Arion Bank sells Hekla

An agreement has been signed on the sale by Arion Bank of the Hekla car dealership to Friðbert Friðbertsson and Franz Jezorski.

Hekla was advertised for sale in an announcement from Arion Bank on 16 September 2010 and in subsequent advertisements. The Bank received 12 bids and five bidders were invited to participate in the sales process. On 27 December 2010 Arion Bank, in co-operation with Volkswagen, decided to enter into formal negotiations with the aforementioned parties. These negotiations have now been brought to completion by the signing of this agreement. The company has also completed its financial restructuring. The new owners are expected to take up the running of the business on 9 February.