Chile-based salmon farmer and processor Empresas AquaChile has signed a binding agreement to acquire all the shares of local peers Salmones Magallanes and Pesquera Edén for US$255m.

AquaChile is a global player in the aquaculture industry, exporting to more than 35 countries, and expects to produce 110,000 tons of Atlantic Salmon, Pacific Salmon, trout and tilapia this year. 

Under the agreement, which still needs regulatory approval, AquaChile will acquire all of the assets of both companies. Salmones Magallanes and Pesquera Edén own 26 sea concessions located in the Magallanes region, a recirculating aquaculture system and a processing plant located in Puerto Natales in the southern part of Chile.

In 2017, Salmones Magallanes and Pesquera Edén produced 22,900 tons of Atlantic Salmon, with the potential to increase that to more than 40,000 tons a year in the ”medium term”, according to a statement announcing the deal. 

Agustín Ugalde, the chief executive of AquaChile, said the company believes the Magallanes region has all the conditions to ensure the sustainable development of the aquaculture industry in the southern part of the country.

He added: ”This acquisition is a big step for our company as it allows us to begin our operations in the Magallanes region with the right scale, with assets that have a proven productive and sanitary track record, and with a superb team of people; thus, increasing the geographic diversification of our business and allowing us to enable the use of the concessions that we already have in that region.”