Famous resort Blue Lagoon has agreed to increase its ownership in Norðurböð ehf., a company focused on geothermal spas and wellness destinations across Northern Iceland.
If approved, this move would give the former a controlling interest in three bathing destinations across the country.
What’s the Story?
Original source: RÚV
- Blue Lagoon plans to increase its stake in Norðurböð from one-third to more than 80%.
- Norðurböð holds interests in the Mývatn Nature Baths, GeoSea Geothermal Sea Baths and Vök Baths.
- The acquisition requires shareholder and competition authority approval.
Expanding Investment
Under the agreement, the Blue Lagoon’s stake in Norðurböð would rise from one-third to just over 80%. The transaction remains subject to approval by the company’s shareholders and the Icelandic Competition Authority.
Norðurböð ehf. is a shareholder in the Mývatn Nature Baths near Lake Mývatn and the GeoSea Geothermal Sea Baths in Húsavík. The Mývatn Nature Baths also hold a stake in Vök Baths near Egilsstaðir, meaning the Blue Lagoon would acquire an indirect ownership interest in that site.
In a statement, the Blue Lagoon management said the aim of the acquisition is to strengthen the company’s core operations by investing in a broader range of destinations across Iceland.
Chief Executive Officer Sigríður Margrét Oddsdóttir said the development of geothermal bathing destinations has been one of the strongest drivers of growth in Iceland’s tourism industry since the Blue Lagoon was established.
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