One of the largest seafood sector deals in recent memory has officially closed.
The CAD 1 billion ($788 million) buyout of Canadian shellfish harvester Clearwater Seafoods by Premium Brands Holdings and a coalition of First Nations is now complete, Clearwater said in a press release.
In January, 99.89% of Clearwater shareholders voted for the deal, which will see food group Premium and the coalition of Mi’kmaq First Nations’ joint venture, FNC Holdings, acquire Clearwater at CAD 8.25 a share. The MacDonald brothers Colin and Mickey as well as John Risley previously owned over 60% of the company collectively.
“We are very excited to have a world-class seafood company like Clearwater join our ecosystem,”said George Paleologou, president and CEO of Premium Brands, in a statement.