Maruha Nichiro Seafoods, Inc. acquired 50% stake in Austral Fisheries Pty Ltd from Pescanova SA for 29.5 million.
December 03, 2013 at 11:00 pm EST
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Maruha Nichiro Seafoods, Inc. acquired 50% stake in Austral Fisheries Pty Ltd from Pescanova SA and other shareholder for 29.5 million in cash on December 4, 2013. Austral Fisheries reported net income of 4.02 million (AUD 5.13 million) and net sales of 50.89 million (AUD 64.86 million) for the year ended December 31, 2012. Pescanova SA will use the proceeds to repay its financing from banks. Antonio Morales of Latham & Watkins LLP acted as legal advisor to Pescanova SA. PricewaterhouseCoopers Co., Ltd. acted as financial advisor to Maruha Nichiro Seafoods, Inc. The currency conversion was done through www.oanda.com as of December 31, 2012.
Maruha Nichiro Seafoods, Inc. completed the acquisition of 50% stake in Austral Fisheries Pty Ltd from Pescanova SA on December 4, 2013.
Pescanova SA is a Spain-based company primarily engaged, through its subsidiaries, in the fishing industry. The Company comprises the farming, capturing, cleaning, cutting, freezing, processing and packaging onboard factory-ships, as well as the transport, distribution and marketing of a variety of fish products. The Companyâs activities are structured in three business areas: Wild Catch, where fish and shellfish are processed and frozen immediately after being caught; Farmed Fish, mainly involved in aquaculture operations and the development of technology for the fishing activities, and Food Products, which offers deep-frozen fish and shellfish products. The Company is a parent of Grupo Pescanova, a group which comprises a number of controlled entities with operations established worldwide. In March 2013, the Company entered bankruptcy proceedings. In December, 2013, the Company completed the sale of a 50% stake in Austral Fisheries Pty Ltd to Maruha Nichiro Seafood Inc.