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UAE's Mubadala to expand agribusiness via mergers, acquisitions

UAE's Mubadala to expand agribusiness via mergers, acquisitions
UAE's Mubadala to expand agribusiness via mergers, acquisitions

Abu Dhabi – Mubasher: Mubadala Group has announced plans to expand its agriculture and farming business by merging and acquiring two companies operating in the field of aquaculture.

“Mubadala took the decision last year to build its presence in the agribusiness sector, which is strategically important to the global economy and has significant potential for value capture,” commented Elham Al Qasim, Mubadala’s agribusiness director.

The Abu Dhabi-based investment firm along with asset manager AMERRA Capital Management and Andromeda Group acquired and merged Greece-based Nireaus SA and Selonda SA, which specialise in farm sea bass and sea bream.

The mergers and acquisitions focus on aquaculture, which Al Qasim describes as a highly promising sub-sector, where new technologies can drive productivity improvements and growth.

Commenting on the deals, Thor Talseth, managing director of AMERRA Capital Management and chairman of Andromeda Group, said these agreements would be of "significant value" especially as they build on "the comparative advantages of the Mediterranean aquaculture sector.”

It is worth mentioning that Andromeda Group operates from six clusters in Greece and Spain.

Neither Mubadala, nor its partners, disclosed any values pertaining to the acquisitions.