Icelandic salmon farming company Ice Fish Farm said Monday it reached an agreement to acquire a controlling stake in rival producer Laxar Fiskeldi, in a deal that will give the combined group a significantly larger footprint in the country's fast-moving salmon farming sector.

The acquisition gives Norwegian group Masoval Eiendom a 56.1 percent share in the company, while minority shareholders Skinney Pinganes and Eggjahvita will hold 9.7 percent and 7.8 percent, respectively.

A change in structure for both groups has been in the works for some time; Norwegian aquaculture and services group NTS reached an agreement to sell its controlling stake in Ice Fish Farm to Masoval Fish Farming in November 2020.