Frumherji purchase agreement signed
Fergin ehf., a company owned by Íslandsbanki hf. and Tröllastakkur ehf., has signed an agreement for the sale of 100% of share capital in Frumherji hf. to SKR1 hf. The owners of SKR1 hf. are Tiberius ehf. (a company owned by Andri Gunnarsson, Fannar Ólafssonar, Kristján Grétarsson, and Þórður Kolbeinsson) and Skriður slhf., a company administered and operated by securities company Íslensk verðbréf hf. (IV). The purchase price is confidential, and the acquisition is made subject to the approval of the Competition Authority. Íslandsbanki Corporate Finance acted as arranger for the sale.
Frumherji carries out a wide range of inspection activities, including inspection of motor vehicles, real estate, ships, and electrical systems. It also administers driver’s licence examinations and conducts certification of measuring equipment, among other activities. The parties to the agreement will not discuss the transaction further while it is being considered by the Competition Authority.
Jón Guðni Ómarsson, CFO of Íslandsbanki:
“Íslandsbanki has adopted a policy of selling its holdings in unrelated activities in a transparent manner and within an appropriate timeframe, and we are very satisfied to have signed an agreement for the sale of the Bank’s stake in Frumherji.”