Arion Bank sells 10-11

An agreement has been reached on the sale of Rekstrarfélag Tíu-ellefu ehf. from Eignabjarg ehf., a subsidiary of Arion Bank, to a company owned by Árni Pétur Jónsson.

With an announcement from Arion Bank on 28 April 2011 and in an advertisement published subsequently, Rekstrarfélag Tíu-ellefu was put up for sale. Following an introduction of the company, the submission of bids from interested investors was requested and on that ground it was decided to enter into formal negotiations with the aforementioned party, which had the most favorable bid. These negotiations have now been completed by the signing of an agreement regarding Árni Pétur Jónsson’s acquisition of Rekstrarfélag Tíu-ellefu. The new owner is expected to take control of the business before the end of this month.