Agri-services group Origin Enterprises has agreed a deal to sell its 50% interest in its marine proteins and oils joint venture, Welcon Invest, to its joint venture partner Austevoll Seafoods.
The deal is worth about €93m at current exchange rates.
Origin said the deal, which is subject to a number of conditions including clearance from competition authorities, is expected to be completed during the first half of the company's financial year.
The Welcon joint venture was formed in 2009 after a merger of Origin and Austevoll's Irish, UK and Norwegian fishmeal and fish oil operation.
In a statement today, Origin said its share of profit after interest and tax from the joint venture averaged €8.3m for the three years to July 2012.
Shares in the firm closed 6.7% higher at €5.65 on foot of the company's decision.
''The transaction represents an important streamlining of Origin’s business profile in line with our commitment to prioritise the allocation of capital for the expansion and development of the group’s agri-services business,'' commented Origin's chief executive Tom O'Mahony.
Proceeds from the sale will be used for investment in Origin's core agri-services business, the company said.