July 23, 2010

US company acquires Mexican bluefin tuna farm

US-based public company specialising in the aquaculture Lions Gate Lighting Corp. on Thursday has entered into an agreement to acquire 33% of tuna farming company Baja Aquafarms.

The agreement is contingent upon the issuance of Baja shares to Lions Gate no later than August 30 and includes an option to acquire the remaining 67% of Baja by September 15. Lions Gate will pay US$8 million for the original shares, with an additional US$10 million if the remaining shares are also acquired.

Baja is a private Mexican company that owns and operates facilities in Baja California, Mexico. The company fishes for and farms Pacific Northern bluefin tuna, which it sells primarily to Japan.

Lions Gate plans to combine and transfer knowledge between Baja and its newly acquired subsidiary Kali Tuna, of Croatia, which will double the company’s operations. Additionally, Lions Gate will use Baja to expand and develop markets for bluefin tuna in the United States and Canada.