25. október 2022

SKEL has accepted a purchase offer for all owned shares in Sp/f Orkufelagið

SKEL fjárfestingafélag hf. has accepted an Offer Letter from a Faroese investment company for all owned shares in Sp/f Orkufelagið or 48.3% shares. Orkufelagid is the holding company for P/F Magn that operates in the Faroe Island.

SKEL fjárfestingafélag hf. has accepted an Offer Letter from a Faroese investment company for all owned shares in Sp/f Orkufelagið or 48.3% shares. Orkufelagid is the holding company for P/F Magn that operates in the Faroe Island.

The offer is subject to customary conditions, including due diligence, financial results for 2022 and the approval of the Faroese Competition Authority. The parties intend to close the transaction within two months. After these two months the approval process for the Faroese Competition Authority is initiated.

The purchase price of the shares according to the offer is DKK 146 million or ISK 2,798 million at current DKK exchange rate. The estimated profit from the sale is ISK 124 million based on the book value on 30.6.2022. The purchase price is payable in cash on the date of delivery.

Pursuant to the offer, SKEL has entered into a conditional agreement with other Icelandic investors in Orkufelagid to establish a new holding company that will own 11.9% of issued shares in Orkufelagid. SKEL will reinvest 14m DKK in the new holding company and hold a 39% stake. The new holding company has the right to appoint one out of five members to the Board of Directors, pursuant to the shareholder agreement for Orkufelagid.

For further information please contact Ásgeir Helgi Reykfjörð Gylfason, CEO of SKEL investors@skel.is

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