Skipti hf. has signed an agreement to sell its subsidiary, Já ehf. The buyer is a company in the majority ownership of the Audur 1 Private Equity Fund. The buying price is confidential, but Skipti's profit from the transaction amounts to ISK 1.3 billion. The share was paid for in cash. Skipti formed a separate company for the operation of Já in August 2005. The telephone directory has been published in Iceland since 1906, and the operation has developed in line with technological trends. Já has added general information services through the call-in number 118 to its operations and developed and marketed the website ja.is, which has become one of the most visited websites in Iceland. Já works in close co-operation with all the telecommunications companies in Iceland. Skipti CEO Brynjólfur Bjarnason: “The decision to incorporate Já as a separate operating unit within Skipti proved successful. The revenues and profitability of the company have grown and it has gained a solid foothold in the Icelandic market. The staff and management have done a great job, and the company has been transformed from a Síminn division into an information provider servicing all the telecommunications businesses in Iceland. The selling price is very acceptable, and a profit of ISK 1.3 billion on a divestment in these times is extremely positive. We will use the proceeds from the sale to strengthen Skipti's financial position still further and reduce our debts.“