Nueva Pescanova, the Spanish seafood business, has seen a controlling stake in the business move across to local bank Abanca.

The bank has acquired an additional 39.8% of the company from Banco Sabadell and Caixabank, taking its stake in the Redondela-based business to 80.46%.

Over the last few years Abanca has gradually increased its shareholding in the Galician business from an initial 5.465% to 40.66% prior to this acquisition.

Unconfirmed local newspaper reports estimate that the price of the acquisition was EUR175m (US$192m).

Abanca’s plan includes beefing up the company’s financial structure and its main areas of corporate and commercial activity. To do this, it will “strengthen the best corporate governance practices and apply improvements in the field of management, all with the aim of strengthening its competitive position and promoting its growth”.

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By GlobalData

It will also search for an industrial partner for Nueva Pescanova that will allow it to “build a long-term value project”.

Abanca said it plans to return the company’s management to Galicia. Most of its recent board meetings had been held in Madrid.