SF III signs an agreement to acquire an 82% stake in Iceland Drilling from Miðengi ehf.


SF III slhf., an investment fund operated by Stefnir hf., has signed an agreement to acquire an 82% stake in Jarðboranir hf. (Iceland Drilling) from Miðengi ehf., a subsidiary of Íslandsbanki hf. The owners of SF III are three pension funds, Festa, Gildi and LSR as well Samherji hf., and SÍA I, private equity fund operated by Stefnir hf. Miðengi ehf. will continue as a shareholder in the company and own an 18% stake. The share purchase agreement is subject to a number of conditions, including but not limited to the approval of the Icelandic Competition Authorities.

Miðengi ehf. commenced an open sales process of Icelandic Drilling in August 2011 with Íslandsbanki Corporate Finance as the advisor. The sales process was publically announced and a large number of offers were submitted from both domestic as well as international investors. The owner subsequently initiated discussions with the highest bidder which were successfully concluded with the sale to SF III.

About Iceland Drilling

Iceland Drilling is a global geothermal drilling specialist. Decades of experience in geothermal deep drilling in Iceland has brought the company invaluable experience which can be offered to customers abroad. The company is currently operating in a number of markets, such as Denmark, New Zealand, Germany the Caribbean and the Azores.

About Stefnir hf.

Stefnir hf. is the largest asset management company in Iceland with over ISK 300bn in assets under management. The company operates domestic as well as international investment funds for private and institutional clients. The company also operates SPV funds, established around specific equity investments.

Older news

Íslandsbanki issues EUR 300m bond and announces partial buyback of its 2020 EUR 500m bond

04.04.2019 - IR Releases
Íslandsbanki has today issued a EUR 300m 1.125% fixed rate senior unsecured bond for 3 years, at a spread of 130 basis points over mid-swaps.More

Annual General Meeting 2019 - agenda, candidates and proposals

The Annual General Meeting of Íslandsbanki hf. will be held on March 21, 2019 at the Bank's headquarters, Hagasmári 3, 201 Kópavogur at 15:00.More

Publication of 2018 Annual Report and Pillar 3 Report

13.02.2019 - IR Releases
Íslandsbanki has published an Annual Report and Pillar 3 Report for 2018. More

Annual Results 2018

13.02.2019 - IR Releases
The Bank and Íslandssjóðir turned in a good operating performance during the year, with a consolidated profit of ISK 10.6bn, while operational...More

Publication of 2018 year-end results

30.01.2019 - IR Releases
Close of business Wednesday, 13 February 2019More

Íslandsbanki to terminate credit rating contract with Fitch Ratings

30.01.2019 - IR Releases
Íslandsbanki informs that following expiration and by agreement of parties, the credit rating service contract between Fitch Ratings and Íslandsbanki...More

Ásmundur Tryggvason to direct Corporate and Investment Banking

Ásmundur Tryggvason has been engaged as director of Corporate and Investment Banking at Íslandsbanki. He replaces Vilhelm Már Þorsteinsson, who will...More