CHILE - Marine Harvest is to purchase assets of the former Chilean farming company Acuinova Chile S.A., which is currently in bankruptcy.
The assets represent a capacity to produce about 40,000 tonnes Head On Gutted (HOG) per annum.
The asset purchase includes a hatchery, a smolt facility, 36 sea water licences and a primary and secondary processing facility, all located in Chile's Region XI.
The biomass included in the deal is expected to generate a harvest volume of about 15,000 tonnes HOG in 2015.
The agreed purchase price for the assets $120 million. Closing of the transaction is expected during Q4 2014 and the deal is subject to confirmatory due diligence and approval from relevant competition authorities as well as other customary approvals for such transactions.
During the last few years, Marine Harvest Chile has left its comprehensive portfolio of assets in Region XI dormant and focused all production in Region X. The acquired assets provide Marine Harvest with the necessary comfort on zone control and on-shore infrastructure to commence sustainable production in the region.
Marine Harvest views the deal as an important step in forming a lasting sustainable production framework in the Chilean farming industry.
TheFishSite News Desk