Deal: Allens has advised Cooke, the sixth-largest salmon producer globally, on their proposed acquisition of the Tasmania-based salmon producer Tassal Group by way of a scheme of arrangement. Herbert Smith Freehills advised Tassal Group on all aspects of the scheme, which implies an enterprise value for Tassal of $1.7 billion.

Value: $1.7 billion

Area: Mergers and acquisitions

Key players: The Allens team was led by co-partners Wendy Rae and Hannah Biggins. The HSF team was led by partner Tony Damian and senior associate Amelia Morgan, with assistance from senior associate Jennifer Xue and solicitor Michael Kralic.

Deal significance: Cooke will acquire the entirety of Tassal’s shares at a price of $5.23 per share. With Tassal being the largest producer of Tasmania-grown Atlantic salmon and listed on the ASX since 2003, Cooke will continue to expand its market stance in global salmon production. 

Ms Rae expressed the acquisition’s significance and commented that “the deal [will help] Cooke to close in on becoming a top five producer of salmon, globally”.

Tassal has remained the largest Tasmanian salmon producer in Australia since 2010. The group owns marine farms located across five aquatic zones and holds four Tasmanian production facilities. The deal correlates with growing investor interest in the Australian food and beverage industry from larger organisations. 

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Ms Biggins added that “Cooke’s acquisition of Tassal is a natural fit. This deal represents a great opportunity for additional investment in the Tasmanian aquaculture industry.” 

Mr Damian added that HSF was “delighted to be advising Tassal on this important cross-border transaction. The proposed deal demonstrates the continued strength of M&A activity in the Australian market.”

The transaction is expected to be finalised by late 2022, following court and shareholder approval.