Saturday, 4 April 2020

Icelandair Group completes sale of its hotel division at a discount

Completion of the transaction between Icelandair Group and Berjaya Land Berhad, concerning Berjaya’s acquisition of a 75% share in Icelandair Hotels and related real estate, will take place today, not 31 May 2020 as previously announced, and the shares will be delivered to Berjaya following completion. Furthermore, changes will be made to the Board of Directors of the Company, whereas Berjaya will appoint two directors and Icelandair Group will appoint one.

Due to the temporary adverse economic effects of the COVID-19 pandemic on the Company´s operations the final payment has been reduced and now amounts to a total cash payment of USD 10.3 million. The total purchase price for the 75% share of the Company amounts to a total cash payment of USD 45.3 million.

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