Icelandair Group signs an agreement on heads of terms regarding the sale of Iceland Travel
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Icelandair Group hf. and Nordic Visitor hf. have agreed on heads of terms regarding the sale of 100% stake in Iceland Travel. The proposed transaction is subject to customary conditions for transactions of this kind, such as due diligence, approval from The Competition Authorities and the parties reaching final terms of a share purchase agreement. The sales process was initiated following an announcement dated January 19, 2021, and significant interest was expressed in the possible acquisition of the company.
This sale is in line with Icelandair Group’s strategy to focus on its flight operations, its core business, while at the same time preserving the interests of Icelandic tourism, the company’s employees, and other stakeholders. Iceland Travel has been a leading travel company, tour operator and destination management company (DMC) in Iceland and will continue to serve a key role in offering services to tourists in Iceland under new ownership as the pandemic subsides.
Íslandsbanki is the acting advisor to Icelandair Group and Arctica Finance the acting advisor to Nordic Visitor.
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