Brim becomes majority shareholder in HB Grandi

Fishing company Brim hf has undersigned a deal to buy a portion of fellow Icelandic company HB Grandi hf.

According to a company press release, minority shareholders Vogun hf and Fiskveiðihlutafélagið Venus hf sold all their shares in HB Grandi. Vogun owned 611 million shares (33.51 percent) in the seafood firm and Fiskveiðihlutafélagið Venus had nine million shares (0.5 percent). 

Icelandic newspaper Vidskiptabladid reported that HB Grandi Chairman Kristjan Loftsson is the primary owner of Vogun and sold more than 34 percent of his holding in the company. Halldór Teitsson, who also holds an HB Grandi board seat, sold the entirity of his 3.2 percent stake in the company.

The sale netted a total of ISK 21.7 billion (USD 215.5 million, EUR 176.1 million) for the sellers. The purchase price was ISK 35.00 (USD 0.35, EUR 0.28) per share, a 16 percent premium over the current per-share market value of HB Grandi of ISK 30.20 (USD 0.30, EUR 0.25).

The agreement will make Brim the largest shareholder of HB Grandi, with a 34.1 percent ownership stake.


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