South African frozen fish supplier Sea Harvest said on Tuesday a consortium of black investors it leads will buy the fishing business of domestic peer Viking Fishing for R885 million ($66 million).
Sea Harvest announced in December that it was heading a consortium of broad-based black economic empowerment investors that was in talks to acquire Viking Fishing’s entire fishing business and a 51% stake in Viking Aquaculture.
The deal will be funded by the consortium through a combination of cash, bank loans, an issue of 19.2 million Sea Harvest ordinary shares and vendor funding, Cape Town-based Sea Harvest said in a statement.
Since listing in 2017, Sea Harvest has actively sought to grow its business through acquisitions.
Privately held Viking Group was founded in 1980 and its fishing business operates a fleet of 30 vessels along the South Africa coast from Cape Town to Maputo in Mozambique.