Announcement of results of share placing
Arion Bank hf. (“Arion Bank”) and Kaupthing ehf. (“Kaupthing”) announce today the results of a private placement of shares in Arion Bank owned via Kaupthing’s wholly-owned subsidiary, Kaupskil ehf.
The buyers are a number of funds managed by four domestic fund management companies along with two of the existing international shareholders, Trinity Investments DAC (managed by Attestor Capital LLP) and Goldman Sachs.
The total size of the transaction is 5.34% of the issued shares in Arion Bank. Domestic funds acquire 2.54% and the existing shareholders 2.8%.
Paul Copley, CEO of Kaupthing:
”We are delighted that this milestone of the sale of over 5% stake in Arion Bank has been achieved, which advances our continuing efforts to realise our remaining asset portfolio.
With this transaction a number of domestic funds owned by numerous Icelanders become new shareholders of Arion. I look forward to working with these parties as we continue preparations to realise the remainder of our stake in Arion.“
Höskuldur H. Ólafsson, CEO of Arion Bank:
“It is positive that the shareholder base of Arion Bank is evolving, becoming broader and that Icelandic investors are coming on board. Two of the current shareholders are underlining their belief in the Bank by increasing their shareholdings. This investment in the Bank shows confidence in the work that has taken place at Arion Bank to develop the business. The Bank is financially robust and occupies a strong position on its markets.”
Kaupþing was advised by Kvika, Logos and White & Case.