One of the main players in the aquaculture industry has been bought out by a fellow Norwegian company.

Grieg Seafood, which has 14 licences on the south coast of Newfoundland and a land-based freshwater facility in Marystown, has been purchased by Cermaq for 10.2 billion Norwegian Kroner, approximately $1.3-billion Canadian.

The company has 110 employees in Newfoundland.

Grieg says Cermaq is well placed to take the Newfoundland region further.

Company official Nina Willumsen Grieg says the region is in the best hands.

The deal is subject to approvals by relevant competition authorities.