Mubadala Development Company issued the following announcement on June 20.
Andromeda Group today announced that is has agreed to acquire, subject to merger control approvals and other customary conditions, majority stakes in two European fish farming (mainly Sea Bass and Sea Bream) companies: Nireus SA and Selonda SA. The transaction includes the participation of Mubadala Investment Company as a shareholder in the combined business, together with AMERRA Capital Management LLC (the current owners of Andromeda Group).
Thor Talseth, Managing Director of AMERRA Capital Management LLC and Andromeda Group Chairman, said: “With our focus on aquaculture and agriculture investments, we are excited by the synergies that can be created between these companies. We believe that significant value can be created by building on the comparative advantages of the Mediterranean aquaculture sector.”
Elham Al Qasim, Agribusiness Director at Mubadala Investment Company, commented: “Mubadala took the decision last year to build its presence in the agribusiness sector, which is strategically important to the global economy and has significant potential for value capture. Aquaculture is one of the most promising sub-sectors, where the deployment of new technologies can drive productivity improvements and accelerate growth.”
Dimitris Valachis, Group CEO of Andromeda Group said: “Our goal is to form a new multinational company that will play a leading role internationally in the aquaculture sector. We will join forces and share knowledge, expertise and human resources to create a global aquaculture company that will boost the growth of the Greek fish farming industry.”
Original source: https://www.mubadala.com/en/news/andromeda-group-amerra-capital-management-llc-and-mubadala-investment-company-create-world