Goldman Sachs and Ólafsson to Finalize GGE Deal Skip to content

Goldman Sachs and Ólafsson to Finalize GGE Deal

US investment bank Goldman Sachs and Icelandic author and Executive Vice President of Time Warner, Ólafur Jóhann Ólafsson, are expected to purchase a 8.5 percent stake in Icelandic energy company Geysir Green Energy (GGE) in the next few weeks, after almost six months of preparations.

In September 2007, the story broke that Goldman Sachs and Ólafsson were interested in investing in GGE, but then the deal was put on ice and it was uncertain whether they would go through with it, Vidskiptabladid reports.

Among other things, they were waiting for a conclusion of the REI debate—the merger between Reykjavík Energy Invest (REI) and GGE was annulled—and impending changes in GGE’s ownership.

“This deal is still in progress and news about its conclusion can be expected at the beginning of next month, around GGE’s general meeting. It isn’t over until it’s over,” GGE CEO Ásgeir Margeirsson told Vidskiptabladid.

In related news, the boards of GGE and Enex have agreed to prepare for a merger between the two companies which is expected to take place before the end of April. GGE holds a 73 percent stake in Enex while the remaining shares are held by REI. The merger will make the new company among the largest of its kind in the world.

“This is a very simple merger and one could say that these two companies fit together like birds of a feather,” Margeirsson said.

Click here to read more about Goldman Sachs and Ólafsson expressing interest in GGE and here to read more about the REI-GGE debate.

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