Allens is advising the world's sixth largest salmon producer Cooke on its proposed AU$1.1 billion acquisition of ASX-listed salmon producer Tassal Group. The two organisations have entered into a scheme implementation deed for the acquisition by Cooke of 100% of Tassal's shares for AU$5.23 per share by way of a scheme of arrangement.
The deal continues the trend of take-privates involving large Australian listed entities and investor interest in the Australian food and beverage sector.
'We are pleased to be supporting Cooke on this significant proposed acquisition, with the deal helping Cooke to close in on becoming a top five producer of salmon, globally,' said co-lead Partner Wendy Rae.
'Cooke's acquisition of Tassal is a natural fit. This deal represents a great opportunity for additional investment in the Tasmanian aquaculture industry,' said co-lead Partner Hannah Biggins.
Tassal is Australia's largest producer of Tasmanian grown Atlantic salmon with farms spanning five marine zones, four freshwater hatcheries and four processing facilities in Tasmania, while prawn farming, processing and seafood processing is undertaken in New South Wales and Queensland.
Subject to receipt of shareholder and Court approval and satisfaction of other customary conditions, it is expected the transaction will complete in late 2022.
Public M&A markets continue to be very active. Allens' work on this transaction follows the firm's advisory roles on the acquisition of Spark Infrastructure and AusNet and the merger of Oil Search and Santos, among other public market deals.
