Norway-based cod farmer Statt Torsk has entered into a transaction agreement with Norwegian whitefish group Vesteralen Havbruk over its previously proposed merger, the company announced Friday.

The merger will be carried out by Statt Torsk transferring all its business -- including all assets, rights, and obligations -- to a wholly owned subsidiary of Vesteralen Havbruk as the acquiring company, it said.

The company first received a letter of intent from Vesteralen Havbruk regarding a potential business merger in August.

Consideration shares in the merger will be issued by Vesteralen Havbruk, based on an equity value of Statt Torsk at NOK 255 million (€22.3