Grieg Seafood (GSF) M&A announcement summary

Deal rationale and strategic fit

• Supports the 2025 ambition to harvest at least 150,000 tonnes, pursue cost leadership and build customer innovation partnerships.

• Adds East Coast North American production and exclusive salmon-farming rights in Placentia Bay, complementing British Columbia operations and existing North American expertise.

• Project design combines advanced onshore and offshore technology with a focus on sustainability and fish welfare.

Financial terms and conditions

• Agreed to acquire 99% of Grieg Newfoundland AS for NOK 620.5m upfront, with an option to acquire the remaining 1% held by Ocean Choice International (OCI).

• NOK 264m relates to project development and licenses for 15,000 tonnes of capacity, valued at NOK 17.6/kg; the balance relates to investments.

• NOK 250m of the upfront payment will be settled through newly issued shares; the balance will be funded through increased debt facilities.

• Phase-two milestone payments may total up to NOK 930m over the first 10 operating years: NOK 43/kg for 15,000–20,000 tonnes and NOK 55/kg for 20,000–33,000 tonnes.

Synergies and expected cost savings

• Ocean Quality North America and the Skuna Bay brand support commercial synergies, U.S. partnerships, category development and access to East Coast markets.

• Newfoundland production is expected to complement British Columbia volumes, enabling a higher-volume, more stable North American supply.

• Truck transport to the U.S. avoids air freight and is expected to lower logistics costs versus European supply; investment per kg and cost potential are expected to be similar to new Norwegian sites.