Marine Farms To Acquire Spain-based Piagua

by 5m Editor
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&#39;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&#39;s subsidiary Culmarex S.A. An application has already been forwarded to increase Piagua&#39;s capacity to 2,500 tonnes from the present capacity of 1,500 tonnes, thereby making it the biggest site in Spain. <i>Source: Trading</i>

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