Oceana of South Africa to buy US fishery Daybrook in $382M deal

Oceana’s Lucky Star canned fish is one of the most loved brands in South Africa.

Oceana Group Ltd., South Africa’s largest fishing company, said it plans to buy Daybrook Fisheries, the U.S.’s second-biggest processor of Gulf menhaden fish, for $382 million.

Oceana, which is 43.8 percent owned by Tiger Brands Ltd., will pay as much as 2.4 billion rand ($202 million) from cash, raise a further $142 million of debt in the U.S., and get 1.2 billion rand from an equity-bridge facility for the purchase of Morristown, New Jersey-based Daybrook, the Cape Town-based company said in a statement Tuesday.

Oceana plans to raise 1.2 billion rand by selling stock to shareholders to repay the bridge, and will undertake the rights offer after the acquisition is completed. Gulf menhaden are small, oily fish which Daybrook processes to produce oil rich in omega-3 fatty acids and fishmeal.

Read more: Oceana of South Africa to Buy Daybrook in $382 Million Deal – Bloomberg Business