High Liner Foods (HLF) is getting taken out by Umios in a ~$1.3B deal, which adds ~15% to its top line…

… and diversifies the business away from Japan (66% from 75%), with roughly three-quarters of High Liner’s revenue coming from south of the border.

The transaction also builds on Umios’ downstream operations…

… creating a vertically integrated North American seafood business, which complements its growing European footprint and supports global expansion plans.

Given the strategic importance, Umios was willing to pay up - though the near-80% premium price tag is on par with HLF’s long-term average multiple…

… reminding us of the recent $2.5B Jamieson takeout (also a Japanese buyer), as foreign capital continues to take advantage of the persistent discount in Canada.

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