Greek private equity fund Diorasis International, parent of Bitsakos Aquaculture, has signed an agreement to acquire farming concessions with a capacity of 10,000 metric tons from Nireus and Selonda for a reported €50 million ($55.4 million), reports Ypaithros.

The deal is still subject to approval by the European Commission.

The transaction will pave the path for the completion of the acquisition of Nireus and Selonda by US private fund Amerra Capital and a United Arab Emirates-backed subsidiary of Mubadala Investment.

Amerra plans to merge the new companies with its fully owned seabream and seabass company Andromeda, which it acquired in 2016.

The acquisition of the 10,000 metric tons of farming capacity from Nireus and Selonda is part of the European Commission’s competition authority requirements to allow for the double acquisition by Amerra, which will lead to the creation of a European seabream and seabass powerhouse.

The €50 million ($55.4 million) will go towards the settlements of the debts held by Nireus and Selonda.

The transaction will include the farming capacity, as well as a hatchery to produce around 50 million fish, and is linked to a deal for Nireus and Selonda to continue to supply feed to the new buyer for two years following the acquisition.

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Diorasis International signs deal for Selonda, Nireus assets