The deal announced Monday would be the largest investment in the seafood industry by a Canadian Indigenous group and comes eight months after
Clearwater shareholders would receive
The transaction has received unanimous approval of Clearwater's board and is subject to approval by Clearwater shareholders in January.
The Mi'kmaq First Nations coalition, led by the Membertou First Nation, and Premium holdings will each acquire half ownership of
The Mi'kmaq expect to hold Clearwater's Canadian fishing licences within a fully Mi'kmaq-owned partnership.
"This is a transformational opportunity for the Mi'kmaq to become significant participants in the commercial fishery through the investment in existing infrastructure, management expertise, and a global market presence." stated Membertou First Nation Chief
Paqtnkek,
"I am very pleased to recommend this transaction. It represents great value for shareholders, leverages the expertise within the company while advancing reconciliation in
"I am confident that this transaction will enhance the culture of diversity and sustainable seafood excellence that exists at Clearwater."
Each of Clearwater's 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.
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