Icelandair Group and Nordic Visitor signed an agreement today for Nordic Visitor to acquire 100% of the shares in Iceland Travel. Alfa Framtak is financing the acquisition for Nordic Visitor. The transaction is subject to approval by the Icelandic Competition Authority.
Under the agreement, the enterprise value of Iceland Travel is estimated at ISK 1.4 billion, of which ISK 350 million is subject to performance-based metrics through the end of 2023. The purchase price will be adjusted for Iceland Travel's net debt and working capital, though it is noted that the travel agency's net debt is negligible.
Arctica Finance acted as advisor to Nordic Visitor on the acquisition, and Íslandsbanki acted as advisor to Icelandair.
