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Picture Gallery: An exclusive look at AquaChile’s $255 million Magallanes operation

AquaChile acquired Salmones Magallanes’ vertically integrated business in the south of Chile in June.

Chilean salmon company AquaChile’s assets in Magallanes, which it acquired in June for $255 million (€218.5 million), include an office in Puerto Natales, a recirculated aquaculture system (RAS) hatchery built in 2013, 26 salmon farming concessions, and a processing plant.

The company employs around 200 people in farming and administration, 360 seasonal workers and 200 indirect workers.

Salmones Magallanes exported around 15,700 metric tons of product in 2017, of which between 70 percent and 80 percent was sold as fresh. Its main markets are the United States and China.

The acquisition of Salmones Magallanes – approved in October – was AquaChile’s entry to the region.

Although AquaChile obtained three concessions in Magallanes, initiating an operation in the region requires a significant investment that would only be viable with a high number of concessions and a strong growth projection in the area.

The Magallanes region was closed for new farming applications in 2016. At the moment, there are roughly 300 applications under review, and, of them, the industry expects authorities to approve between 30 and 40.

Following the acquisition of Salmones Magallanes, AquaChile’s owners agreed to sell the company in a transaction worth $850 million to Agrosuper. The deal is currently under assessment by the Chilean Competence Authority but it is expected to be approved in the coming months.

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