Saint John-headquartered Cooke Aquaculture is expanding its salmon operations with a $255 million deal.
According to a press release, the seafood giant has entered into a share purchase agreement to acquire the salmon-farming operation of the fish-farming firm Mowi Canada East.
Cooke Inc. CEO Glenn Cooke said in the release that this is an exciting growth opportunity for its Atlantic Canada operations.
“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,” he said.
Mowi Canada East’s Norwegian parent company Mowi ASA describes itself as the largest salmon farmer in the world, with about 20 per cent of global market share and record revenue last year of 5.7 billion euros.
According to several media reports, the deal is set to close by the end of the year and involves the acquisition of Mowi’s New Brunswick, P.E.I. and Newfoundland operations, including its freshwater hatcheries, sea farming sites and two processing plants.
In the past year, Mowi has been struggling with fish health in Atlantic Canada, reporting in July that more than 10 per cent of its 176,249 fish died at a site near Recontre East, on Newfoundland’s south coast about 190 kilometres west of St. John’s.
The mortality event was reported to the Newfoundland Aquaculture Industry Association and in a report on the company’s website.
According to the report, at least 17,600 fish died, which the company said was caused by “a period of increased water temperatures in association with decreased oxygen levels.”
Later in the fall, the company reported that about 400,000 more salmon deaths were caused by sea lice at two other Newfoundland sites, which were also triggered by high temperatures and a lack of rain and wind in the ocean.
According to the company’s 2025 annual report, Mowi lost 39.8 million euros before interest and taxes on its Canadian salmon last year.
The report also noted that production at its eastern operations is expected to decline from 17,000 tonnes to 12,000 tonnes this year as a result of the fish deaths.
In the statement, Glenn Cooke said that their immediate objectives “will be to stabilize and reinvest in the operations through synergies” with its existing farming operations in the region.
“Cooke is committed to growing the sector and continuing to invest in the region’s rural coastal communities,” he added.
According to the statement, the acquisition still remains subject to due diligence and customary closing conditions, including regulatory approvals.
Cooke Inc. was founded in 1985 by Gifford Cooke and his sons, Glenn and Michael, in Blacks Harbour, starting with a single marine farm site of 5,000 salmon.
Since then, according to the firm’s website, the company has grown into a global seafood leader, becoming the largest private family-owned seafood company in the world — employing 13,000 people worldwide.
