JBS SA, the world’s biggest meat producer, is expanding into the fish business by acquiring Australian salmon producer Huon Aquaculture Group for A$425 million ($314 million).
The deal already has the backing of the majority shareholders and is set to be completed by the end of this year following approval by Australian authorities, the Sao Paulo-based company said in a statement.
Huon, based in Tasmania, is the country’s second-largest salmon farmer, producing about 35,000 tons of fish and owning about 40% of the local market, according to the statement. Mining magnate Andrew Forrest bought a 7.3% stake in the Sydney-listed company for just under A$20 million ($15 million) in June.
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