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Icelandair Group hf.: Sale of remaining 25% share in Icelandair Hotels

Icelandair Group hf.
·1-min read

Icelandair Group has reached an agreement with Berjaya regarding sale of its remaining 25% share in Icelandair Hotels. The purchase price for the share is USD 3.4 million and will be payable at delivery of shares when conditions of the agreement have been fulfilled. The book value of the share is USD 13 thousand. Following the transaction, Icelandair Hotels will work on rebranding its hotels and eventually cease the usage of the Icelandair trademark.

Bogi Nils Bogason, President & CEO of Icelandair Group:

“The sale of the remaining shares in Icelandair Hotels is in line with the Company’s strategy of focusing on our core business, aviation and related services, going forward. I want to thank all the employees of Icelandair Hotels for their cooperation and their contribution in building up numerous high-quality hotels in Iceland, leading to a unique experience for our guests. I am confident that Iceland will continue to be an attractive tourist destination following the pandemic and that Icelandair Hotels will continue to play an important role in the further development of the Icelandic tourism market in the coming years. I want to thank Berjaya for a good cooperation during the past year and wish them and Icelandair Hotels all the best for the future.”

Contact information:
Investors: Iris Hulda Thorisdottir, Director Investor Relations
E-mail: iris@icelandairgroup.is
Media: Asdis Petursdottir, Director Communications & CSR
E-mail: asdis@icelandair.is