Landsbanki Íslands hf. has signed an agreement with the real
estate company Stoðir hf. for the sale of all Landsbanki’s shares in Landsafl
hf., which comprise 80% of the latter’s issued share capital.
The total value of the transaction
(Enterprise Value) is close to ISK 19 billion (EUR 215 million), and the sale
will positively impact Landsbanki’s equity by approximately ISK 3,500 million
(EUR 40 million) .
Landsbanki was one of the founders of
Landsafl in 1998, when its holding was 20%. The bank acquired the company in
full in October 2003, then sold 20% to Burðarás hf. in 2005.
Landsafl is an investment company
concentrating primarily on the holding, operation, maintenance and leasing of
real estate. Its objective is to own and operate real estate for long-term
and/or short-term leasing.
Landsbanki’s Corporate Finance served
as advisor on the transaction.
For further information contact
Sigurjón Þ. Árnason, CEO, tel. +354 898 0177, or Ívar Guðjónsson, Head of
Proprietary Trading and Private Equity, tel. +354 410-7321.
Landsbanki is a growing
European bank with total assets of ISK 2,173 billion (EUR 23.2bn) and a market
capitalisation of ISK 321 billion (EUR 3.4 bn) at year-end 2006. Headquartered
in Reykjavik, Iceland, Landsbanki Islands hf. is traded on the OMX Nordic
Exchange Iceland under the symbol <LAIS IR>. Landsbanki is rated by
Moody’s (Aaa / P-1 / C / Stable) and Fitch (A / F1 / B/C / Stable).
Since its establishment
in 1886, Landsbanki has been instrumental in the economic devel¬opment of
business and industry in Iceland. Landsbanki has positioned itself as Iceland’s
primary provider of general and specialised financial services to individuals,
corporate entities and institutions. The bank holds a market share of over 30%
in all major business segments and has the country’s most extensive branch
Building on its strong
foundation in Iceland, Landsbanki has successfully extended its financial
operations into new markets, focusing on serving mid-cap corporates in Europe
in a transactional setting. The bank’s unique product line includes access to
both debt and equity markets; its research department. is among the
comprehensive in Europe, including some 90 analysts covering more than 800
European stocks locally. Landsbanki and its subsidiaries have operate in all
major financial centres of Europe, and have North American representation in
New York and Halifax. Through its extensive distribution network, Landsbanki
has a strong platform to deliver targeted financial services based on local