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Tassal Group Announces to Complete Prawn Acquisition

14 Sep 2018  |  16:30:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Tassal completes prawn acquisition

Tassal Group announced that its wholly-owned subsidiary, De Costi Seafoods Pty (De Costi Seafoods) has completed the acquisition of the land, assets and inventory of the Fortune Group prawn aquaculture business (Fortune Group). The Company updated that the acquisition has been funded through a newly arranged $75m debt facility wherein the acquisition price was $31.9m, with $1m deferred to support the transition of the business. As reported, the capital investment program over the next 2-3 years is $34m. The Company further updated that it can apply and transfer technology and science from salmon farming to prawn farming and aims to modernise Australian prawn farming and increase yield and returns.

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