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Icelandair Group reports fulfilment of all conditions for sale of Icelandair Hotels and related real estate to Berjaya.

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NORDIC BUSINESS REPORT-February 26, 2020-Icelandair Group reports fulfilment of all conditions for sale of Icelandair Hotels and related real estate to Berjaya

(C)2020 M2 COMMUNICATIONS http://www.m2.com

Icelandair Group hf (ICE:ICEAIR), an Icelandic travel industry corporation, announced on Tuesday that all conditions of the agreement between Icelandair Group and Berjaya Land Berhad (Berjaya), concerning Berjaya's acquisition of a 75% share in Icelandair Hotels and related real estate (the company), have now been fulfilled by both parties.

The purchase price of the 75% share of the company amounts to a total cash payment of USD55,3m and has been adjusted for the position of net debt and net working capital as of 31 December 2019.

Berjaya shall render to Icelandair Group a payment of USD20m on 28 February 2020, in addition to the USD15m already paid by Berjaya in December 2019. Therefore, on 28 February 2020, a total of USD35m, or approximately 63% of the total purchase price will have been transferred to the seller. The final payment of the purchase price, a total of USD20,3m, is due at completion which the parties have agreed will take...

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