JBS is planning to acquire Australian salmon producer Huon Aquaculture Group for AUD 425 million (approx. $312.5 million).
The deal will see the Brazilian meat giant acquire 100% of Huon for a cash consideration of AUD 3.85 per share.
Based in Tasmania, Huon farms salmon and ocean trout, and its products are sold at stores and supermarkets across Australia, as well as via the company’s online store.
Huon says that its board considers the deal to be in the best interest of shareholders and recommends that they vote in its favour.
“The recommended acquisition of Huon by JBS represents an excellent outcome for our shareholders, partners and staff,” said Huon’s managing director and CEO, Peter Bender.
“This is a testament to the strong position Huon holds in the Australian salmon market. We look forward to seeing the continued growth of the Huon business as part of JBS. We do not anticipate any disruption to business operations.”
JBS Australia’s president and CEO, Brent Eastwood, said: “Our acquisition of Huon enables us to further grow our Australian protein business and strengthen our presence with consumers and customers.
“We look forward to continuing growing on the leading salmon business Huon has created and working with its employees, customers and stakeholders to help the company realise this next phase of growth.”
The acquisition is subject to certain customary conditions, including the approval of Huon’s shareholders, the Federal Court of Australia and the Australian Foreign Investment Review Board.
© FoodBev Media Ltd 2021
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