Letter of intent concerning
the sale of Twin Otters
Friday 09. May 2008 15:53
Air Iceland and Fridrik Adolfsson have signed a letter of intent concerning the sale of Air Iceland’s Twin Otter aeroplanes. Saga Capital Investment Bank advised Air Iceland on the transaction.
Fridrik Adolfsson signed the letter in the name of several investors, Nordanflug among others. Mr. Adolfsson is currently the sales manager of Air Iceland’s Charter Department and has been managing the Twin Otter’s charter projects in Greenland. He will leave his job at Air Iceland and turn entirely to this operation.
Over the next couple of days contracts will be finalized and a due diligence review completed. It is the aim of the parties to complete the transaction before the end of the month so the new operators can take over the business from June 1. The purchasing price is confidential.
The sale is for two Twin Otter aeroplanes, related maintenance services in Akureyri, as well as contracts for scheduled flights from Akureyri to Vopnafjordur, Thorshofn and Grimsey, and for chartered flights, mainly in Greenland. Approximately twenty people work on the Twin Otter planes in Akureyri, mainly flight mechanics and pilots.
More on Saga Capital's Corporate Finance.
Fridrik Adolfsson signed the letter in the name of several investors, Nordanflug among others. Mr. Adolfsson is currently the sales manager of Air Iceland’s Charter Department and has been managing the Twin Otter’s charter projects in Greenland. He will leave his job at Air Iceland and turn entirely to this operation.
Over the next couple of days contracts will be finalized and a due diligence review completed. It is the aim of the parties to complete the transaction before the end of the month so the new operators can take over the business from June 1. The purchasing price is confidential.
The sale is for two Twin Otter aeroplanes, related maintenance services in Akureyri, as well as contracts for scheduled flights from Akureyri to Vopnafjordur, Thorshofn and Grimsey, and for chartered flights, mainly in Greenland. Approximately twenty people work on the Twin Otter planes in Akureyri, mainly flight mechanics and pilots.
More on Saga Capital's Corporate Finance.