Icelandic fishing companies Visir and Thorbjorn are discussing a possible merger, which would combine the companies assets under a new company in Grindavik.

The new company would have a combined total of 44,000 metric tons of quota and roughly ISK 16 billion (€118 million/$129 million) in turnover.

The companies estimate that the merger would take up to three years time, with the formal process beginning at the end of the year is negotiations go smoothly.

If all goes according to plan, current owners would remain shareholders.