Mitsui Acquires Minority Investment in IPSP

Cleary Gottlieb is representing Mitsui & Co. Ltd. (Mitsui) in its acquisition of an investment, through a holding company, in Industrial Pesquera Santa Priscila S.A. (IPSP), the world’s largest shrimp farming company, based in Ecuador.

The transaction signed on August 7, 2023 (Ecuador time), and is expected to close within the fiscal year ending March 2024, subject to the fulfillment of conditions precedent and the completion of customary regulatory approvals. The acquisition price for the shares amounts to approximately $360 million.

Established in 1947, Mitsui is a company with more than 46,000 employees, with a presence in 63 countries. Through global operations, networks and information resources, Mitsui conducts multilateral businesses ranging from product sales, worldwide logistics, and financing, to the development of major international infrastructure and other projects in the following fields: mineral & metal resources, energy, infrastructure projects, mobility, chemicals, iron & steel products, food & retail management, wellness, IT & communications, and corporate development.

IPSP was founded in 1976 by Santiago Salem and is primarily based in Guayaquil, Ecuador. IPSP’s business activities include the production, processing, and sale of shrimp and tilapia, genetics, and feed productions.