Spanish seafood firm Pescanova has revealed that it is to buy out 100% of co-patriot ship-owning company Pesquera Vasco Gallega in order to obtain hake quotas in Argentina.

The price of the deal was not disclosed.

Vigo-based Pesquera Vasco Gallega, which operates three ships in Spain and two in Argentina, will retain its name and its president, Alejandro Hernandez Eraso, subsequent to the deal.

Pescanova owns Argentine ship-owner Argenova, which has 12 ships fishing prawn and cod. Pescanova aims to obtain quotas in hake.