Icelandair Group has decided to initiate a process to sell its subsidiary Iceland Travel (the “company”). The decision is made in line with Icelandair Group’s strategy to focus on its flight operations, its core business. During the sales process, the objective will be to maximize the value of the company, while at the same time preserving the interests of Icelandic tourism, the company’s employees and other stakeholders.
Iceland Travel has been the leading travel company, tour operator and destination management company (DMC) in Iceland. The Company will continue to serve a key role in offering services to tourists in Iceland when the current conditions caused by the global pandemic will improve and demand for international travelling increases again. Following the pandemic, there will be a need for increased efficiency in the Icelandic tourism market and there are opportunities for Iceland Travel to be in a leading role as a comprehensive service provider for tourists.
Íslandsbanki will act as advisor to Icelandair Group and manage the sales process.