South Africa's Sea Harvest Group is acquiring Western Australia-based fishing business Mg Kailis Holdings Proprietary Limited for AUD 70 million (€44.3 million/$50.1 million).

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The acquisition is a "significant step" in the company's international investment strategy targeting scalable businesses focusing on high-value species, it said.

The assets will be held in Sea Harvest Marine, a newly established subsidiary of Sea Harvest Australia.