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Notice regarding the acquisition by the Icelandic state of a large majority stake in Landsnet hf.

The Republic of Iceland – Government Debt Management
The Republic of Iceland – Government Debt Management

The Ministry of Finance and Economic Affairs, on behalf of the Icelandic State Treasury, has agreed an agreement with Landsvirkjun, RARIK and Orkubú Vestfjarða on the acquisition by the State of 93.22% holding in Landsnet hf. According to a share purchase agreement the State will pay book value for the shares in Landsnet, amounting to 439 million USD.

Landsnet was established by law in 2004 and commenced operation in 2005. It is the owner and operator of Iceland‘s national energy grid.

The government´s Energy Policy to 2050, published in 2020, noted that impartial ownership is fundamental to transparency and non-discrimination in the energy market, and for that reason it would be important to complete the separation of ownership of the transmission enterprise so as to bring it under direct public ownership. The State’s purchase is rooted in this standpoint and is consistent with the provisions of recent amendments of the Electricity Act and the Act on the establishment of Landsnet.