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.
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