Agrosuper Targets Blumar Salmon Assets in $540m Chilean Deal Talks

Chile's Agrosuper has signed a memorandum of understanding to buy the salmon farming and processing assets of local peer Blumar for up to $540m. The figure, disclosed in a stock-exchange filing, is not a settled price. A $40m slice depends on the business hitting undisclosed "growth milestones."

The proposed transaction centres on Salmones Blumar SA, the unit that handles "salmonid farming, breeding, harvesting, processing and marketing," according to the filing. Agrosuper itself flagged the uncertainty: there is no guarantee the deal will close. Due diligence remains outstanding, and the acquisition would need regulatory approval on top.

What are the deadlines?

The MoU gives both companies 60 days to finish due diligence and negotiations. The terms allow a single 30-day extension. After that window, the agreement lapses unless both sides agree to continue.

That timeline is tight for a deal of this scale. Regulatory review in Chile and export markets could extend well beyond the negotiation period, and the filing gives no guidance on how approval risk is allocated between the parties.

Who are the two players?

Agrosuper markets chicken, pork and processed foods alongside salmon, and claims to be the world's second-largest salmon producer. Its 2025 results were strong: sales of $4.65bn, up almost 9% year on year, and EBITDA up 38.4% to $905m.

The momentum has since cooled. In the second quarter of this year, revenues fell 4.3% to $1.07bn, EBITDA slipped 3.7% to $222m, and net income declined 4% to $123m. A large acquisition would land amid that slowdown rather than at the peak of the cycle.

Blumar, also publicly listed, is one of Chile's largest aquaculture businesses. It generated annual revenue of $712.8m last year. Its 2025 annual report names Kroger and Costco among retail customers for its salmon business.

Salmones Blumar ranks as the fifth-largest exporter of Atlantic salmon in Chile, holding a 6% market share. Combined with Agrosuper's existing position, the deal would consolidate a substantial share of Chilean salmon output, a fact regulators are likely to weigh.

What is not in the filing?

The milestones behind the $40m contingent payment remain undisclosed. So do the assumed synergies, the financing structure, and any divestiture commitments the parties might offer to ease antitrust review.

The filing also stays silent on what happens to Blumar's non-salmon operations. The MoU covers the Salmones Blumar unit only, leaving the parent's remaining fishing and aquaculture activities outside the frame.

For US retail buyers, a combined entity with Kroger and Costco relationships on one side and Agrosuper's export scale on the other could reshape supply terms in the Atlantic salmon category. Whether that consolidates pricing power or simply secures volume remains an open question, and the filing does not address it.

If due diligence closes on schedule, expect a firm agreement within 60 days, with regulatory review as the next hurdle before any $540m cheque is written.