Cooke agrees to buy Mowi’s eastern Canada salmon farming business for US$158.1M
Mowi expects a write down and has reduced its 2026 production guidance following the sale.
CANADA – Seafood company Cooke has agreed to acquire Mowi’s salmon-farming business in eastern Canada for US$158.1 million, as the Norwegian salmon producer continues to narrow its focus to selected farming regions.
Mowi announced on June 30 that it had entered into an agreement to sell the business for C$225 million (US$158.1 million), saying the divestment would allow the company to concentrate more on its core farming operations.
The assets included in the transaction comprise freshwater hatchery facilities, sea farming sites and two fish processing plants located across New Brunswick, Prince Edward Island and Newfoundland and Labrador, according to a separate statement from Cooke.
Cooke Chief Executive Officer Glenn Cooke described the acquisition as an opportunity to expand the company’s presence in Atlantic Canada, adding that about 250 employees from Mowi Canada East are expected to join the business once the transaction is completed.
Cooke said its immediate priorities will be to stabilise the acquired operations and reinvest in them by integrating the business with its existing salmon farming activities across the Atlantic Canada region.
The acquisition remains subject to due diligence, regulatory approvals and other customary closing conditions, with both companies expecting the transaction to be completed during the second half of 2026.
Mowi revises outlook after sale
Following the announcement, Mowi reduced its 2026 harvest volume guidance from 605,000 gutted weight tonnes to 600,000 gutted weight tonnes due to the disposal.
The company also said it expects to record a C$140 million (US$98.4 million) write-down linked to the transaction.
The agreement follows a series of acquisitions and portfolio changes involving both companies over the past year, including Cooke’s move in March to acquire operational control of Greek seafood producer Avramar Greece through the purchase of its debt facilities after previously agreeing to acquire its equity.
Meanwhile, Mowi has continued expanding its operations in Norway, increasing its ownership stake in Nova Sea to 95% in October 2025 before agreeing in March 2026 to acquire all of Torghatten Aqua’s seawater salmon farming business in northern Norway while returning its 33.34% shareholding in Torghatten Aqua to allow the company to pursue its land-based aquaculture activities independently.
According to Mowi’s 2025 annual report, the company remains the world’s largest Atlantic salmon producer, accounting for around one-fifth of salmon production in Norway and Europe and about one-third of output in the United Kingdom and North America, while reporting annual sales of €5.73 billion (US$6.80 billion) in 2025 from harvest volumes of 559,000 tonnes.
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