Sale of 60% shareholding in TM completed
Stodir reached an agreement earlier this year where a 60% shareholding in Tryggingamidstodin (TM) was sold to a group of Icelandic investors, pension funds and other institutional and private investors. The agreement was subject to a number of conditions, all of which have now been met. The transaction has now been completed and the 60% shareholding has been delivered in return for cash payment.
Among the conditions were the approval of the Icelandic Financial Supervisory Authority (FSA) and the Icelandic Competition Authority. One of the conditions was that certain unlisted assets would be transferred from TM to Stodir at a book value of ISK 4.6 billion. This meant that TM's equity, based on the balance sheet at the end of June 2012, was brought down to ISK 8.4 billion. The sale price of the 60% shareholding is ISK 6.7 billion, which implies that the full equity value of TM, after transferring unlisted assets worth ISK 4.6 billion to Stodir, was ISK 11.2 billion.
Stodir expects to sell its remaining 39.9% shareholding in TM in relation to the intended listing of TM shares on NASDAQ OMX Iceland, which is expected to take place next year.