The Icelandic and international news media report that FL Group is selling its 16.9 per cent share in EasyJet through the investment bank JP Morgan.
Morgunbladid carries the story on its front page and reports that Icelandair stands to receive ISK 30 billion for its shares, including ISK 12 billion in capital gains.
Morgunbladid adds “as best we know this is one of the biggest investment profits ever realized by an Icelandic party.”
Vidskiptabladid reports on the transaction on its website observing that FL Group’s shares had declined yesterday by 5.4 percent.
Vidskiptabladid further reports on rumours that FL Group had been forced to sell its shares in EasyJet because its international investments are said to be “somewhat leveraged.” It also quoted unnamed experts saying that the recent decline in its share price in Iceland had “helped” FL Group to decide to sell its stake in EasyJet.
Vidskiptabladid observes that as recently as March 31, FL Group CEO Hannes Smárason said to Dow Jones that FL Group was interested in adding to its stake in EasyJet.
Several news organizations link the sale to the worsening economic conditions in Iceland.