China’s state-owned China Resources Corporation (CRC) is reportedly closing on a deal for the 100% acquisition of the Spanish seafood canner, Hijos de Carlos Albo, and is also planning the acquisition of a 70% stake in Canada’s seafood company, French Creek Seafood, according to Undercurrent News.

 

The group, which controls investments in retail and energy in China and Hong Kong, and has $50 billion in turnover, has earmarked $140 million for the two transactions, of which, industry resources indicate that the acquisition of the Spanish Albo brand is the more valuable of the two.

 

Albo dates back to 1869 when Carlos Albo Kay founded Albo y Arrendondo. The purchase price for the company had previously been pegged at €48 million, however, Undercurrent News reports that sources close to the transaction indicate that CRC paid between €70 million and €80 million for the canner.

 

In 2014 the Spanish company reported turnover of €80 million and earnings before taxes, interest, taxes, depreciation, and amortization (Ebitda) of €5 million.