Fishing group Sea Harvest has entered into an agreement to acquire Australian marine company MG Kailis, for AUD70 million (about R785.3 million).
The prawn and fish trawling, seafood trading and engineering business was established 60 years ago by couple Michael Kailis and his wife Patricia.
In a statement on Tuesday, Sea Harvest said the transaction forms part of its international seafood growth strategy in high value seafood.
"The acquisition assets include vessels, licenses, and fishing rights for prawns in the Exmouth region and trawled fish in the Pilbara region in Western Australia, providing the group with further security of supply and diversification of product," Sea Harvest said.
The group added that the acquisition is likely to conclude in April, once it fulfils its conditions and is approved by Australia’s regulators.