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

April 9, 2019
Bjarni Benediktsson, Minister of Finance and Economic Affairs, and Hörður Arnarson, Landsvirkjun's CEO, sign the agreement.

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.

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