Norway Company to Purchase Gray Aqua Assets

Marine Harvest recently announced that it has been nominated by the receiver of all the assets owned by the Gray Aqua Group of Companies, to purchase the company.

The acquisition price on a cash and debt free basis is $15 million (CAD). The Gray Aqua Group of Companies is based on the East Coast of Canada and is currently in receivership. The acquisition is important from a strategic point of view, as it further broadens Marine Harvest’s global farming footprint in a country where we are already present on the West Coast. The market for salmon in North-East America continues to develop very favourably, and the acquisition represents as such a compelling value proposition.

The assets purchased include one hatchery in New Brunswick, two farming licenses in New Brunswick, seven farming licenses in Newfoundland and one processing plant in Newfoundland.

Currently no fish has been stocked in the above mentioned licenses. In addition, Gray Aqua had applied for 17 farming licenses in Newfoundland which are yet to be approved. Marine Harvest is looking forward to engage with the relevant authorities to secure additional farming locations as well as to establish new jobs in the local communities.

Marine Harvest will shortly start to detail a production plan and investment framework for the East Coast of Canada, including building an organisation capable to produce 15,000-20,000 tonnes 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.

Norway-based Marine Harvest ASA is one of the largest seafood companies in the world and the world’s largest producer of Atlantic salmon. The company employs 11,700 people and is represented in 24 countries. In 2015 the company had a turnover of NOK 28 billion. Marine Harvest is listed on the Oslo Stock Exchange (OSE) and the New York Stock Exchange (NYSE).

Marine Harvest supplies farmed salmon and processed seafood to more than 70 markets worldwide. In 2015 harvest volumes of salmon was 420,000 tonnes (GWE).

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