Norwegian Catches Chilean Fishery

Norwegian fish farmer and fish feed producer Cermaq has agreed to acquire Chilean fish farming company Cultivos Marinos Chiloe, it says, for a total enterprise value of $110m. The transaction value includes both the purchase of shares and the assumption of an unspecified amount of bank loan debt. With many in the industry struggling financially, Chiloe had considered several strategic options, including an IPO in 2011. The transaction will increase Cermaq’s total production capacity by almost 25%.