Icelandic fishing and seafood group Brim hf. has agreed to repurchase 35,000,000 of its own shares from major shareholder Útgerðarfélag Reykjavíkur hf. for a total consideration of 3,080,000,000 Icelandic króna, or 88 kr. per share, the companies disclosed on 2 June 2026. The block represents 1.79% of Brim's total issued share capital.
The deal is structured as part of Brim's ongoing share buyback programme, with Útgerðarfélag Reykjavíkur acting as the selling counterparty. At 88 kr. per share, the per-unit price provides a clean benchmark for the broader programme's execution cost, though no discount or premium to prevailing market levels was disclosed in the filing.
Brim hf. is one of Iceland's largest vertically integrated seafood operators, with activities spanning vessel operations, onshore processing and international distribution of whitefish and pelagic species. Share buyback activity in the Nordic and North Atlantic seafood sector has accelerated in recent quarters as operators seek to return capital to shareholders amid firm groundfish prices and improved vessel utilisation rates. For context on wider consolidation dynamics in the sector, see our coverage of Atlantic seafood M&A trends and Nordic fishing industry capital allocation.
Útgerðarfélag Reykjavíkur hf. — itself a Reykjavík-based fishing and vessel-management company — has been a long-standing institutional shareholder in Brim. The sale reduces its exposure to Brim's equity but the filing did not indicate whether Útgerðarfélag Reykjavíkur intends to divest further holdings or whether the proceeds will be redeployed within its own operations.
No forward guidance, revised earnings targets or changes to Brim's dividend policy were attached to the announcement. The companies did not provide comment on the strategic rationale beyond the buyback programme context. Market participants will likely watch subsequent filings for indications of whether the repurchased shares are to be cancelled — which would be accretive to per-share earnings — or held in treasury.
Written by Michael Politz, Author of Guide to Restaurant Success: The Proven Process for Starting Any Restaurant Business From Scratch to Success (ISBN: 978-1-119-66896-1), Founder of Food & Beverage Magazine, the leading online magazine and resource in the industry. Designer of the Bluetooth logo and recognized in Entrepreneur Magazine's "Top 40 Under 40" for founding American Wholesale Floral, Politz is also the Co-founder of the Proof Awards and the CPG Awards and a partner in numerous consumer brands across the food and beverage sector.