Chantal Kordula

Cleary assists Mitsui in acquiring minority stake in IPSP

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

The transaction was signed on 7 August, and is expected to close within the fiscal year ending March 2024, subject to the satisfaction of conditions precedent and customary regulatory approvals. The purchase price for the shares is approximately USD 360 million.

Founded 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 business ranging from product sales, worldwide logistics and financing to major international infrastructure development and other projects in the following fields: mineral and metal resources, energy, infrastructure projects, mobility, chemicals, steel products, food and retail management, welfare, IT and communications, and corporate development.

IPSP was founded in 1976 by Santiago Salem and is headquartered in Guayaquil, Ecuador. IPSP’s business activities include shrimp and tilapia production, processing and sales, genetics and feed production.

Cleary’s corporate team included partner Chantal Kordula (pictured), associates Maria “Kiki” Manzur, Julie Bontems and Marvellous Iheukwumere, and law clerk Rebecca Niederberger Martinez, with associates Jessica Batlle Welling and Darren Hon assisting in the initial stages of the transaction. Partner Maureen Linch and associate Jeesun (Jesse) Hong advised on tax matters. Partner Chase Kaniecki, senior attorney James Corsiglia and associates Samuel Chang and Ana Carolina Maloney advised on various regulatory matters. Partner Alan Levine and associate Katherine “Kat” Baker advised on executive compensation and benefits. Counsel Beau Sterling and associate Madison Bush advised on environmental matters. Partner Marcela Robledo and associate Amy Garland advised on intellectual property matters. Partner Joseph Lanzkron and associate Jacob Evan Solomon advised on real estate matters.

L Giselle Estrada