Mitsui Acquires 23.4% Stake in Salmex for US$100.7M
October 6, 2015
Japanese giant, Mitsui & Co. has agreed to acquire a 23.4% stake in Chile-based salmon producer and processor, Salmex for US$100.7 million.
Mitsui already owns share in Salmex subsidiary, Multiexport Pacific Farms (MPF), and the acquisition of the stake in Salmex will be accomplished partially through the payment in cash of US$80 million and partially through the transferring of MPF shares to Salmex.
Salmex itself is also a subsidiary of Chile’s Multiexport Foods, a producer and processor of salmon products which are sold on the Brazilian, Japanese, and U.S. markets. Mitsui has been selling Multiexport products on the Japanese market for the past 20 years.
In a statement regarding the acquisition, Mitsui said, “Through our investment in Salmex we will utilize its group network to expand sales channels to the global market, which is expected to see increased demand, and to increase the corporate value of Salmex,”
Upon closing of the deal, the funds gained by Salmex will be used to improve the company’s financial standing, to finance capital investments, and to serve as working capital for the company.
The success of the deal is subject to all usual conditions and the obtaining of all needed regulatory approvals, and is expected to close in the fourth quarter of this year as there is a December 15 deadline in place.
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