Icelandic firm Vinnslustodin (VSV) said it reached a deal to acquire all shares of competitor Útgerdarfélagid Glófaxa for an undisclosed amount.
The acquisition is subject to approval by competition authorities and the VSV board but is expected to close on Sept. 1.
Glofaxa owns two vessels, the Glofaxa VE-300 and the Glofaxa II VE-301, catching cod.
The Oddsson family, which founded the company in 1974, will keep the Glofaxa II and 50 metric tons of cod quota to continue fishing, while VSV gains 800 metric tons of quota.
