AquaChile makes USD 200 million offer for Friosur

AquaChile is interested in acquiring the salmon business of Friosur and has made an offer of USD 200 million (EUR 161.8 million), according to a report in Chilean business daily Diario Financero.

Friosur has been in the process of divesting its salmon business since the beginning of the year. 

Diario Financero, citing unnamed sources close to the deal, reported that AquaChile’s initial USD 200 million offer has yet to receive an answer from Friosur. This is not the first time AquaChile has been interested in acquiring the smaller salmon farmer, as the report said an offer was also made back in 2008. In 2013, the two firms signed an agreement to jointly sell Friosur’s products in the United States and Canada.

The report said that Friosur hired Chilean investment bank LarrainVial to get the best price possible for Friosur’s salmon business. The first rumors about the sale surfaced in the beginning of 2018, and in February, some 50 firms were said to be interested in the purchase.

AquaChile’s offer comes as it prepares for a public listing on the Oslo Bors stock index. 

Other competitors, such as Australis, are also reportedly interested in competing for Friosur’s salmon business. The firm said at the end of 2017 that 2018 would be a year to expand, although its general manager Agustín Ugalde said at the time it would do so organically. 

Currently, Friosur produces around 20,000 metric tons of salmon annually and holds 40 fishery concessions in the Aysèn region, with annual sales of around USD 100 million (EUR 81 million). The firm wants to focus on its other business units, such as its Southern hake catch, and its owners, Josè Luis del Rìo Goudie and family, participate in other industries such as construction and renewable energy. 

The report said that there is no timeframe on the transaction, although it could be accepted in the short or mid-term.