Brazilian meat firm JBS has entered into an agreement to acquire Australian trout and salmon business Huon Aquaculture for A$425 million ($312.5 million), according to a FoodBev report.
Based in Tasmania, Huon operates fish farms and markets fish products across Australia.
According to sources, the purchase is a strategic acquisition for JBS, creating a new growth platform for the business within the aquaculture sector.
Commenting on the deal, Peter Bender, Huon 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 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”.