The merger of Selonda and Nireus into Andromeda is "not to get richer. This is to survive," Andromeda Marketing Manager Achilleas Papadopoulos told IntraFish.

The two companies are in the process of selling assets to meet requirements from the European Commission, which allowed the acquisition on the condition that production capacity of 10,000 metric tons of fish and 50 million fry is sold prior to the merger.

Once completed, the group, which will be owned jointly by Mubadala and Amerra funds, will begin the business of branding and market development in an effort to compete with neighboring producer Turkey.