September 13, 2019 — Most seafood industry members have likely never heard of Alaska’s Native Corporations, but with the news this week that Bristol Bay Native Corporation (BBNC) was cleared by the US Department of Justice to acquire and merge Pacific cod giants Blue North Fisheries and Clipper Seafoods, most people will know about them soon enough.
The deal, which is expected to close as early as next week, a source familiar with the process told IntraFish, would create a group with roughly 33,000 metric tons of owned Pacific cod quota, another 13,000 metric tons for management or lease, and $95 million in revenues.
Alaska’s Native Corporations have plenty of assets, and are much, much bigger than you might expect. Alaska’s 12 Native Corporations, created under a federal law in 1971 called the Alaska Native Claims Settlement Act, employ 58,000 people worldwide, according to the Alaska Resource Development Council. They are the state’s largest landowners, and combined corporate revenues for the companies is estimated at over $8 billion.