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Amerra, Mubadala one step closer to creating Med bass and bream giant

Companies are still awaiting final EU competition approval before planned sale to Amerra and Mubadala goes through, but one of the key conditions is close to being met.

The acquisition of Greek seabream and seabass farming companies Nireus and Selonda by Amerra Capital and United Arab Emirates-backed subsidiary of Mubadala Investment moved a step forward this week as the European Commission’s requirement to reach an agreement on the divestiture of some of the companies' assets was met.

Under conditions required to complete the deal, Nireus and Selonda must sell fish farms with a production of approximately 10,000 metric tons and hatcheries generating approximately 50 million juveniles to one or two potential buyers.

On Aug. 8, Selonda said the final agreement to sell the assets to one or two buyers was signed off on Aug. 2.

Amerra Capital had also acquired seabream and seabass giant Andromeda in 2016, which has operations in Greece and Spain.

The US investment fund signed a joint deal with Mubadala's MDC Industry Holding Company to acquire both companies -- which had been rescued by Greek banks in 2015 after entering receivership -- in June 2018. However, competition hurdles have been delaying the completion of the deal.

Investment group Doriasis International is reportedly in the running to acquire the assets from Nireus and Selonda.

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