Spanish frozen seafood company Pescanova will see annual turnover boosted to over EUR1bn (US$1.28bn) if it acquires smaller French peer Seabel, a process which is “already underway,” a company spokesman told just-food on Tuesday (8 August).

Earlier this month, Pescanova announced it had reached an initial agreement to buy Seabel for an undisclosed amount but would not say when the deal would close.

With revenues of about EUR100m, the potential deal will take Pescanova to over EUR1bn in revenues. Pontevedra, northwest-based Pescanova, posted turnover of EUR999.1m in 2005.

The spokesman said the deal would boost Pescanova’s presence in the French prawn market.

“This company is a leader in crustaceans and particularly in prawns so this will give us an option to grow in those markets in France,” he said, but declined to provide more details about the possible synergies.

Pescanova operates in 21 countries including France.

The company is divided into three different businesses: Fishco, Acuinova and Aliholding, which respectively capture raise and process its products.