Iceland Seafood International (ISI) agreed Monday to terms to acquire Solo Seafood, which is the sole owner of Icelandic Iberica in Spain.

Solo Seafood is a company owned by Sjávarsýn, an investment company in Iceland and Icelandic Iberica's Managing Director, FISK Seafood, Jakob Valgeir and Nesfiskur.

The three mentioned seafood companies hold a significant percentage of the national fishing quotas in Iceland.

The combined vendor group will become long-term shareholders of ISI.