Cooke, a notable player in the seafood processing sector, has reached an agreement to acquire the salmon farming division of its Norwegian competitor Mowi, focusing on operations in eastern Canada.
Mowi, which is publicly traded, announced on June 30 that it has set a sale price of C$225 million (approximately $158.1 million) for these assets. This strategic divestiture will enable Mowi to concentrate more intensively on its primary farming territories.
In a separate announcement, Cooke outlined that the acquisition includes freshwater hatcheries, marine farming locations, and two processing facilities situated across New Brunswick, Prince Edward Island, and Newfoundland and Labrador.
Glenn Cooke, the CEO of Cooke, described the acquisition as an “exciting growth opportunity” that will expand the company’s presence in Atlantic Canada. He expressed enthusiasm about integrating Mowi Canada East’s 250 staff members into Cooke’s operations, emphasizing the commitment to sustainably farm Atlantic salmon for local customers and beyond.
Cooke intends to prioritize stabilizing and reinvesting in the acquired operations, seeking to leverage synergies with its existing farming activities throughout Atlantic Canada.
This transaction is contingent on due diligence and standard closing requirements, including obtaining the necessary regulatory approvals, and is anticipated to finalize in the latter half of the year.
In light of the sale, Mowi has revised down its volume forecasts for 2026 from 605,000 GWT to 600,000 GWT, anticipating a C$140 million write-down associated with this transaction.
Earlier in March, Cooke made headlines by agreeing to take over the debt facilities of Avramar Greece, complementing its previous agreement to acquire the equity of the company, thereby securing operational control over the Greek business.
On the acquisition front, Mowi has been active as well. In October, the company increased its stake in the Norwegian salmon farming and processing firm Nova Sea from 49% to 95%. Nova Sea also had a minority interest in Torghatten Aqua, which has since been transferred to Mowi.
In another significant move in March, Mowi announced plans to buy the entirety of Torghatten Aqua’s seawater salmon farming operations in northern Norway. As part of this transaction, Mowi committed to returning a 33.34% stake in Torghatten Aqua acquired through the Nova Sea deal, allowing Torghatten Aqua to enhance its land-based initiatives independently.
As noted in its 2025 annual report, Mowi stands as the leading producer of Atlantic salmon globally, contributing to approximately 20% of the salmon output in Norway and Europe, and about one-third of production in the UK and North America.
For the fiscal year 2025, the salmon producer reported annual sales of €5.73 billion ($6.80 billion) fueled by record harvest volumes of 559,000 tonnes, with fourth-quarter volumes reaching 152,000 tonnes.
