Shares in Sjóvá Almennar tryggingar hf. offered for sale

  • Íslandsbanki Corporate Finance mandated to lead a formal sales process
  • The sales process is open to all investors that fulfil the defined criteria
  • Offers opened in the presence of an independent party

Íslandsbanki's Corporate Finance ("ÍSB Corporate Finance") has been mandated to manage a formal process for the potential sale of Sjóvá-Almennar tryggingar, which is today owned 90.7% by SAT Eignarhaldsfélag and 9.3% by Íslandsbanki. Investors can make an offer for up to 100% of the share capital of the company. The sales process formally begins on the 18th of January with the publication of further information relating to the process on

The sales process is open to every investor that can be defined as a professional client according to the Act on Securities Transactions No. 108/2007 and with a net worth greater than ISK 500 million.

Interested investors need to sign a non-disclosure agreement and provide information that confirms the fulfilment of the above conditions. ÍSB Corporate Finance will accept signed NDA´s from Monday, 18 January. Investors will receive further information regarding the company. The seller reserves the right to limit the access to the sales process when legal limitations prevent the investor from owning a controlling stake in the company, e.g. due to competition rules. Investors should also note that permission from the Icelandic Financial Supervisory Authority is required to hold a controlling stake in an insurance company.

An indicative offer is to be delivered to ÍSB Corporate Finance, no later than 2:00 pm, 2 February 2010, in a sealed envelope, marked "Fyrirtaekjaradgjof/Sjova2010".

The bidders that submit the highest offers and have sufficient financial capacity will have the opportunity to participate in the second phase of the process. They will receive information in greater detail relating to the operations and financial standing of the company.

Final binding offers, subject only to due diligence investigation and regulatory approvals, must be submitted no later than 2:00 pm, 22 February 2010. All offers will be opened in the presence of an independent party.

Information regarding the process will be available from 10:00 am the 18th of January 2010 at

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