Investment bank Kaupthing Bank sealed the largest takeover deal by an Icelandic company yesterday by purchasing the Dutch bank NIBC for ISK 270 billion (USD 3.92 billion, EUR 2.92 billion).
The acquisition will be financed in part with shares in Kaupthing Bank and is thereby also the largest foreign investment in an Icelandic company to date, Fréttabladid reports.
“With this acquisition the Icelandic bank system would grow by 30 percent on the group level, which is a substantial increase in one blow,” said Jónas Fr. Jónsson, the director of Iceland’s Financial Supervisory Authority (FME).
Jónsson said Kaupthing Bank’s investment is noteworthy for many reasons, like being the largest takeover an Icelandic company has ever made, but pointed out that it will not go through until the FME has approved it.
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