Singapore-based Barramundi Group has entered into a strategic partnership with Australian processor and distributor Wild Ocean Australia (WOA), the company announced in a press release on Tuesday.

Barramundi Group is selling 75 percent of its stake in its Australian business -- Marine Produce Australia (MPA) -- to Wild Ocean for AUD 1.6 million (€1 million/$1 million) in cash, with a further payment of AUD 3.4 million (€2.2 million/$2.3 million) to be disbursed upon the approval of at least four of the 13 additional seawater site leases in the Kimberley of Western Australia.