Asset description

  • Reykjavik Excursions is the leading tour operator in Iceland
  • The company offers a wide range of tours and services such as Day tours, Flybus and Blue Lagoon transportation and carries over one million passengers each year
  • Operates a car rental company under the Enterprise franchise, the largest car rental company in the world
  • Turnover of ISK 5bn (2014) and is growing fast in line with the rapid growth in tourism


  • Icora’s role

  • Icora advised the seller on its disposal of 35% stake in the company and refinancing
  • Carried out a detailed valuation of the business and its potential to underpin the valuation discussions with the buyer
  • Worked with management to put together a comprehensive company and market profile to support the sale
  • Advised on the company ́s capital structure and assisted in securing favorable deal financing from banks
  • Advised and participated in the negotiations on deal terms
  • Provided commercial input in drafting of all deal documents



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