Empresas Agrosuper, the food group that controls AquaChile, is negotiating to buy 100% of Salmones Blumar S.A., the salmon farming subsidiary of fishing company Blumar, for an enterprise value of up to US$540 million. Both companies disclosed it to the Financial Market Commission (CMF) in material-event filings between Wednesday, November 4, and Thursday, November 5, after Diario Financiero revealed the talks.
Blumar's board approved a mostly non-binding memorandum of understanding (MOU) on August 24, according to DF. The deal is not closed: it depends on a review of the company (due diligence) and on approvals, including from the National Economic Prosecutor's Office (FNE). "It is not possible to guarantee that the transaction will materialize," Agrosuper CEO José Guzmán told the CMF, according to Salmonexpert.
View the data as a table
| Enterprise value | US$540 million |
| Payment subject to targets | US$40 million |
| Exclusivity | 60 days |
| Stake being bought | 100% |
The terms of the Salmones Blumar sale
The US$540 million price is an enterprise value on a cash-free, debt-free basis: what Blumar receives will depend on the subsidiary's debt and cash at closing. Of that amount, Agrosuper would hold back US$40 million, payable only if certain production growth milestones are met. Agrosuper said it cannot yet quantify the effects on its results, according to DF.
Enterprise value is the usual way to price a company in an acquisition: it measures the whole business, regardless of how it is financed. If Salmones Blumar reaches closing with net debt, that debt is deducted from the price; if it has cash, it is added. That is why the final amount Blumar receives for its shares may differ from US$540 million, and neither company has disclosed the subsidiary's debt.
| Item | What the memorandum says |
|---|---|
| Buyer | Empresas Agrosuper, directly or through a group company |
| Asset | 100% of the shares of Salmones Blumar S.A. |
| Price | Enterprise value of US$540 million, cash-free and debt-free |
| Deferred payment | US$40 million held back, subject to production growth milestones |
| Exclusivity | 60 calendar days from the data room opening, automatically extendable by 30 days |
| Conditions | Due diligence, antitrust approvals and an extraordinary shareholders' meeting of Blumar |
| Information safeguards | "Clean team" protocol for exchanging sensitive data |
Source: Blumar and Agrosuper material-event filings with the CMF, as reported by Diario Financiero, BioBioChile and Salmonexpert. The extraordinary meeting is required under Article 67 No. 9 of Corporations Law 18,046, because a significant asset is being sold.
Why Blumar is selling its salmon business
Blumar, controlled by the Sarquis family, has two businesses: fishing and salmon farming. This year the latter has been the more volatile. In the first quarter, the salmon division lost US$3.1 million and harvest volume fell 37% due to algal blooms in Aysén, and group profit dropped to US$15.6 million, from US$28 million a year earlier, according to Salmon Business.
In 2025 as a whole, Blumar sold US$712.8 million, 15% more than in 2024, but its EBITDA before fair-value adjustments fell 7% to US$79.7 million, and profit came in at US$18.1 million, according to Salmon Business. The average salmon price fell 5% over the year, and in fishing, fish oil and fishmeal prices declined.
| Blumar (consolidated) | Figure | Period |
|---|---|---|
| Sales | US$712.8 million (+15%) | 2025 |
| EBITDA before fair value | US$79.7 million (-7%) | 2025 |
| Profit | US$18.1 million | 2025 |
| Profit attributable to controlling shareholders | US$15.6 million (US$28 million in Q1 2025) | Q1 2026 |
| Salmon division result | Loss of US$3.1 million | Q1 2026 |
Source: Salmon Business (2025 results, published March 30, 2026) and Salmon Business (first quarter of 2026), based on Blumar's financial statements.
The second quarter was better. Harvest cost fell to US$4.24 per kilo (whole fish equivalent), 8% less than a year earlier, although the average Atlantic salmon price fell to US$6.68 per kilo, from US$6.97, according to Fish Farming Expert. The company also booked a US$14 million refund for the US tariffs that a court in that country struck down in February.
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See advertising optionsAgrosuper and Blumar: what changes in the salmon industry
Agrosuper entered salmon in 2018, when it bought AquaChile for about US$850 million. Adding Salmones Blumar, the two companies would have harvested about 350,000 tonnes in 2025, close to 30% of Chile's production, according to DF figures cited by Zona Zero. Given that weight, the deal will likely need to go through the National Economic Prosecutor's Office.
For shareholders of Blumar, which is listed on the Santiago Stock Exchange, the sale would turn the company into a fishing company with cash. If you want to follow this kind of deal from your own account, see how to invest on the Santiago Stock Exchange. Salmon farmers sell in dollars, so the exchange rate weighs on their peso results; we track it in the dollar today in Chile.
It is not the only big story of the week: on Thursday, Empresas Copec, owner of fishing company Igemar, reported quarterly profit of US$289 million, as we covered in Empresas Copec's results.
- 2018Agrosuper buys AquaChileAbout US$850 million
- Aug 24, 2026Blumar board approves the MOU
- Nov 4, 2026DF reveals the talksMaterial-event filings with the CMF
- Nov 5, 2026Agrosuper confirmsEnterprise value of US$540 million
- Next 60 to 90 daysDue diligence and exclusivity
- No dateAntitrust review and shareholders' meeting
Frequently asked questions
How much would Agrosuper pay for Salmones Blumar?
An enterprise value of up to US$540 million, cash-free and debt-free, with US$40 million subject to production growth targets.
Is the sale closed?
No. It depends on due diligence, antitrust approvals and an extraordinary shareholders' meeting of Blumar.
What is AquaChile?
One of Chile's largest salmon farmers, owned by Agrosuper since 2018.
Does Blumar disappear?
No. The deal covers only the salmon subsidiary; Blumar would keep its fishing business.
