JBS, the largest meat producer in the world, is venturing into seafood with the purchase of Huon Aquaculture, an Australian salmon farming company, for $313 million, according to a press release from the companies.

The board of Huon unanimously recommended selling the company to JBS, which plans to acquire 100% of Huon’s shares at a 61% premium over the closing price when it was last publicly traded in February.

Huon, the second largest salmon producer in Australia, has invested around $250 million in its operational infrastructure and sustainability over the last five years.

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“Our acquisition of Huon enables us to further grow our Australian protein business and strengthen our presence with consumers and customers," said JBS Australia’s President and CEO, Brent Eastwood. "We look forward to continue growing on the leading salmon business Huon has created and working with its employees, customers and stakeholders to help the company realize this next phase of growth.”. 

The acquisition should be completed by the end of the year, following the necessary court, regulatory, and shareholder approvals.

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