The Competition Tribunal of South Africa has conditionally approved the acquisition by Sea Harvest’s subsidiaries of certain subsidiaries of Terrasan, engaged in the pelagic fish and abalone sectors. Sea Harvest Group, listed on the Johannesburg Stock Exchange, specializes in fishing cape hake and prawns, processing seafood and sustainably farming abalone. Its intended R965 million ($67.2 million) transaction involves the acquisition of Terrasan’s Aqunion, Saldanha Sales and Marketing and West Point Fishing businesses. This merger diversifies Sea Harvest’s operations into pelagic fish such as anchovies and pilchards, complementing its small existing quota in these species. Additionally, the transaction will add a well-established abalone farming and sales operation to its portfolio. The Tribunal’s conditions address employment concerns and restrict the exchange of sensitive competitive information post-merger. Overall, Sea Harvest expects the deal to bring about value, diversification, and enhance its presence in the aquaculture industry. On the other hand, Terrasan’s CEO, Danie du Toit, anticipates that the combined operations of both companies will benefit from increased scale and synergies, positioning them as a formidable South African force in the international market.

Aquaculture & Fisheries, Consumer Goods & Processed Foods,South Africa

https://mergersacquisitions.einnews.com/article/711720177/kMOerlUmNeb-0P3H?ref=rss&ecode=Q1vNcweEggLWKz7L