On 30 November 2018 a Shareholders’ Meeting in Icelandair Group agreed to increase the share capital of the Company by up to 625,000,000 shares. Icelandair Group and Boston-based PAR Capital Management have today, 3 April 2019, reached a binding agreement whereby PAR and its affiliates will subscribe to all 625,000,000 new shares at a price of
ISK 9.03 per share for a total of ISK 5,643,750,000. The purchase corresponds to a 11.5% stake in the Company. The price per share is based on the trailing three months’ average closing price. The agreement is subject to the Company’s Shareholders’ Meeting agreeing to the transaction and thereby waiving shareholders’ pre-emptive rights to the new shares. The Company will call a Shareholders’ Meeting on 24 April 2019.
The capital increase will further solidify Icelandair Group’s financial position, preparing the Company for growth and making it capable to seize opportunities in the current operational climate.
Bogi Nils Bogason, President and CEO of Icelandair Group
“PAR Capital Management is a great addition to our strong group of shareholders. We believe that a partnership with PAR Capital Management will bring substantial value to Icelandair Group. It is moreover pleasant to have this seasoned international investor share our belief in the prospects of the Company.”
About PAR Capital Management
PAR Capital Management manages a US$4 billion private investment partnership in Boston, Massachusetts. The firm was founded in 1990 and focuses primarily on investments in the travel and digital media industries
Bogi Nils Bogason
President and CEO
email: email@example.com, tel:+354 50 50 300