Brazilian meat producer JBS SA is acquiring Australia’s Huon Aquaculture Group for AUD 425mn ($314mn), expanding into the fish business. The acquisition already received approval of majority shareholders, despite Huon’s recent struggle in making a profit, and is scheduled to be completed by the end of 2021 following Australian authorities’ approval. JBS already holds a beef producing unit in Tasmania and now plans to purchase 100% of Huon. Moody’s Ratings upgraded JBS to Ba1 from Ba2 in April this year. “This is a strategic move, which marks the entry of JBS in the aquaculture business,” said CEO Gilberto Tomazoni. “Aquaculture will be a new growth platform for our business”, Tomazoni added.
JBS dollar bonds were slightly up with its 6.75% 2028s up .31 to 110.038, yielding 2.17%
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