Icelandair Group to divest tour operator following hotel sale

Icelandair Group is to sell its tour operator subsidiary Iceland Travel, as part of the continuing concentration on its flight operations activities. The wholly-owned subsidiary had been classified, along with hotel firm Icelandair Hotels, as an asset held for sale in 2019. Icelandair Group sold a 75% share in the hotel operation to Berjaya Property Ireland and closed the transaction, with a profit of $15.4m, in April last year. The company says it has “decided to initiate” the process to sell Iceland Travel. “During the sales process, the objective will be to maximise the value of the company, while at the same time preserving the interests of Icelandic tourism, the company’s employees and other stakeholders,” it states.<br/>