Earlier on Monday Norwegian fully integrated aquaculture group NTS announced it is selling its controlling stake in Iceland-based Ice Fish Farm to Masoval Fish Farming, paving the way for a potential merger of salmon companies in Iceland.

Following the transaction, Norway's Masoval will own 55.6 percent of the shares in Ice Fish Farm, making it the majority owner.

Since 2016 Masoval has been represented in Iceland through its subsidiary Laxar Fiskehldi.

"During this period, we have gained very good experiences and have great faith in the production of salmon in Iceland," said Lars Masoval, chairman of Masoval Eiendom, in a statement.

"We have had a good collaboration with our co-shareholders, partners, employees and the Icelandic authorities," he said.

Ice Fish Farm currently has licenses for the production of 20,800 metric tons of salmon on the east side of Iceland. The company has applied for an additional 16,800 metric tons of production licenses.

Ice Fish Farm and Laxar have their production in adjacent fjords, and Masoval emphasized that continued good cooperation between the companies will ensure good biological production and risk management as well as good joint utilization of resources such as slaughterhouse capacity, services and logistics.

"When the transaction is completed, it will be natural to look at the strategic opportunities that lie in an even closer collaboration to optimize production and ensure a sustainable development of fish farming on the east side of Iceland in collaboration with our Icelandic co-shareholders," he said.

The Masoval Group is a family company with headquarters on Froya.

Masoval's wholly owned fish farming company in Norway, Masoval Fiskeoppdrett AS, is expected to harvest around 17,000 metric tons in 2020.