Agrosuper given green light for AquaChile acquisition

Chilean protein producer Agrosuper has received approval from authorities in Chile and the United States to go forward with its planned public offer of shares (OPA) to acquire 100 percent of Chilean salmon farmer AquaChile.

The deal was announced in August of this year. In Chile, the government’s national economic authority (FNE) found that the purchase would not result in undue concentration of the market, ruled out any detrimental effects on the market as a result of the acquisition, and did not set conditions on the takeover.

According to a statement from Agrosuper, the approval paves the way the company to enter with force into the global salmon market. The firm has agreed to first purchase a 67 percent share of AquaChile from its current controllers, and then launch an OPA for the remaining shares. The transaction is expected to reach USD 850 million (EUR 748 million) in value.

The deal gives Agrosuper an additional 200,000 metric tons of salmon production annually – estimated to be a 22 to 25 percent share of Chile’s salmon total production and seven percent share globally – making it the second-largest salmon company in the world. 

Agrosuper is a leading domestic supplier of chicken, beef, and pork. According to the company’s 2017 annual report, the firm had approximately USD 2.5 billion (EUR 2.14 billion) in total sales of proteins, with salmon accounting for 14.9 percent, or USD 375 million (EUR 321.5 million) of that amount. 

The company is planning to revise its organizational structure in the salmon business and the different brands it now operates. Currently, Agrosuper operates a subsidiary, Los Fiordos, and sells nationally under its “SuperSalmon” brand.