Iceland-based Glitnir Bank acquired a 39.8 percent share in the Icelandic insurance company Tryggingamidstödin (TM) this week and plans to sell most of or the entire share to a group of investors. Discussions have begun.
The share acquired by Glitnir is worth about ISK 20 billion (USD 309 million, EUR 226 million), according to a Glitnir press release.
Glitnir funded 60 percent of the acquisition with cash and the rest with equity in the bank. The sellers are obligated to own 90 percent of the stocks in Glitnir Bank for at least one year.
Glitnir acquired the 39.8 percent share in TM from companies owned by Gudbjörg M. Matthíasdóttir, Sigrídur E. Zoéga, Geir G. Zoéga and other business-related individuals. The company Kristinn ehf., owned by Matthíasdóttir, remains a nine percent shareholder.
Glitnir Capital Corporation opened an office in New York this week and hosted a geothermal energy conference entitled “Steam of Opportunities,” presenting the company’s plans for projects in the US.