economic activity.
