In November 2019, Orkla acquired a 20% stake in Nói Siríus, and the latest agreement is for the remaining 80% of the company.

based in Reykjavik, Nói Siríus owns chocolate brands such as Síríus, Nóa Konfekt, Nóa Kropp, Nóa Páskaegg and Konsum.

It also distributes international brands of chocolate, snacks, and breakfast products.

Nói Siríus has a workforce of 120 employees and is currently owned by several private investors.

Last year, the company posted a turnover of $28.5m (Ikr3.6bn), 70% of which was generated from its home market.

Orkla president and CEO Jaan Ivar Semlitsch said: “Nói Siríus holds a unique position in Iceland and is a good fit with Orkla’s portfolio of leading brands.

“We see a potential for creating value by continuing to build on Nói Siríus’s strong brands in Iceland, while also expanding the product range. Chocolate, snacks and confectionery are core categories for Orkla and Iceland is a growth market – we intend to be part of that growth.”

Orkla Confectionery & Snacks CEO Ingvill T Berg said: “With this acquisition, Orkla Confectionery & Snacks is represented by its own companies in all the Nordic markets and the Baltics, giving us a good platform for further growth.”

The financial details of the deal have not been disclosed.

Completion of the transaction is subject to approval by the Icelandic competition authorities.

Upon completion of the deal, Nói Siríus will be incorporated into Orkla’s confectionery and snacks division, the head of which is Ingvill Berg.

Nói Siríus CEO Finnur Geirsson said: “When one of the leading Nordic FMCG companies shows interest in Nói Síríus, it is a clear testament of our success as a company and of our brands. Both employees and owners of Nói Síríus have worked hard to achieve this kind of recognition.”

Geirsson will be serving as the company’s CEO until 1 August 2021, when he will be replaced by Lasse Ruud-Hansen.