Premium Brands Holdings Corp. and a group of Mi91裸聊视频檏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 Clearwater91裸聊视频檚 board and is subject to approval by Clearwater shareholders in January.

The Mi91裸聊视频檏maq First Nations coalition, led by the Membertou First Nation, and Premium holdings will each acquire half ownership of Atlantic Canada91裸聊视频檚 largest fishing company that was founded in 1976.

The Mi91裸聊视频檏maq expect to hold Clearwater91裸聊视频檚 Canadian fishing licences within a fully Mi91裸聊视频檏maq-owned partnership.

91裸聊视频淭his is a transformational opportunity for the Mi91裸聊视频檏maq to become significant participants in the commercial fishery through the investment in existing infrastructure, management expertise, and a global market presence.91裸聊视频� stated Membertou First Nation Chief Terry Paul.

Paqtnkek, Pictou Landing, Potlotek, Sipekne91裸聊视频檏atik, and We91裸聊视频檏oqma91裸聊视频檘 have confirmed their intention to participate with Membertou and Miawpukek in the investment.

91裸聊视频淚 am very pleased to recommend this transaction. It represents great value for shareholders, leverages the expertise within the company while advancing reconciliation in Canada,91裸聊视频� said Clearwater chairman Colin MacDonald.

91裸聊视频淚 am confident that this transaction will enhance the culture of diversity and sustainable seafood excellence that exists at Clearwater.91裸聊视频�

Each of Clearwater91裸聊视频檚 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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