Chile meat-and-seafood group Agrosuper is looking to acquire salmon farming and processing assets from local peer Blumar.

The two companies have entered into an MoU over a possible transaction, the publicly listed Agrosuper said in a stock-exchange filing.

Agrosuper said the proposed deal centres on Salmones Blumar SA, the Blumar unit that focuses on “salmonid farming, breeding, harvesting, processing and marketing”.

The terms of the MoU state the transaction could be worth up to $540m. A $40m chunk would be subject to the business hitting undisclosed “growth milestones”.

In the filing, Agrosuper underlined there was no guarantee the deal would be finalised. Due diligence still needs to be carried out and the acquisition would also have to secure regulatory approval.

The companies have 60 days to complete the due diligence and their negotiations. The discussions can be extended for another 30 days under the terms of the MoU.

In 2025, Agrosuper, which also markets chicken, pork and processed-food products, generated sales of $4.65bn, up almost 9% on a year earlier.

The company, which says it is the world’s second-largest salmon producer, posted a 38.4% jump in EBITDA to $905m.

In the second quarter of this year, Agrosuper’s revenues fell 4.3% to $1.07bn. EBITDA decreased 3.7% to $222m and its net income declined 4% to $123m.

Blumar, one of Chile’s largest aquaculture businesses, generated annual revenue of $712.8m last year.

The company, which is also publicly listed, says Salmones Blumar is the fifth largest exporter of Atlantic salmon in Chile, with a 6% market share.

According to Blumar’s 2025 annual report, retail customers for its salmon business include Kroger and Costco.