Cooke Acquires Mowi's East Canadian Salmon Farms
Seafood giant Cooke has announced a definitive agreement to take over the salmon farming division of its Norwegian competitor, Mowi, located in eastern Canada. This significant transaction, valued at C$225 million (approximately $158.1 million USD), was disclosed by Mowi on June 30th. For Mowi, a publicly traded entity, this divestiture represents a strategic pivot, allowing the company to intensely concentrate its resources and operations on its primary aquaculture territories.
Cooke's acquisition encompasses a comprehensive suite of assets, including state-of-the-art freshwater hatchery facilities, extensive sea farming sites, and two modern processing plants strategically positioned across the Canadian provinces of New Brunswick, Prince Edward Island, and Newfoundland and Labrador. Glenn Cooke, the Chief Executive Officer of Cooke, highlighted the transaction as a pivotal "growth opportunity" for the company's expanding presence in the Atlantic Canada region. He expressed enthusiasm about integrating Mowi Canada East's 250 employees into the Cooke family, emphasizing a collaborative vision to bolster the sector and advance sustainable Atlantic salmon cultivation for both local and international markets. Cooke's immediate objectives following the acquisition involve stabilizing operations and reinvesting through synergistic opportunities with its existing Atlantic Canada farming infrastructure.
The successful completion of this deal is contingent upon thorough due diligence and the fulfillment of standard closing conditions, including necessary regulatory approvals, with an anticipated finalization in the second half of the current year. In anticipation of the sale, Mowi has adjusted its 2026 volume guidance downwards from 605,000 GWT to 600,000 GWT and projects a C$140 million write-down related to the transaction. This acquisition follows Cooke's earlier move in March to secure the debt facilities of Avramar Greece, ultimately gaining operational control of the Greek enterprise. Meanwhile, Mowi has also been active in strategic acquisitions, increasing its stake in Norway's Nova Sea to 95% last October and later agreeing to acquire Torghatten Aqua's seawater salmon farming business in northern Norway, while returning its minority stake to allow Torghatten Aqua to pursue independent land-based operations. Mowi, as detailed in its 2025 annual report, maintains its position as the world's leading Atlantic salmon farmer, contributing significantly to global salmon production.
The dynamic landscape of the seafood industry showcases strategic maneuvers by key players like Cooke and Mowi, reflecting a commitment to optimizing operations and fostering sustainable growth. Such strategic acquisitions not only reshape market dynamics but also underscore a forward-thinking approach towards consolidating resources, enhancing efficiency, and ensuring the long-term viability of sustainable aquaculture practices. These efforts are crucial for meeting global demand for seafood while upholding environmental stewardship and economic prosperity in the communities they serve.
