High Liner Foods to be bought by Umios in deal valued at $804 million

Nova Scotia seafood processor High Liner Foods Inc. says it has signed a deal to be bought by Japanese company Umios Corp. in an agreement valued at $804 million.

Under the agreement, Umios, one of the world’s largest seafood companies, will pay $27 per share in cash.

High Liner shares closed at $15.08 on the Toronto Stock Exchange on Friday.

Umios plans to establish High Liner Foods as the core platform for its North American business, while maintaining its headquarters in Nova Scotia, the companies said.

The companies said Umios is committed to maintaining High Liner Foods’ workforce and operations, established brands and customer relationships.

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“We … are committed to preserving the heritage of this historic Nova Scotian and Atlantic Canadian business,” said a statement from Umios’ president, Daisuke Yasuda.

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Thornridge Holdings Ltd., which holds a 41.4 per cent stake in High Liner, has agreed to support the deal, which requires shareholder and other approvals.

High Liner Foods was founded in Lunenburg, N.S., in 1899 and is one of North America’s largest producers of frozen seafood products, selling its products in grocery stores and to restaurants and food retailers across Canada and the U.S.

Umios has operations in Japan, North America, Europe and Asia and is one of High Liner Foods’ long-standing suppliers.

“We know Umios through a long-standing commercial relationship and Umios knows the value of our expertise, brands and customer relationships,” said a statement from High Liner Foods President and CEO Paul Jewer.

High Liner Foods’ board of directors unanimously recommended that shareholders approve the transaction, after a special committee oversaw a competitive sale process, the company said.

Shareholders are expected to meet in December to consider the transaction, which requires 75 per cent of shareholders to vote in favour in order to be approved

The transaction will be implemented through a court-approved plan under the Nova Scotia Companies Act and is expected to close in early 2027.

One the transaction is completed, shares, which trade under the symbol HLF, will be delisted from the TSX.