According to China Fishery, the deal should make it the largest player in the world’s largest market for fishmeal and fish oil exports.
The acquisition price represents a premium of 21.6 per cent to Copeinca’s closing price on Monday, the last day of trading before the offer was made.
In order to fund the deal, China Fishery will undertake a rights issue to raise $277.5m to add to $295m of debt and balance sheet capital.
Carlyle currently owns 11.1 per cent of China Fishery and has the right to increase its stake to 13.4 per cent.
Joo Siang Ng, managing director of China Fishery, said, “The acquisition of Copeinca would significantly expand our presence in Peru, as it secures an attractive and well-managed fishmeal and fish oil focused business at a fair and reasonable valuation, along with the potential to deliver high-level synergies across both Copeinca’s and our existing Peruvian fishmeal businesses.”
Earlier this month Carlyle raised $308m to invest in Peru.
The group’s full year report, which was released last week, revealed that it had raised $6bn towards its $10bn-targeting buyout fund amid what co-CEO David Rubenstein has called the best fundraising climate in five years.