It is expected the purchase operation settlement takes place by the end of the third term this year. (Photo: Acuinova/FIS)

Marine Harvest buys Acuinova assets

CHILE
Monday, September 15, 2014, 23:20 (GMT + 9)

Norgwegian salmon farmer giant Marine Harvest has announced an agreement to purchase assets of the former Chilean farming company Acuinova Chile S.A., currently in bankruptcy, for USD 120 million.

The assets represent a capacity to produce about 40,000 tonnes HOG per annum and the biomass included in the deal is expected to generate a harvest volume of about 15,000 tonnes HOG in 2015.

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.

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 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.

Related articles:

- The struggle for Acuinova about to be defined
- Final bids for PescaChile and Acuinova to be received within two weeks

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