Russian fishing giant Norebo Holdings confirmed Friday it has acquired the fishing assets of Murmansk-based FEST Group.

Terms of the deal were not disclosed.

FEST is the parent of the Murmansk-based companies Strelets, Taurus and Eridan. Management at the three groups will remain in place, and the companies will continue to operate as separate divisions, the companies said.

Earlier this month, Sergey Sennikov, deputy director for international affairs and public communications at Norebo, confirmed to IntraFish the company was "considering acquiring FEST," but refused to reveal further details.