U.S. Markets close in 4 hrs 13 mins

The Icelandic State acquires Landsvirkjun’s shares in Farice and Neydarlinan

Landsvirkjun and the Icelandic State have signed an agreement whereas Landsvirkjun transfers its 33.2% share in Farice and 7.9% share in Neydarlinan ohf. to the Icelandic State. The value of the shares in Farice and Neydarlinan is about EUR 9.2 million and ISK 12.5 million respectively.

Farice ehf. was founded in 2002 and operates the Farice and Danice submarine data cables. Following the transfer Farice will be fully owned by the Icelandic State. Neydarlinan ohf. operates 112, the National Emergency Number. It also operates the Icelandic Maritime service and the National Tetra Telecommunication Service. Following the transfer the Icelandic State will hold 81.5% of the shares in Neydarlinan.

The assets and transfer of the shares have negligible effect on the balance sheet and operations of Landsvirkjun.

Landsvirkjun is owned by the Icelandic State. The company generates about 70% of all electricity used in Iceland from 100% renewable energy sources, hydro, geothermal and wind. The company operates eighteen power stations; fifteen hydropower stations and three geothermal power stations, as well as two wind turbines.

Reykjavik, Iceland, 9 April 2019

Further information:
Magnús Þór Gylfason
Director of Corporate Communications
+354 515 9000