North Atlantic pelagic giant Pelagia announced Wednesday it reached a deal to acquire Norsk Fiskeindustri Invest (NFI) from the former chairman of Norwegian fisheries and processing group Nergard.

Terms of the deal were not disclosed, and the acquisition requires Norwegian competition authority approval, the company said.

NFI, owned by former Nergard chairman and investor Arne Stang, holds 51.05 percent of fishmeal and oil producer Karmsund Protein, and 51 percent of Husoy Eiendom Karmoy.