Athens-based aquaculture companies Selonda Aquaculture and Dias aquaculture merged to créate a group producing 40,000 metric tons (MT) of product valued at upwards of EUR 250 million (USD 321.7 million) in revenue.
Dias will absorb Selonda and the new company will be named Selonda Aquaculture S.A. and will employ about 1,500 people as one of the world’s largest sea bass and sea bream producer.
Under the terms of the deal, Selonda’s shareholders will Exchange one share of Selonda at EUR 1 (USD 1.29) with 0.696 new shares of the new company valued at EUR 1. Dias’ shareholders will exchange one share of Dias valued at EUR 0.47 (USD 0.61) for 0.84 new shares of the new company valued at EUR 1.
The new company’s board of directors will consist of seven members, four proposed by Dias and three by Selonda. Iiannis Stefanis will servie as executive chairman, Stefanos Manellis as managing director, Ioannis Andrianopoulos as COO and Thanasis Prahalis as CFO.
The merger is expected to close at the end of April.
