June 1, 2018 / 1:44 PM / a year ago

AquaChile to purchase 2 smaller Chile salmon farms for $255 mln

SANTIAGO, June 1 (Reuters) - Top Chilean salmon company AquaChile said on Friday it had struck a $255 million deal to purchase two smaller operations after shareholders in February approved a capital plan that included listing on the Norwegian stock exchange.

AquaChile said in a filing it would purchase salmon farmers Salmones Magallanes and Pesquera Eden using a combination of debt and by drawing from a $200 million capital plan approved by shareholders earlier this year.

The move boosts the company’s access to the Magallanes region, a prime area of cold water in far southern Chile considered ideal for rearing salmon.

Chile’s salmon industry is ramping up following several years of devastating algal blooms, including one in 2016 that killed 20 percent of the country’s farmed salmon and pushed up global prices.

The deal still requires approval of regulators, the company said.

Chile is the world’s second-biggest exporter of farmed salmon after Norway. (Reporting by Dave Sherwood; Editing by David Gregorio)

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