Friday, May 17, 2024

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    A US investment company buys 16.6 percent of Icelandair

    The American investment company Bain Capital has entered into an agreement with Icelandair Group to purchase a 16.6 percent share in the company. The purchase amounts to over ISK 8 billion.

    The shares that Bain subscribes for are a total of over 5.6 billion new shares and they are sold at a price of ISK 1.43 per share.

    An announcement from Icelandair states that the agreement is made subject to the approval of the shareholders’ meeting and that shareholders waive their pre-emptive rights to new shares in the company. Bain Capital will be represented on the board of Icelandair Group after the acquisition.

    If the acquisition is approved at the shareholders’ meeting, Ulfar Steindorsson will step aside as a board member of the company. The shareholders’ meeting is scheduled to be held after a smooth month, on 23 July.

    Fjarfestingarfelagid will also receive subscription rights for shares corresponding to 25 percent of the total number of new shares that will be issued.

    Mitt Romney among the founders of Bain

    Founded in 1984, Bain Capital was founded by Mitt Romney, a former Republican presidential candidate and current senator. He is the only person who has held the position of CEO in the history of the investment company.

    Looking forward to the collaboration

    “It is a great pleasure to welcome Bain Capital to our strong and diverse group of shareholders. We are pleased to have a leading global investor in the group with extensive knowledge of the aviation industry.

    The agreement is also an important recognition of the energetic work that Icelandair’s employees have done to ensure the company’s bright future. We look forward to the collaboration and to taking advantage of the great opportunities we see in Icelandair’s business model after the pandemic, “said Bogi Nils Bogasyn, CEO of Icelandair Group in an announcement.

    The sound is similar to Matthew Evans, CEO of Bain Capital:

    “We are very excited to add Icelandair Group to our diverse portfolio of aviation-related activities and to support the airline in the next chapter of its 84-year history,” he said.

    “Although it is likely that it will take tourism in the world some time to regain full strength, we share the belief with Icelandair’s management that the company’s business model is very competitive in the long run and that the company has an operating history that puts it in an ideal position to take advantage. the opportunities that arise now that the pandemic is in decline.

    We are convinced that our extensive experience in the aviation sector and a value-added approach will support Icelandair’s growth for the benefit of all shareholders. “

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