The sale of Chilean fishing and aquaculture giant Blumar could be valued at around $1 billion (€895.5 million) considering its market capitalization and the debt of the firm, reports Economia y Negocios.

Controlling shareholders Grupo Las Urbinas and Grupo Sarquis announced in April they will rescind the contract signed in 2011, putting up for sale their 78.81 percent stake in the company.

The decision was made after Grupo Las Urbinas decided not to renew the contract, which triggered a clause requiring the entire majority stake to be put up for sale.