On November 26, 2024, Canadian seafood leader Cooke Inc. completed its acquisition of Peru’s Corporación Pesquera Inca S.A.C. (Copeinca), one of the world’s largest producers of fishmeal and fish oil. While the transaction value remains confidential, it ranks among the largest M&A deals in Peru this year. Structured as a locked-box transaction aligned with the start of the fishing season, the deal was financed through Norwegian and Canadian lenders, who replaced Copeinca’s noteholders as secured parties under a Peruvian trust agreement.

Cooke, operating in 14 countries with 13,000 employees prior to the deal, significantly expands its global footprint by acquiring Copeinca, which adds 3,000 employees, 45 industrial vessels, and 8 processing plants along the Peruvian coast.

Legal counsel included McCarthy Tétrault, which advised Cooke Inc. with a multidisciplinary team led by Shawn Doyle and Konstantin Sobolevski, supported by Joe Furness, Obruche Heinanen, Katelyn Cooper, Pedram Gholipour, Tanner Lorenson, Rob Brant, Jesslyn Chong, Denise Bierley (Business), Matt Kraemer, Darren Chung (Tax), Debbie Salzberger, Erin Keogh (Competition/Antitrust), and Chris Langdon (Secured Lending & Project Finance). Miranda & Amado advised Cooke on funding matters. Baker McKenzie represented Copeinca in the transaction.