Icelandair Group and tour specialist Nordic Visitor have reached a heads-of-terms agreement over the sale of the group’s entire shareholding in tour operator Iceland Travel.
The company, which wholly-owns Iceland Travel, disclosed earlier this year that it would divest the division as part of its focus on core flight operations.
Icelandair Group says the proposed transaction remains subject to reaching final terms, as well as due diligence and regulatory considerations.
“Significant interest was expressed in the possible acquisition of the company,” says the group.
Iceland Travel, it says, will continue to play “a key role” in offering services to tourists in the country under new ownership.
Terms of the preliminary agreement have not been disclosed.
Islandsbanki is the acting advisor to Icelandair Group while Nordic Visitor is being advised by Arctica Finance.
Icelandair Group’s divestment of non-core operations has included selling its hotel division.