Omega Protein Corp., maker of protein products and Omega-3 fish oil has acquired Bioriginal Food & Science Corp., maker of plant and marine-based oils and fatty acids for food production in North America, Europe, and Asia for US$70.5 million. The purchase price entails $46.5 million in cash, the assumption of $21.5 million of Bioriginal’s debt, $3.2 million of Omega Protein stock being issued to Bioriginal’s executive shareholders, and $0.7 million for estimated necessary capital adjustments. Bioriginal’s executive shareholders will also have the ability to receive cash considerations if Bioriginal achieve certain pre-set financial targets within the first three years. The deal will increase Omega’s growth, global footprint, and will diversify its business strategy while reducing the company’s exposure to commodity based volatility.
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