Agrosuper to buy AquaChile in $850m deal
Agri-giant Agrosuper has agreed to purchase 67% of AquaChile from its majority shareholders and, at the same time, launch a public share offer to acquire up to 100% of the company.
The deal, subject to approval by competition authorities, would make Agrosuper the biggest salmon farmer in Chile, with an annual production volume of 230,000 tonnes – nearly 30% of the Chilean industry’s ouput and greater than the entire output of Scotland and Ireland combined.
In a joint press release, the companies said that the move would allow synergies, and strengthen the aquaculture segment and its international presence.
“This operation, which is subject to the approval of the free competition authority, could reach a value of US$850 million and will allow the generation of environmental, health and commercial synergies,” the companies said.
“The acquisition reinforces Agrosuper’s vocation to produce foods of the highest quality and freshness for customers and consumers in the most demanding markets in the world.”
Valued agreement
Agrosuper, parent company of salmon farmer Los Fiordos, said it valued the agreement reached with the majority shareholders of AquaChile SA, “who in their 30 years of history and with a highly trained and committed team, have contributed strongly to the development of the salmon farming industry, so we want to have their contribution, knowledge and commitment in the future, to jointly continue contributing to position the country as an agri-food power”.
In May of this year, AquaChile acquired the whole of Salmones Magallanes for a value of US$255m, while Friosur accepted the offer of purchase of its salmon division by Los Fiordos for US$229m. This agreement is expected to close in the third quarter of this year.
Agrosuper began life as a company selling eggs in 1955 and has expanded into chicken, turkey, pork, salmon and processed foods.
It employs more than 13,000 people directly and another 10,000 indirectly.
