Selonda Aquaculture S.A. (ATSE:SELO) agreed to acquire Dias Aquaculture S.A. from Linnaeus Capital Partners B.V. and others on April 30, 2015. Under the terms of the deal, all assets of Dias Aquaculture will be transferred to Selonda Aquaculture. The merger will also include the transfer of Dias Aquaculture's part of its negative assets worth 29.59 million and group negative assets worth 48 million.
Under the agreement, Selonda Aquaculture will proceed with a share capital increase plan worth 12.4 million to complete the deal by early 2016. The agreement will further have to be approved by the general meetings of both firms that must be held by June 30, 2015. The deal is subject to ratification by the judicial authorities by October 7, 2015.
As on November 3, 2015, the transaction is approved by the anti trust approval. As of June 2, 2016, Board of Directors of Selonda Aquaculture unanimously decided the certification of payment of the equity capital increase of Selonda Aquaculture by the amount of 12.38 million by issuing 41.26 million shares to Dias Aquaculture SA.