Faroese Telecom Looks towards Vodafone Iceland Skip to content

Faroese Telecom Looks towards Vodafone Iceland

Foeroya Tele, the largest telecommunications company in the Faroe Islands, which is in competition with the local Vodafone subsidiary, has allegedly contacted Landsbanki Bank and expressed interest in taking over Vodafone in Iceland.

The headquarters of Landsbanki in Reykjavik. Copyright: Icelandic Photo Agency.

Foeroya Tele is owned by the Faroese state and competes directly with Vodafone in the Faroe Islands, which is a subsidiary of Teymi, the mother company of Vodafone Iceland, Morgunbladid reports.

On the basis of a planned forced agreement with Teymi, Landsbanki could end up with 57.2 percent of shares in the company. In a meeting between Teymi’s lenders on Thursday next week it will be decided whether the agreement will be executed. Landsbanki was Teymi’s largest lender.

Foeroya Tele is not the only company that has contacted Landsbanki recently asking about Vodafone. But if the bank decides to sell its share in the company in the near future it will only happen after a strict and transparent call for offers, according to Morgunbladid.

Landsbanki recently founded two asset management companies because of assets that the bank has come into ownership of.

Click here to read about another recent case of a company being taken over by Landsbanki.

Sign up for our weekly newsletter

Get news from Iceland, photos, and in-depth stories delivered to your inbox every week!

Subscribe to Iceland Review

In-depth stories and high-quality photography showcasing life in Iceland!

– From 3€ per month

Share article


Recommended Posts