A Thai seafood company has acquired Bumble Bee Seafoods of San Diego, Calif., for THB49.6 billion (USD1.5 billion).
Samut Sakhon-based Thai Union Frozen Products said it bought Bumble Bee to improve its sourcing and production chains and increase access to the North American market.
“The deal is the largest acquisition in the history of our company and one of the most exciting external growth propositions,” CEO Thiraphong Chansiri said in a statement. “Upon completion, the deal would be immediately accretive to TUF’s earnings and cash flows, and would increase group revenue by about 25 percent, the CEO said.”
The purchase will need approval from anti-trust autorities in the United States, according to the Wall Street Journal. In 1997, Thai Union, then the largest tuna packer in Asia, acquired part and eventually all of Chicken of the Sea, another huge seafood packer in San Diego.
“This combination is good news for our customers, consumers and the industry as a whole,” Bumble Bee CEO Chris Lischewski said in a statement.
Thai Union said it expects the deal to be concluded in the second half of next year. The acquisition is being financed by Bangkok Bank and Siam Commercial Bank.
Related:
Thai developer buys Dean & DeLuca for 4.6B
Reader Interactions