- Detailed due diligence completed
- Subject to approval by the Icelandic Competition Authority
- Plans to divest a substantial holding in Icelandic Group
- Húsasmiðjan to be sold through an open sale process
The Enterprise Investment Fund (FSÍ), that belongs to a group of Icelandic Pension Funds, has finalised its purchase of Vestia holding company from Landsbankinn (NBI hf.), subject to the approval of the Icelandic Competition Authority. The intended acquisition was announced on the 20th of August, subject to the outcome of the now completed due diligence process.
The price paid by FSÍ for Vestia decreases from ISK 19.5 billion to ISK 15.5 billion. The reasons for this are twofold. On the one hand, the valuation of assets has been lowered due to altered presumptions and, on the other hand, it has been agreed that certain assets shall be excluded from the transaction. The main difference from the previous agreement is that Landsbankinn retains a 19% holding in Icelandic Group instead of fully divesting the company. FSÍ holds a 12 month call option on the 19% share.