LUNENBURG — 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. “We … are committed to preserving the heritage of this historic Nova Scotian and Atlantic Canadian business,” said a statement from Umios’ president, Daisuke Yasuda. 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. Several of High Liner Foods’ directors and officers who hold shares also support the deal, the company said. Rob Gillis, Thornridge Holdings’ president, called the deal a “very good transaction” and said it was important that Umios make a commitment to maintain High Liner’s Nova Scotia operations. “It was very important to … Thornridge itself that any purchaser made a commitment to the employees and to maintaining a head office in Nova Scotia.” Umios has operations in Japan, North America, Europe and Asia and is one of High Liner Foods’ long-standing suppliers. High Liner Foods President and CEO Paul Jewer said Umios approached High Liner earlier this year and expressed interest in acquiring the company. High Liner created a special committee from its board to consider its options, which included offers from Umios and a few other companies, he said. “We came to the conclusion that this was the best option for the company going forward,” he said. “It delivers significant value for our shareholders, but also we think creates wonderful opportunity for all of our stakeholders.” 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. High Liner employs about 300 to 400 people in Nova Scotia and about 1,300 across North America, Jewer said. He added that all of the company’s employees will keep their jobs. Umios “committed to … continuing to employ our people,” he said. “They’ve committed to continuing to operate our facilities, our plants and our offices.” Shareholders are expected to meet in December to consider the transaction, which requires 75 per cent to vote in favour in order to be approved. High Liner Foods’ board of directors unanimously recommended that shareholders approve the transaction, the company said. In addition to Thornridge, Jewer said the other shareholders he has spoken to have expressed support for the deal. “This is such a compelling deal for shareholders. We’re certainly looking forward to their support on the transaction,” he said. The transaction will be implemented through a court-approved plan under the Nova Scotia Companies Act and is expected to close in early 2027. Once the transaction is completed, shares, which trade under the symbol HLF, will be delisted from the TSX and High Liner will become a wholly-owned subsidiary of Umios, which is traded on the Tokyo Stock Exchange. --- By Tori Fitzpatrick in Halifax with files from Craig Wong in Ottawa This report by The Canadian Press was first published Oct. 26, 2026.
