JBS buys Australian salmon producer Huon Aquaculture

Meat processing company JBS has announced a deal to acquire Australian salmon producer Huon Aquaculture.

The salmon company was valued with an equity at approximately $425 million on a fully diluted basis, according to the ASX announcement. 

JBS agreed to pay $3.85 a share and the deal went forward with a unanimous decision from the Huon Aquaculture board.

“The recommended acquisition of Huon by JBS represents an excellent outcome for our shareholders, partners and staff,” said Huon’s Managing Director and Chief Executive Officer Peter Bender.

“This is a testament to the strong position Huon holds in the Australian salmon market. We look forward to seeing the continued growth of the Huon business as part of JBS. We do not anticipate any disruption to business operations.”

The acquisition of the salmon producer forges a new path for JBS’s animal protein aspirations, which are already invested in beef, lamb and pork.

“Our acquisition of Huon enables us to further grow our Australian protein business and strengthen our presence with consumers and customers,” said JBS Australia’s President and Chief Executive Officer Brent Eastwood.

“We look forward to continue growing on the leading salmon business Huon has created and working with its employees, customers and stakeholders to help the company realise this next phase of growth.”

The deal is subject to financing and due diligence.

Image credit: ©stock.adobe.com/au/Ludmila