Major Mediterranean seafood merger one step closer to completion with European Commission approval
The merger of Andromeda Seafood with Nireus Aquaculture and Selonda Aquaculture is one step closer to completion following the European Commission’s approval of Diorasis International's bid to purchase a number of Mediterranean seabass and sea bream farm assets from the group.
The commission announced its approval of the Diorasis purchase on 30 October. Diorasis spent more than EUR 50 million (USD 55.4 million) to acquire the sea bass and sea bream farming assets being shed by Selonda and Nireus, according to Greek news site Ypaithros.
The sale of a cluster of farms to Diorasis-owned Bitsakos Aquaculture and Kefalonia Fisheries was requested by the European Commission earlier this year in order for it to approve the merging of Andromeda Seafood, Nireus Aquaculture, and Selonda Aquaculture – three of the largest Greek sea bass and bream players – by U.S.-based company AMERRA Capital Management LLC and Abu Dhabi’s Mubadala Investment Company.
“By bringing together the complementary strengths of Nireus, Selonda, and Andromeda, we will be able to define new performance standards for Mediterranean aquaculture. Combining the great talents of these three businesses will allow us to seek to create value and drive innovation, for the benefit of customers, employees and the seafood market as a whole,” Thor Talseth, chairman of Andromeda Group, which is already owned by AMERRA, said in a press release.
“Today we will enter a new era, with each business bringing proud traditions, deep know-how and impressive track records. I am happy to join the company and the industry at this important moment," added Alex Myers, the incoming CEO of Andromeda Seafood Group.
AMERRA is an independent asset management firm that provides strategic capital to upstream and midstream aquaculture and agriculture businesses in Europe and the Americas. Mubadala Investment Company actively manages a worldwide portfolio supporting the vision of a globally integrated and diversified economy, through sustainable returns to its shareholder, the government of Abu Dhabi. Together, the companies will serve as shareholders in the combined business of Andromeda Seafood, Nireus Aquaculture, and Selonda Aquaculture.
Photo courtesy of Andromeda Group