Hömlur fyrirtæki ehf., a subsidiary of Landsbankinn, offers for sale a 35% shareholding in hotel franchise Keahótel ehf. The sale process will be in accordance with Landsbankinn’s Policy on the Sale of Assets and is open to all investors who qualify to participate, i.e. as regards financial standing.

Keahótel is one of the largest hotel chains in Iceland. It incorporates ten hotels with 940 rooms and locations in Reykjavík, Akureyri, Grímsnes, Vík and Siglufjörður.

Interested parties are invited to contact Landsbankinn Corporate Finance by emailing keahotels@landsbankinn.is. A teaser, confidentiality declaration, investor information form and other terms of the sale along with an assessment of conflict of interest are provided under related documents.

Qualifying investors who have signed the confidentiality declaration will receive an invitation to access a virtual data room containing more detailed information and can submit bids based on that documentation. Bids must be submitted on a standardised form and comply with the terms set out on the form.

Offer forms are available from the coordinator of the sale process, Landsbankinn Corporate Finance. The deadline to submit offers expires at 16:00, Wednesday 20 December 2023.

Further details of the sale process and arrangements

Information disclosure in connection with the sale process is twofold. Firstly, information will be made available to the public on Landsbankinn’s website. Secondly, investors who have submitted a confidentiality declaration and satisfy an eligibility assessment will receive access to a virtual data room. The data room will contain a detailed information memorandum with key information on Keahótel and other documentation.

The seller reserves the right to accept all or any bids which it receives and is also authorised to reject any or all bids. This applies to offers in whole or in part, and without regard to their price. Decisions on bids need not be based on specific grounds and the seller is not obligated to divulge any information to that effect.

The seller reserves the right to alter, cancel or postpone the sale process at any time without giving specific grounds. The seller shall not be obliged to compensate an investor for any loss or cost which the investor may incur in connection with participation in the sale process, due to its cancellation or postponement.

Conflict of interest

Landsbankinn has analysed potential conflicts of interest in this sale and has taken measures to limit these as far as possible.

• Hömlur fyrirtæki ehf., a subsidiary of Landsbankinn, is the owner of the shares in Keahótel ehf. which are offered for sale and the coordinator of the sales process is Landsbankinn Corporate Finance. Investors are advised to seek independent council.
• Landsbankinn Corporate Banking is a creditor of Keahótel. Landsbankinn Corporate Banking may possess more detailed information on the operations of the company than have been disclosed to its shareholders. Corporate Banking is a separate division from Corporate Finance in Landsbankinn, in accordance with the Bank's Policy on Conflict of Interest, cf. section 3 of regulation (EC) No. 2017/565, as regards organisational requirements and operating conditions for investment firms.
• One independent Director of the Board of Keahótel ehf. is nominated by Hömlur fyrirtæki ehf.
• Landsbankinn Corporate Banking is a lender to other companies in the travel sector.