Premium Brands Holdings Corp. and a group of MiB次元官网网址檏maq First Nations are buying Clearwater Seafoods Inc. for $1 billion, including debt.

The deal announced Monday would be the largest investment in the seafood industry by a Canadian Indigenous group and comes eight months after Halifax-based Clearwater said it was exploring a possible sale.

Clearwater shareholders would receive $8.25 per share which represents a 60.2 per cent premium to the average volume-weighted average price for the 20-day period preceding the strategic review announcement on March 5.

The transaction has received unanimous approval of ClearwaterB次元官网网址檚 board and is subject to approval by Clearwater shareholders in January.

The MiB次元官网网址檏maq First Nations coalition, led by the Membertou First Nation, and Premium holdings will each acquire half ownership of Atlantic CanadaB次元官网网址檚 largest fishing company that was founded in 1976.

The MiB次元官网网址檏maq expect to hold ClearwaterB次元官网网址檚 Canadian fishing licences within a fully MiB次元官网网址檏maq-owned partnership.

B次元官网网址淭his is a transformational opportunity for the MiB次元官网网址檏maq to become significant participants in the commercial fishery through the investment in existing infrastructure, management expertise, and a global market presence.B次元官网网址� stated Membertou First Nation Chief Terry Paul.

Paqtnkek, Pictou Landing, Potlotek, SipekneB次元官网网址檏atik, and WeB次元官网网址檏oqmaB次元官网网址檘 have confirmed their intention to participate with Membertou and Miawpukek in the investment.

B次元官网网址淚 am very pleased to recommend this transaction. It represents great value for shareholders, leverages the expertise within the company while advancing reconciliation in Canada,B次元官网网址� said Clearwater chairman Colin MacDonald.

B次元官网网址淚 am confident that this transaction will enhance the culture of diversity and sustainable seafood excellence that exists at Clearwater.B次元官网网址�

Each of ClearwaterB次元官网网址檚 directors, the CEO and chief financial officer, which control 63.9 per cent of outstanding shares, have entered into agreements to vote in favour of the transaction.

Premium Brands said it will raise $250 million of new equity capital from a $200-million bought deal public offering and a $50-million concurrent private placement with CPP Investments.

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The Canadian Press

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