Icelandair Group hf.: Sale of Iceland Travel to Nordic Visitor completed
01 Diciembre 2021 - 9:26AM
Icelandair Group hf.: Sale of Iceland Travel to Nordic Visitor
completed
Icelandair Group has today completed the sale of Iceland Travel
and delivered 100% of the shares to Nordic Visitor, in line with
share purchase agreement signed on June 11th, 2021. The sale was
subject to general conditions which have all been fulfilled.
The purchase price of Iceland Travel amounts to ISK 1,050
million and has been fully paid. Further payments of ISK 350
million are due in years 2023 and 2024 subject to certain
performance metrics plus adjustments to reflect position of net
debt and net working capital at completion.
Iceland Travel has been a leading travel company, tour operator
and destination management company in Iceland tracing its roots to
1937. Iceland Travel provides services to agents and other
businesses (B2B) and its service offering spans a wide range of
high-quality services for travelers from all over the world,
offering a full range of incentive, conferences, luxury and leisure
trips. As previously announced, the sale is part of Icelandair
Group’s divestment of tourism operations and increased focus on
aviation and related services. The book value of the sold shares is
approximately ISK 500 million.
Nordic Visitor is a specialist travel agency catering to
individuals directly (B2C) from all over the world. Nordic Visitor
offers a wide range of tour packages in Iceland, Scandinavia, and
Scotland.
Íslandsbanki was advisor to Icelandair Group and Arctica Finance
was advisor to Nordic Visitor.
Contact information:
Investors: Iris Hulda Thorisdottir, Director Investor Relations.
E-mail: iris@icelandairgroup.is
Media: Asdis Petursdottir, Director Communications. E-mail:
asdis@icelandair.is
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