Eimskip has taken over DSD-controlled Nor Lines in a move that will see the Icelandic company expand its fleet.
Nor Lines, with a revenue of EUR 110m ($122m) and 200 employees, operates seven cargo vessels on three trade lanes in and out of Norway.
Eimskip will take control of five ships, one of which will be owned and four chartered.
Gylfi Sigfusson, president of Eimskip, said: "The acquisition of Nor Lines is a large step in widening the service scope and strengthening the current services of Eimskip in Norway.
"Eimskip is currently operating seven side-loaded reefer vessels in Norway, which serve between Norway, the Netherlands and the UK, but the acquisition will increase our efficiency since our sailing system will range over to the Baltic Sea and Germany."
The acquisition comes in the face of a challenging situation for Nor Lines over the past years and is part of its restructuring.
Ingvald Loyning, chief executive of DSD, said: "DSD started the process of finding a strategic solution for Nor Lines early this year.
"We believe that further consolidation is needed in the logistics industry, and that Nor Lines needs to be a part of a larger structure to be able to further develop its business."
The completion of the deal is subject to approval by Norwegian authorities.
