Brim to acquire Lýsi in ISK 30 billion deal.
Icelandic seafood company Brim has agreed to acquire all outstanding shares in Lýsi hf. in a transaction valued at ISK 30 billion ($249 million).
The purchase price will be paid half in cash and half in Brim shares, based on the company’s closing share price of ISK 63 on Tuesday. The deal remains subject to approval by the boards of both companies, Brim’s shareholders, and the Icelandic Competition Authority.
Brim, one of Iceland’s largest integrated seafood groups, operates trawlers, processing facilities and sales divisions, with a market value of ISK 121 billion ($1 billion). Its largest shareholder is Útgerðarfélag Reykjavíkur, controlled by chief executive Guðmundur Kristjánsson, with a stake of just under 44 percent.
Lýsi, best known internationally as a producer of fish oils and other marine-based nutritional supplements, reported group revenues of ISK 21.9 billion ($182 million) in 2024, a 22 percent increase from the previous year. Net profit was ISK 929 million ($7.7 million), compared with ISK 818 million ($6.8 million) in 2023. The company’s assets stood at ISK 21.3 billion ($177 million) at year-end, with equity of just under ISK 5 billion ($41.5 million). Chief executive Katrín Pétursdóttir, who has led the business since 1999, is the largest shareholder with 41 percent.
The ISK 30 billion valuation is on a debt-free basis. Net interest-bearing debt of ISK 5.28 billion ($43.8 million) as of 30 June 2025 will be deducted.
Brim said the acquisition creates opportunities to strengthen raw material supply for Lýsi and allows Brim to expand further along the seafood value chain into higher-margin consumer products.
