Mediterranean seabass and seabream producer Andromeda has acquired majority stakes in the two Greek seabass and seabream powerhouses Nireus and Selonda, following the European Commission's greenlight.

The European Commission paved the way for the Greek seabass and seabream mega-merger of Nireus and Selonda under Andromeda, after approving Diorasis's offer to acquire farming concessions from the company.

Greek private equity fund Diorasis signed an agreement to acquire farming concessions with a capacity of 10,000 metric tons from Nireus and Selonda for €50 million ($55.4 million).

The transaction has cleared the way for US private equity fund Amerra Capital and a UAE-backed subsidiary of an investment firm Mubadala to become shareholders in the combined business, having been exposed to such a business through their Andromeda acquisition in 2016, which produces seabass and seabream in Spain and Greece.