Iceland has been sold

The resolution committee of Old Landsbanki in Iceland has sold the bank’s entire stake in UK retail chain Iceland Foods.

The buyer is Oswestry Acquico, and is a company owned by Iceland Foods’ current top management and other investors.

Among the owners is the company’s founder and chairman Malcolm Walker, who had the facility to buy the company if he could match the highest outside bid; which he managed to do.

The sales value of Iceland Foods based on overall assets value is said to be around GBP 1.5 billion, according to Old Landsbanki.

The bank owned 67 percent in Iceland Foods – currently among the better-performing names on the British high street. The price for 67 percent of the company is therefore around GBP one billion – or ISK 200 billion, RÚV reported.

The money will be used to help refund priority claimants in the bankruptcy estate of the bank – most notably the British and Dutch governments, after they refunded savers with Icesave accounts.