Agrosuper acquiring majority share of AquaChile
The consolidation of Chile’s salmon sector continues with news that the majority shareholders of AquaChile have agreed to sell 67 percent of the company to Chilean food giant Agrosuper in a deal worth USD 850 million (EUR 736.4 million).
Agrosuper is a leading domestic supplier of chicken, beef, and pork. According to the company’s 2017 annual report, the firm had approximately USD 2.5 billion (EUR 2.14 billion) in total sales of proteins, with salmon accounting for 14.9 percent, or USD 375 million (EUR 321.5 million) of that amount.
According to a statement issued by AquaChile, its majority shareholders, Holding Salmones Ltd. and Inversiones Patagonia Ltd., signed a deal with Agrosuper to sell their stake in the salmon farmer on 4 August. Agrosuper will pay USD 0.73 (EUR 0.63) per share. The transaction is still subject to a standard process of approval by Chilean authorities.
The revelation represents a significant development in the landscape of Chile’s salmon industry. AquaChile and Agrosuper had been suitors in the buyout of a smaller salmon farmer, Friosur, just weeks ago. Agrosuper, through its salmon farmer Los Fiordos, ultimately bought the company. The same day that deal was announced, AquaChile acquired Salmones Magallanes and Pesquera Eden for USD 255 million (EUR 218.4 million).
AquaChile’s shareholders also recently approved a capital increase to expand the company, with the goal of funding further acquisitions. The company was also planning a listing on the Oslo Bors index.