Brazilian protein giant JBS has entered into an agreement to acquire Australian fish producer Huon Aquaculture for AUD 425 million (approx. $312.5 million).
Based in Tasmania, Huon farms salmon and trout selling its products across Australia.
According to sources, the purchase is a strategic acquisition for JBS, creating a new growth platform for business with aquaculture.
The deal, which already has approval from the Foreign Investment Review Board, will need to get full approval from Huon Aquaculture shareholders.
Peter Bender, Huon’s managing director, and CEO, commented: “The recommended acquisition of Huon by JBS represents an excellent outcome for our shareholders, partners and staff”.
Brent Eastwood, JBS Australia’s president, and CEO, said: “We look forward to continuing growing on the leading salmon business Huon has created and working with its employees, customers and stakeholders to help the company realise this next phase of growth”.