Morgunbladid reports today that Kaupthing (KB-Bank) has sold its remaining 8.75% stake in the privately held investment company Baugur for a reported profit of ISK 3.3 billion.
The buyers are investment company Gaumur, owned by the family of Baugur CEO Jón Ásgeir Jóhannesson, and the holding company ISP, owned by Jón Ásgeir’s partner, Ingibjörg Pálmadóttir.
Kaupthing said in an announcement that the sale marked the close of a transaction begun in 2003 when the bank financed and advised Baugur on its delisting from the Icelandic Stock Exchange. At the time, Kaupthing acquired shares for 20% of Baugur. Kaupthing added that it had for some time worked with Baugur Group on various projects and the sale of the stake would not affect its continued collaboration with Baugur. The bank refused to disclose the total amount of the transaction.