Marine Farms To Acquire Spain-based Piagua

The Fish Site
by The Fish Site
10 July 2006, at 1:00am

US - Fish farming major Norway-based Marine Farms entered into an agreement with Spain-based Piagua to acquire the remaining 80% of latter's shares for a consideration of EUR 5.75-6.00 million, on a 100% equity basis. This is equivalent to an enterprise value of approximately EUR 9.25-9.50 million. Piagua engages in culture of seabass and seabream in the Almeria bay. The acquisition will be by Marine Farm's subsidiary Culmarex S.A. An application has already been forwarded to increase Piagua's capacity to 2,500 tonnes from the present capacity of 1,500 tonnes, thereby making it the biggest site in Spain. Source: Trading