Norway’s Marine Harvest has entered an agreement to acquire Canada-based salmon farmer Northern Harvest for CAD315m (US$251.2m) as part of a strategy to become “an integrated producer” of seafood proteins.

Oslo-listed Marine Harvest, the world’s largest producer of farmed Atlantic Salmon, said it will fund the transaction with cash from an existing revolving credit facility. The deal is subject to standard regulatory approvals and will be conducted on a debt-free basis. 

Located on Canada’s east coast, Northern Harvest is expected to harvest 19,000 tonnes of salmon in 2018 and has its own broodstock, smolt and hatchery, farming sites and processing operations. The company has 45 farming licenses in Newfoundland and New Brunswick, along with another 13 in the application process. 

Marine Harvest is building on its 2016 purchase of Canadian seafood group Gray Aqua Group, which it bought out of receivership for CAD15m. The company generated revenues of EUR3.6bn (US$4.3bn) in 2016 and supplies sustainably farmed salmon and processed seafood to more than 70 markets worldwide.