18 Nov 2010

Sanford purchase deal now unconditional

12:18 pm on 18 November 2010

Sanford says its agreement to buy Pacifica Seafoods' Greenshell mussel and Pacific Oyster businesses for $85 million is now unconditional.

The deal will involve Sanford owning more than 70 marine farms, water space and mussel longlines, as well as lease, share and contract farming operations.

It will also take a 40% stake in a mussel farm development opportunity in Pegasus Bay, a mussel and salmon processing facility in Christchurch, 10 marine farm servicing and harvesting vessels and Pacifica's interest in a cooperative marketing company which markets mussels in China.

Shares in Sanford were unchanged at $4.70 on Thursday.