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Tasmanian salmon producer Tassal acquires Australia's De Costi Seafoods

( July 3, 2015, 08:03 GMT | Insight) -- Tasmanian salmon farmer Tassal Group Ltd. has acquired De Costi Seafoods, one of Australia's biggest seafood companies, in a two-stage cash and share deal, the Sydney Morning Herald reported. The first stage involves an upfront A$50 million paymen...Tasmanian salmon farmer Tassal Group Ltd. has acquired De Costi Seafoods, one of Australia's biggest seafood companies, in a two-stage cash and share deal, the Sydney Morning Herald reported. The first stage involves an upfront A$50 million payment, which represents five times De Costi's current annual earnings. Then Tassal will pay a "growth-based earn-out component" through the issuance of new shares to De Costi over three years. The sale is subject to several conditions, including there being "no material adverse change" to De Costi's business and De Costi agreeing to a Tassal restructure. ...

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