Stodir sells 60% share in TM
Stodir has reached an agreement today where 60% shareholding in Tryggingamidstodin (TM) is sold to a group of Icelandic investors, pension funds and other institutional and private investors. The agreement is subject to conditions, among others the approval of the Icelandic Financial Supervisory Authority (FSA) and the Icelandic Competition Authority. The transaction is expected to be completed within a few months. Stodir expects to sell its remaining 39% shareholding in TM in relation to the intended listing of TM shares at NASDAQ OMX Iceland, which is expected to take place early next year.