Japanese Seafood Giant Umios to Acquire High Liner Foods for $804 Million
Japan's Umios Corp. has agreed to buy Nova Scotia-based frozen seafood producer High Liner Foods Inc. for approximately $804 million, or $27 per share in cash. The deal, backed by High Liner's largest shareholder, is expected to close in early 2027.
Nova Scotia-based High Liner Foods Inc., one of North America's largest producers of frozen seafood products, has signed a definitive agreement to be acquired by Japanese seafood company Umios Corp. in a transaction valued at approximately $804 million. Under the terms of the deal, Umios will pay $27 per share in cash.
High Liner shares closed at $15.08 on the Toronto Stock Exchange on Friday prior to the announcement. Following the news, the stock rose 77 percent to $26.66 on Monday morning.
Founded in Lunenburg, N.S., in 1899, High Liner Foods will serve as the core platform for Umios' North American business once the acquisition is complete. Umios, which operates in Japan, North America, Europe, and Asia, is a long-standing supplier to High Liner Foods. The Japanese company has committed to maintaining High Liner's headquarters in Nova Scotia, along with its workforce, operations, established brands, and customer relationships.
Thornridge Holdings Ltd., which holds a 41.4-per-cent stake in High Liner, has agreed to support the transaction. High Liner Foods' board of directors unanimously recommended that shareholders approve the deal after a special committee oversaw a competitive sale process.
The transaction requires approval from at least 75 per cent of votes cast at a shareholder meeting expected to take place in December. It will be implemented through a court-approved plan under the Nova Scotia Companies Act and is projected to close in early 2027. Once completed, High Liner shares, trading under the symbol HLF, will be delisted from the Toronto Stock Exchange.