Norwegian aquaculture equipment supplier Akva group has dropped plans to sell its Icelandic software subsidiary Wise to Advania in a deal worth just over than ISK 1 billion (€8.2 million/$9.5 million).

Akva and Advania agreed to terminate their agreement "due to challenges in obtaining approval of the transaction by the Icelandic Competition Authority on acceptable terms," Akva said in a statement.

The planned deal was announced last September when Akva said the business is outside its strategic focus areas.

Akva said it is in the process of evaluating other strategic options for The Wise Group, which is headquartered in Reykjavík, Iceland.