Cooke nets Mowi salmon farms in Canada

Seafood processor Cooke has struck a deal to acquire Norwegian rival Mowi's salmon farming business in eastern Canada.

Publicly listed Mowi said today (30 June) it had agreed a fee of C$225m ($158.1m) for the assets.

The Oslo-listed producer said the sale will allow it to "focus even more on core farming geographies".

In a separate statement, Cooke said the deal encompasses freshwater hatchery facilities, sea farming sites and two processing plants across New Brunswick, Prince Edward Island and Newfoundland and Labrador.

Glenn Cooke, the CEO of Cooke, called the deal an "exciting growth opportunity" for the company's operations in the Atlantic Canada region.

He added: "We look forward to welcoming Mowi Canada East's 250 employees to Cooke, and to working together to grow the sector and sustainably farm Atlantic salmon for customers in this region and beyond.

"Our immediate objectives will be to stabilise and reinvest in the operations through synergies with our existing farming operations across Atlantic Canada."

The deal remains subject to due diligence and customary closing conditions, including regulatory approvals. It is expected to be completed in the second half of the

Fuente original: Yahoo Finance (https://finance.yahoo.com/markets/stocks/articles/cooke-nets-mowi-salmon-farms-131142490.html)