Legend expands food business with seafood deal

IT-focused conglomerate aims to diversify its business further by paying $831 million for a majority stake in a South American salmon producer.

Legend Holdings said on Monday that it has acquired a controlling stake in a Chilean seafood company for Rmb5.8 billion $831 million. It is one of China’s biggest corporate outbound transactions this year as the information technology-heavy conglomerate continues to diversify its business.

The acquisition of a 94.47% stake in Australis Seafoods will be made through Joyvio Group, Legend’s agriculture and food subsidiary that already owns stakes in a number of seafood businesses such as China’s Qingdao Starfish and Australia’s Kailis Bros, the company said in a statement.

Australis Seafoods owns multiple salmon producing licenses in Chile and produced 64,000 tons of salmon last year....

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