Global law firms Allens and HSF are working with the salmon producers, as they agree the proposed $1.1 billion takeover deal.
Cooke Aquaculture has sought the services of Allens, while Tassal is advised by Herbert Smith Freehills, which has suggested the total value of the Tasmanian company’s enterprise is around $1.7 billion.
Wendy Rae, co-lead partner at Allens, told Canadian Lawyer that securing the deal will help the Canadian company “close in on becoming a top five producer of salmon globally.” Hannah Biggins, from Allens, added that the deal “Represents a great opportunity for additional investment in the Tasmanian aquaculture industry.”
As it stands, Cooke is the sixth biggest global producer of salmon, while Tassal is the largest producer of Atlantic salmon in Australia.
HSF’s lead partner Tony Damian stated that the international deal reflects “the continued strength of M&A activity in the Australian market.”
Tassal’s shareholders are expected to vote on the proposed takeover at a meeting in November, with both sides expecting the deal, once it secures the necessary approval, to be completed before the end of the year.