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CLR - Clearwater Seafoods Inc News Story

C$8.24 -0.0  -0.1%

Last Trade - 26/01/21

Sector
Consumer Defensives
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £296.4m
Position in Universe th / 2705

Premium Brands, Mi'kmaq First Nations to buy Clearwater for about C$1 billion

Tue 10th November, 2020 12:20am
Nov 9 (Reuters) - Canadian food producer Premium Brands
Holdings Corp  PBH.TO  and a coalition of Mi'kmaq First Nations
said on Monday they would buy Clearwater Seafoods Inc  CLR.TO ,
one of the largest shellfish distributors in the country, in a
deal valued at about C$1 billion, including debt.
    The combined seafood operations of Clearwater, Premium
Brands, and the coalition of Mi'kmaq First Nations is expected
to bring in more than C$1.3 billion ($999.92 million) in annual
sales, with about 89% of Clearwater's sales coming from outside
of Canada.
    Under the terms of the deal, Mi'kmaq, which is led by
Membertou First Nation, will become a 50% owner of Clearwater
with Premium Brands. A newly formed Canadian entity will hold
all of Clearwater's Canadian fishing licences.  urn:newsml:reuters.com:*:nCNW1X4BDa 
    Clearwater shareholders will receive between C$8.25 and
C$8.35 in cash per common share depending on when the deal
closes, with the buyout expected to close in the first half of
2021, the parties said.
    Premium Brands said the deal is likely to boost its earnings
immediately.

($1 = 1.3001 Canadian dollars)

 (Reporting by Praveen Paramasivam in Bengaluru; editing by
Uttaresh.V)
 ((Praveen.Paramasivam@thomsonreuters.com;))
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