The $85 million purchase of the Dunedin-based Skeggs Group's aquaculture interests by listed Sanford fisheries has gone unconditional.
Sanford managing director Eric Barratt confirmed the offer, funded by a $90 million loan from the ANZ and Rabobank, went unconditional yesterday, with settlement due on November 30.
When contacted, he said 100% of the mussel, Pacific oyster and associated processing assets of Skeggs subsidiary Pacifica Seafood Ltd's greenshell mussel and Pacific oyster businesses had been bought, but excluded Skeggs Group's salmon assets.
In the deal, which already has Commerce Commission clearance, the assets Sanford bought from subsidiary companies of the Skeggs Group included more than 70 marine farms, 10 vessels, properties in the Marlborough Sounds and Christchurch and processing facilities.
Skeggs Group managing director David Skeggs was contacted yesterday and said up to 49.9% of all aquaculture assets were being contemplated for sale last week, but it was decided to sell 100% of the mussel and Pacific oyster assets.
Skeggs Group retains Pacific Seafoods (Dunedin) Ltd, which harvests and processes Bluff oysters, and Pacific Salmon Ltd, which has two salmon farms in the Marlborough Sounds and development interests elsewhere.
The Skeggs Group retains a widespread portfolio of other interests, including Pacifica Shipping Ltd, Port Denarau Marine Ltd in Fiji, Akarua Winery in Bannockburn and tourism ventures in Milford Sound and Lake Wakatipu, operating under Southern Discoveries Ltd.
The company's tourism holdings include ownership of Southern Discoveries' recently opened $500,000 Milford Discovery Centre and Milford Deep Underwater Observatory, in Milford Sound.
Prior to the aquaculture sale, the 58-year-old Skeggs Group had reported annual turnover of $125 million and employed up to 500 people.
