The airline Norwegian sells all its shares in Bank Norwegian

Illustration: The Bank Norwegian app on mobile.Photo: Gorm Kallestad / NTB scanpix

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The airline Norwegian sells all its shares in Bank Norwegian. The price is just over NOK 2.2 billion.

The buyer is Cidron Xingu Limited, which is indirectly controlled by the Nordic Capital Fund and Sampo, says a stock exchange announcement.

The shares are priced at NOK 68 per share, which is 15.4 % higher than the closing price on the Oslo Stock Exchange on 16th August.

The sale of NOFI (Norwegian Finans Holding, ed.) is part of Norwegian’s strategy to strengthen its core business in aviation and to focus on the transition from growth to profitability, says Geir Karlsen, CEO of Norwegian Air Shuttle in the stock exchange announcement.

He adds that cooperation between the airline and the bank will continue even if the airline does not own shares in NOFI.

Just over 18.5 million of the shares – which makes up about 10 % of the total – have been sold through an agreement that is expected to be completed on August 26th. The remaining 7.5 % will change owner once the regulators have given their approval.

© NTB Scanpix / #Norway Today

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