Iceland Seafood International (ISI) announced Monday it has signed a letter of intent to acquire control of one of Spain's leading salmon processing groups.

Under the proposed terms of the deal, Reykjavik-based ISI will purchase an 80 percent stake in Madrid-based Ahumados Dominguez for €14.9 million ($18.1 million).

Pedro Mestanza, managing director of the group, will retain the remaining 20 percent share, and continue to lead the group post-acquisition.