Chinese company buys Chilean salmon farm, Australis Seafood

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Joyvio Group, a subsidary of Legend Holdings, has bought 94.47% of Australis Seafoods.

China giant, Joyvio has inked to a deal to buy the Chilean salmon farm Australis Seafood for US $ 880 million according to latercera.

The deal has been given until April 2019 to settle.

Through Joyvio Group, Legend is developing supply chains of fresh fruits and fresh seafood.

Legend, which has group sales of around $45 billion formed KB Food, a joint venture with Australian fish seller Kalis Bros, in 2016. One of the conglomerate’s publicly-traded units, Joyvio Agriculture Development Co., bought Qingdao-based seafood importer Starfish last year.

Legend, led by Chinese entrepreneur Liu Chuanzhi, is the biggest shareholder in Chinese laptop maker Lenovo Group Ltd. with a 29 percent stake, accdroing to Bloomberg. It also controls venture capital fund Legend Capital and buyout firm Hony Capital.

Australis produced 64 thousand tons of salmon in 2017. The company has a firm eye on famring developments in the Antartic Magallanes Region, an area less intensive in aquaculture activity than the regions of Los Lagos and Aysén.