Eldey and Kynnisferðir have signed an agreement to merge the companies within their respective portfolios. This merger combines the operations of Kynnisferðir, Arcanum Glacier Tours, Logakór, and the Iceland Dive School, while the merged entity will also become a minority shareholder in Icelandic Health Spas, the Lava Center, and Raufarhólshellir.
The merger creates one of the largest tourism companies in the country. The goal of the merger is to better position the parties for a strong industry recovery once travel resumes in full force, with increased momentum in sales and marketing efforts.
The agreement is subject to approval by the Icelandic Competition Authority, and the parties involved will not comment further on the transaction while the review process is ongoing.
Corporate advisory services for the transaction were provided by Arctica Finance, Íslandsbanki Corporate Finance, BBA // FJELDCO, and Deloitte.
