71 AnnuAl RepoRt 2011 notes to the Consolidated Financial Statements (cont’d) The goodwill of $5.0 million comprises the fair value of expected synergies arising from the acquisition of Viking. Goodwill and intangible assets are allocated entirely to the U.S. segment. The amounts recognized are expected to be deductible for  income tax purposes. During the 52 weeks ended December 31, 2011, Viking has contributed $37.5 million in net sales and $3.4 million to income before  interest and taxes of the Company (January 1, 2011: $1.7 million of revenue and $0.1 million in income before interest and taxes). On December 19, 2011, the Company acquired Icelandic Group h.f.’s U.S. subsidiary, Icelandic USA and its Asian procurement  operations. The Acquisition gives High Liner ownership of one of the largest suppliers of high-quality frozen value-added seafood to  the U.S. food service market. The seafood product lines acquired include battered and breaded products as well as a full line of  premium fillets. The Acquisition includes a modern processing plant in Newport News, Virginia, as well as subsidiaries that operate a  processing plant in China and procure product from other Asian countries. High Liner acquired several brands in connection with the  acquisition. In addition, High Liner entered into a seven-year royalty-free licensing agreement with Icelandic Group for the use of the  Icelandic ®  Seafood brand in the United States, Canada and Mexico. High Liner has also structured a long-term distribution agreement  with Icelandic Group to ensure that High Liner can continue to procure fillets from producers in Iceland to be sold in the U.S. market.  The Acquisition is expected to be a good fit with the Company’s existing U.S. operations as it will allow the Company to address a  larger consolidated customer base through stronger purchasing power. The Acquisition also provides the Company a more efficient  supply chain with stronger product development capabilities.  The fair value of the identifiable assets and liabilities of the Acquisition as at the date of acquisition were: The amounts in the table below differ slightly from what was previously announced, due to final adjustments for working capital and  cash balances: (Amounts in $000s)  Agreed upon purchase price based on average working capital (US$)  $  232,722  Seasonal working capital acquired at closing (US$)   18,436  Cash acquired (US$)   (1,495) Net purchase price (US$)   249,663  Exchange rate   1.0325  Purchase consideration recorded  $   257,778  Provisional fair value (Amounts in $000s) recognized on acquisition Assets  Property, plant and equipment  ( note 6 ) $   33,052  Trade receivables  29,767  Prepaid expenses   780  Inventories  91,942  Intangible assets   74,189  $   229,730  Liabilities Trade payables   (31,186) Employee future benefit  (296) Deferred income taxes  ( note 20 )  (28,136) Total identifiable net assets at fair value  $   170,112  Goodwill arising on acquisition  ( note 5 )  87,666  Purchase consideration recorded  $  257,778 Acquisition of Icelandic Group’s U.S. Subsidiary and Asian Procurement Operations (The Icelandic USA Acquisition)