NIREUS

Unpaid suppliers, fish cargoes that go to waste or are unsuitable when they reach their destination and are forced to be sold at lower prices, successive management changes and funds whose fate is unknown are just some of the elements that paint the picture today at Avramar.

Fish farming may have nothing in common with the digital world, but it is technology-intensive. That may be one of the factors that has led to the involvement of Microsoft owner Bill Gates in aquaculture, including the sector in Greece.

European Union antitrust regulators on Friday approved the joint acquisition by funds Mubadala and Amerra of three Greek fish farming firms, including Selonda and Nireus.

The acquisition is subject to the sale of fish farms that produce 10,000 tons of Mediterranean fish and the sale of hatcheries that produce 50 million pieces of fry, the European Commission said.

After a lengthy delay, the Andromeda aquaculture group, Amerra fund and Mubadala investment firm on Wednesday signed the agreement for the acquisition of Greek fish farming companies Nireus and Selonda, with the deal expected to be implemented by year-end.

Greek fish farming is about to enter a new era as the winning bidder for the takeover of local companies Selonda and Nireus is set to be announced on Thursday or Friday.