Umios Corporation announced that it has entered into a definitive agreement under which Umios will acquire all of the outstanding shares of High Liner Foods Incorporated (High Liner Foods) for CAD27.00 per share in cash, and the transaction values High Liner Foods' equity at approximately CAD804 million. The Acquisition will enable Umios to build a consumer-driven value cycle in North America, connecting its marine resources with High Liner Foods' processing, brands and distribution network to deliver differentiated seafood products from procurement to the consumer's table.
"Combining with High Liner Foods will fundamentally transform Umios," said Masaru Ikemi, Representative Director, Chairman (CEO) of Umios. "By pairing our longstanding leading position in major upstream seafood markets in Alaska with High Liner Foods' iconic consumer brands, value-added processing capabilities and extensive downstream channels, we expect to create a complete, vertically integrated value cycle in North America and drive Umios' sustainable, long-term growth."
"We are excited to position High Liner Foods as our core platform for expansion in North America," said Daisuke Yasuda, Representative Director, President (COO) of Umios. "We deeply value their long-standing legacy and are committed to preserving the heritage of this historic Nova Scotian and Atlantic Canadian business. Together with High Liner Foods' employees and local communities, we will build a strong foundation for continued growth."
"This transaction is a powerful endorsement of High Liner Foods, our people and the business we have built from our roots in Lunenburg," said Paul Jewer, President and CEO of High Liner Foods. "We know Umios through a longstanding commercial relationship, and Umios knows the value of our expertise, brands and customer relationships. Joining a global seafood leader gives us the scale, sourcing capabilities and investment capacity to pursue our ambitions in an industry poised for growth. Umios' commitment to keeping our headquarters in Nova Scotia and its plans to invest in our people and the business give us confidence that this is the right path forward for High Liner Foods and our stakeholders."
