Icelandair Group hf. and Nordic Visitor hf. have agreed on the main terms regarding the sale of Iceland Travel. The deal 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 airline hasn't revealed the actual sale price at this stage but is said to be lower than original estimates.
This sale is part of Icelandair Group’s new strategy to cut its costs by concentrating on the troubled international airline business and dropping all other travel-related operations. The group has already disbanded its domestic and regional airline, sold its hotel business and now the travel firm Iceland Travel.
Iceland Travel has been a leading travel company, tour operator and destination management company (DMC) in Iceland and will, according to the two parties, continue to serve a key role in offering services to tourists in Iceland under new ownership as the pandemic subsides.
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