Benchmark will keep the IP rights, genetics stock and biomass in the JV.
In a press release, UK genetics company Benchmark has announced that it has completed the dissolution of its joint venture with AquaChile (acquired by Agrosuper in January).
Benchmark Genetics Chile’s ownership was split 51 per cent AquaChile and 49 per cent Benchmark. The aim of the venture was to produce ova at the former Salmones Chaicas facility, acquired by AquaChile in 2017.
The end of the agreement means that Benchmark will receive its USD 16.25m original investment in the JV. Payment will be made in two instalments, a first USD 7.5m payment will be made 10 days after completion and the balance USD 8.75m six months after completion.
The company will also receive the IP rights, genetics stock and biomass in the JV, it said. Benchmark is believed to be considering taking sole control of the Chaicas facility.
“The dissolution has created an opportunity for Benchmark to take control of a land-based salmon breeding facility belonging to the JV. The company is in the process of conducting due diligence on the facilities and it is expected that the transfer of ownership will take place in the coming weeks. A further announcement will be made in due course,” the company added.