- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 05:29 06:43 12:35 15:51 18:21 19:35
Mubadala Investment Company has announced its participation in a combined business venture acquiring two European fish farming companies to further advance the agribusiness sector.
Andromeda Group, which 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).
Commenting on the announcement, Elham Al Qasim, Agribusiness Director at Mubadala Investment Company, said, "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."
"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," said Thor Talseth, Managing Director of AMERRA Capital Management LLC and Andromeda Group Chairman.
Dimitris Valachis, Group CEO of Andromeda Group, added, "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."
Follow Emirates 24|7 on Google News.