The seafood companies Icelandic Group and Blue Ice Group announced today (Monday) that they have reached an agreement on merger under the name of Icelandic Group.

“This merger represents the realisation of a long-standing desire to merge the two Icelandic companies in the United States,” said Gunnar Svavarsson, Icelandic Group CEO. “Icelandic Group has been strengthening its activities in the United States through organic growth and investments in companies in new fields of operation.”

“Icelandic Group has focused increasing attention on sourcing and processing of products in Asia, and in that area Blue Ice Group’s strong operations will be a good fit with Icelandic Group,” he said.

“The merger will open access for Blue Ice Group’s products to new and exciting markets, with opportunities to increase the company’s production in Asia substantially,” said Ellert Vigfússon, CEO of Blue Ice Group. “The merger will also create possibilities for improved efficiency in the manufacturing of value added products for the US markets.”

The boards of directors of Icelandic Group and Blue Ice Group have signed an agreement on the merger of the two companies. According to the agreement, the shareholders of Blue Ice Group will receive shares in Icelandic Group in the nominal value of 715,470,156 Icelandic kronur (US$11.8m) as payment for their shares in Blue Ice Group. The current shareholders of Blue Ice Group will hold 33% of the shares in Icelandic Group following the merger.