Spanish fishing giant Grupo Iberconsa is allegedly in talks to acquire fellow seafood supplier Mascato, according to reports in Spanish publication,Faro De Vigo.

If the deal materializes it would create a €700 million ($748.1 million) seafood powerhouse and bolster Iberconsa’s muscle in Namibia, Spain and Chile.

Various sources told Faro De Vigo the deal, if consummated, would be the largest merger operation to take place in the Spanish seafood industry.

It would also be the largest undertaken by Iberconsa, which has previously acquired companies in Argentina and South Africa, and would help towards the company’s goal of reaching €700 million ($748.1