The sale of Grieg's Finnmark, Newfoundland and British Columbia assets is valued at NOK 10.2 billion.
Photo: Grieg Seafood.
Grieg Seafood has confirmed the sale of its operations in Finnmark, Newfoundland and British Columbia to Cermaq Group has been completed.
The successful completion of the transaction, valued at NOK 10.2 billion (approx. EUR 855m / USD 995m), was confirmed today (29 December) via a stock exchange announcement.
The deal, which involves the full transfer of Grieg’s regional subsidiaries to Cermaq, including its most northerly Norwegian salmon farming business, Grieg Seafood Finnmark, was first announced in July 2025. The sale also includes Grieg Seafood's two Canadian businesses in Newfoundland and British Columbia, namely Grieg Seafood Newfoundland AS and Grieg Seafood Canada AS.
In Grieg's latest quarterly report issued in November, the company confirmed that Norwegian and US authorities had already approved the transaction, but that the Canadian process had been slower than expected after regulators requested more information.
Last week, Mitsubishi Corporation, which owns Cermaq Group, disclosed details of a capital injection to support the acquisition. As a result, Cermaq Holding AS, Cermaq Norway Holding AS and CQ Canada Holding Ltd are now required to be reported as specified subsidiaries under Japanese disclosure regulations.
Meanwhile, Grieg Seafood has been undertaking a significant restructuring as it prepares to operate as a more regionally concentrated business centred on southwestern Norway and particularly its operations in Rogaland.
Presenting the company's Q3 results, CEO Nina Willumsen Grieg confirmed it had cut staff at its headquarters by 55%, and said the firm is finalising a new banking syndicate with Nordea and SEB to support its capital structure.
“We are building a more focused, efficient, and profitable Grieg Seafood. The decisive actions we are taking today will position us as a strong and enduring Norwegian aquaculture company,” Willumsen Grieg stated at the time.