High Liner Foods, the North American value-added frozen seafood processor whose brands fill U.S. grocery freezer cases, has entered into a definitive agreement to be acquired by Umios Corporation, one of the world’s largest seafood and marine-protein companies, for C$27.00 per share in cash.
The all-cash transaction values the Lunenburg, Nova Scotia-based High Liner at approximately C$804 million on a fully diluted equity basis and C$1.25 billion on an enterprise basis, a premium of approximately 79 percent to High Liner’s Oct. 23 closing price on the Toronto Stock Exchange. The deal is fully financed, unanimously recommended by High Liner’s board and expected to close in the first quarter of 2027, subject to approval by 75 percent of shareholder votes at a special meeting expected in December, along with court and regulatory approvals. Holders representing approximately 45.4 percent of shares, including 41.4 percent holder Thornridge Holdings, have agreed to vote in favor.
What it means for U.S. retail
High Liner is a major supplier to American grocery. Its retail brands – including High Liner, Sea Cuisine, Mrs. Paul’s, Van de Kamp’s, Fisher Boy and C. Wirthy – are sold in most U.S. grocery and club stores, and the company is a major private-label value-added seafood supplier to North American food retailers and foodservice distributors.
Tokyo-listed Umios, which rebranded from Maruha Nichiro on March 1, 2026, is a longstanding supplier to High Liner with operations spanning wild-capture fisheries, aquaculture, processing and branded consumer products and annual net sales of approximately C$10 billion. The company plans to establish High Liner as the core platform for its North American business, committing to maintain High Liner’s workforce, operations, brands and customer relationships, keep headquarters in Nova Scotia and support continuity of the management team while investing in processing, innovation and 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. “Joining a global seafood leader gives us the scale, sourcing capabilities and investment capacity to pursue our ambitions in an industry poised for growth.”
“As seafood consumption grows, we see significant value in connecting our access to marine resources with High Liner Foods’ ability to develop and deliver products customers want,” said Daisuke Yasuda, representative director and president of Umios.
The agreement followed a competitive sale process overseen by a special committee of independent directors, initiated after an unsolicited proposal and including multiple rounds of bidding. A C$28.1 million termination fee applies in certain circumstances, and High Liner will continue operating independently, and paying its regular quarterly dividend, until closing, after which its shares are expected to be delisted from the TSX.
Related: High Liner Foods Acquires Mrs. Paul’s, Van de Kamp Brands From Conagra