Icelandair Group to divest tour operator adhering to lodge sale | News

Icelandair Group is to promote its tour operator subsidiary Iceland Journey, as aspect of the continuing concentration on its flight functions activities.

The wholly-owned subsidiary experienced been classified, together with lodge firm Icelandair Resorts, as an asset held for sale in 2019.

Icelandair Team bought a 75% share in the hotel procedure to Berjaya Assets Eire and shut the transaction, with a gain of $15.4 million, in April last 12 months.

The corporation states it has “decided to initiate” the procedure to offer Iceland Journey.

“During the revenue method, the goal will be to maximise the price of the enterprise, though at the identical time preserving the interests of Icelandic tourism, the company’s personnel and other stakeholders,” it states.

Icelandair Group claims the subsidiary will “continue to provide a critical role” in featuring expert services to tourists in Iceland as the pandemic disaster commences to recede and vacation need returns.

“There will be a require for improved effectiveness in the Icelandic tourism current market and there are opportunities for Iceland Journey to be in a main purpose as a extensive provider company for visitors,” it adds.

Icelandair Team has recruited economical firm Islandsbanki to serve as advisor. The group’s tourism providers subsidiaries in 2019 created revenues of $168 million and a web earnings of $2.1 million.