Abanca selects Cooke to negociate the selling of Pescanova
The transaction defends a future valuation of Nueva Pescanova of around EUR 800 million.
Abanca and Cooke Inc. have reached an agreement to exclusively negotiate the purchase and sale of 80% of their stake in Nueva Pescanova. Over the next few weeks, the negotiation process will advance to reach an agreement for the acquisition of a majority in Nueva Pescanova by one of the world's leading family-owned marine protein companies. The transaction defends a future valuation of Nueva Pescanova of around EUR 800 million. Nueva Pescanova will maintain its brand and its headquarters in Vigo, Spain.
Abanca will continue to support Nueva Pescanova in the development of its business project with its presence in the company's shareholding and as a banking ally of the multinational.
With this agreement, a relevant milestone is met and the commitment established by Abanca to incorporate a prestigious industrial partner to facilitate the growth of Nueva Pescanova's operations and generate new investments in Galicia is materialized. “Since 2015 we have made a considerable effort to safeguard the viability of the company and keep the parent company and its subsidiaries integrated, and at the same time keep its headquarters in Galicia. The agreement that we have reached allows us to fulfill our roadmap and integrate Nueva Pescanova into one of the main family companies of the marine protein in the world,” said Juan Carlos Escotet Rodríguez, president of Abanca.
The selection of Cooke as an industry partner culminates after a three-year review of the world's leading companies in the industry. Through this process, Abanca has recognized the value of Cooke's great operational capacity, which will reinforce stability, strengthen growth and develop the talent of the Galician fishing industry.
Other differential aspects have been its proven experience in completing company integration processes, its vertical integration and its history as a family business. The entry of Cooke has the objective of achieving all the potential in origins, industrial processes, and commercial areas that Nueva Pescanova has.