Russian fisheries giant Norebo takes majority stake in seafood processing equipment group

Russian fishing and processing giant Norebo, the country's largest fisheries quota holder, announced Wednesday it acquired a majority stake in Icelandic seafood processing equipment group Velfag.

Norebo took a 54.5 percent stake in Velfag from founders Olof Yr Larusdottir and Bjarmi Arnfjord Sigurgardarsson. Terms of the deal were not disclosed.

As part of the purchase, Norebo is also increasing Velfag's share capital.