AquaChile finalises $259 million Salmones Magallanes purchase

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Empresas AquaChile now owns the entire business of Salmones Magallanes and Pesquera Edén.

The transaction, after adjustments for working capital, was US $259 million.

In June, SalmonBusiness reported on the deal that added another 26 concessions and a processing plant in Puerto Natales to its operations.

The fact that in 2017, the two companies together produced a total of 22,900 tonnes of salmon, proved attractive to one of Chile’s largest players.

AquaChile financed the operation with its own resources and with a bridge loan led by Rabobank as well as DNB, Santander and BCI.

Last July 31st, AquaChile shareholders approved a capital increase of up to US$340 million to finance the company long term investment plan which included business opportunities, mergers and acquisitions, as well as the purchase of Salmones Magallanes.

Talking to the Aqua.cl site, Agustín Ugalde, general manager of AquaChile, said:

“We have successfully concluded the acquisition of Salmones Magallanes. Through the review process that we have carried out these last two months, we have been able to confirm the quality of the assets and human teams of Salmones Magallanes. This purchase will allow us to grow in volume, which we have been doing organically in the regions of Los Lagos and Aysén, and continue to do so under optimal productive and sanitary conditions, in line with our sustainability policies.”