Icelandair Group confirmed last week that it had signed a share purchase agreement with Nordic Visitor regarding the sale of 100% of its holiday business Iceland Travel with Alfa Framtak as Nordic Visitor’s financial sponsor. The sale is subject to general conditions such as approval from the Competition Authorities. Delivery of shares will take place when these conditions have been fulfilled.
The enterprise value of Iceland Travel amounts to ISK 1,400 million / £8,159,200 of which ISK 350 million are subject to certain performance metrics over the years 2022 and 2023. The purchase price will be adjusted according to position of net debt and net working capital at the time of closing of the transaction. Current net debt of Iceland Travel is negligible as that has already been absorbed into Icelandair Group.
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 travellers from all over the world, offering a full range of guided tours, day tours and road trips. As previously announced, the sale is part of Icelandair Group’s divestment of tourism operations and increased focus on aviation and related services.
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.
รslandsbanki was advisor to Icelandair Group and Arctica Finance was advisor to Nordic Visitor.
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