Icelandic seafood company HB Grandi hf has agreed to buy the entire shareholding of fishing company Ögurvík ehf from Brim hf.
While the current purchase price is around ISK 12.3 billion (USD 108.3 million, EUR 93.2 million), which will be funded by cash reserves and loans, a correction is expected to be applied once the results of Ögurvík’s financial performance to 31 August 2018 are available.
The purchase agreement is also subject to approval by the board of HB Grandi and company shareholders, as well as from the Icelandic Competition Authority.
Ögurvík, which has run its activities out of Reykjavik for more than 50 years, operates factory trawler Vigri RE-71.
Built in Norway in 1992, Vigri has quotas for 7,680 tonnes of demersal species and 1,663 tonnes of mackerel for the season that commenced 1 September 2018. This makes the vessel one of the largest quota holders in the Icelandic fleet.
Vigri carries 26 crewmembers on each trip and there are 52 seamen on its payroll.
HB Grandi said the deal could be expected to bring certain synergies and to alter the operational profiles of both companies in the coming years.
Its board is scheduled to meet to discuss the implications of the agreement this week but has already confirmed its intention to explore the possibility of selling a trawler that is currently under construction in Spain.
