Iceland’s Baugur Sells Media and Investment Companies Skip to content

Iceland’s Baugur Sells Media and Investment Companies

Iceland-based investment company Baugur Group has sold its stake in its media, telecommunication and investment companies, worth ISK 65 billion (USD 902 million, EUR 574 million), and will from now on concentrate on investing in retail.

According to Vidskiptabladid, Stodir Invest and Styrkur Invest will acquire Baugur’s shares in these companies.

Jón Ásgeir Jóhannesson, chairman of Baugur’s board, said these changes are the last steps in a series of changes which began last year. “Our new layout will enable us to focus more on our retail companies. […] Baugur is in a unique position to lead the development of retail around the world, which will happen in the next few years.”

Stodir Invest is owned by the main shareholders in Baugur and will purchase Baugur’s stake in media and telecommunication companies, including in 365 Media and Teymi.

Styrkur Invest is owned by the main shareholders in Baugur and Kaldbakur, the investment company of Samherji. It will acquire Baugur’s stake in investment companies, including FL Group.

Baugur is also redefining its geographic market: from now on, 85 percent of Baugur’s investments will be in the US, the UK and Scandinavia.

Following these changes, Thórdís Sigurdardóttir and Eiríkur S. Jóhannsson will leave Baugur’s board of managing directors.

Sigurdardóttir, who was in charge of the company’s media and technological division, will become CEO of Stodir Invest, while Jóhannsson, who used to lead Baugur’s investment division, will become CEO of Styrkur Group.

Andrew Lobb, director of Baugur Group’s operations division, will take a seat in the company’s board of managing directors.

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