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Kaupskil acquires Iceland government stake in Arion banki

Kaupthing ehf unit Kaupskil ehf. has purchased the Icelandic government's 13% stake in Arion banki hf. for 23.5 billion Icelandic krona.

Arion banki also acquired 9.5% of its own shares from Kaupskil, later than the Feb. 21 settlement date. The delay in the settlement led to a change in the price of the buyback, in accordance with the terms of the agreement between Kaupskil and Iceland. The previous repurchase price was 90.087 krona per share, which translated to a total of 17.1 billion krona.

A total of 24 Icelandic investment funds have joined as shareholders in Arion banki, with a total shareholding of 2.54%.

As of Feb. 27, US$1 was equivalent to 100.42 Icelandic krona.