Icelandic fishing giant Brim has acquired a freezer trawler and its quotas from the closely-linked company Utgerdarfelag Reykjavikur in a deal worth €88.5 million ($86.2 million).

Brim will take on the debts of the vessel, Solborg RE-27, amounting to €81.5 million ($79.4 million), putting the purchase price of the company at €7 million ($6.8 million), which will be paid upon completion of the transaction.

Brim CEO Gudmundur Kristjansson controls Utgerdarfelag Reykjavikur, which in turn owns 43.97 percent of the capital in Brim.