The Iceland Enterprise Investment Fund has sold its 20.9% holding in N1. Following the sale the EIF no longer holds any shares in the company.
The Fund acquired a 45% share in the company in two transactions in 2011. Since that time, and until the time of the sale, the EIF has been involved in the company’s management and has in co-operation with other owners prepared the company for listing in the Icelandic Stock Exchange. The company was listed at the end of last year.
The principal objective of the EIF with the listing was to enable the company to meet the conditions of the Stock Exchange, including conditions regarding public ownership and number of shareholders. The result of the offering was in line with those objectives. N1 is the third company that the Fund has sold in full and listed in the Stock Exchange. Previously, the Fund had sold its entire holdings in Fjarskipti (Vodafone) and Icelandair.
Landsbanki’s Capital Markets division , acting for customers of the bank, submitted an offer for the shares in N1, which eventually led to the transaction