Icelandic Competition Authority approves Nordic Visitor’s acquisition of Terra Nova Sól

Nordic Visitor hf. reached an agreement to acquire the tour operator Terra Nova Sól hf. on 19 December 2019.

Terra Nova Sól was part of TravelCo, which was established following the collapse of Primera Air, and it was acquired Arion Bank in June 2019. The acquisition was subject to the approval of the Icelandic Competition Authority, which has now been granted, and due diligence, which has now been completed. The conditions of the purchase agreement have therefore now been met.

Arion Bank’s Corporate Finance department advised the seller and Corporate Finance at Arctic Finance advised the buyer.