Two of Iceland's largest tour bus operators, Iceland Travel and Gray Line, have announced a merger. The merged companies will have a strong position in the tourism market in both Iceland and Greenland.
Iceland Travel is one of the largest tour and bus operators in Iceland, along with Gray Line, which operates a major bus service between Reykjavík and Keflavík Airport, the Airport Express.
Strengthens the position of Icelandair
Iceland Travel and Gray Line have worked together successfully for years, specializing in different segments of the tourist sector. The companies will continue to operate under the two different brands. According to a statement from the companies the merger will create attractive opportunities for customers, as the option of selecting from an increased variety of services in a single place makes it easier for tourists to plan their trips in a simple and economic manner.
The merger will greatly strengthen the position of Icelandair as a major force in the Icelandic tourism industry. Iceland Travel is fully owned by Icelandair Group. Gray Line is owned by the founders of the company, as well as an investment fund operated by one of the three large Icelandic banks, Íslandsbanki. The majority shareholder in Íslandsbanki is the Icelandic state.
After the merger 70% of the shares in the merged company will be owned by Icelandair Group, while the owners of Gray Line will own 30%. The merger will have to be approved by regulatory authorities, including the antitrust regulator.
Two of Iceland's largest tour bus operators, Iceland Travel and Gray Line, have announced a merger. The merged companies will have a strong position in the tourism market in both Iceland and Greenland.
Iceland Travel is one of the largest tour and bus operators in Iceland, along with Gray Line, which operates a major bus service between Reykjavík and Keflavík Airport, the Airport Express.
Strengthens the position of Icelandair
Iceland Travel and Gray Line have worked together successfully for years, specializing in different segments of the tourist sector. The companies will continue to operate under the two different brands. According to a statement from the companies the merger will create attractive opportunities for customers, as the option of selecting from an increased variety of services in a single place makes it easier for tourists to plan their trips in a simple and economic manner.
The merger will greatly strengthen the position of Icelandair as a major force in the Icelandic tourism industry. Iceland Travel is fully owned by Icelandair Group. Gray Line is owned by the founders of the company, as well as an investment fund operated by one of the three large Icelandic banks, Íslandsbanki. The majority shareholder in Íslandsbanki is the Icelandic state.
After the merger 70% of the shares in the merged company will be owned by Icelandair Group, while the owners of Gray Line will own 30%. The merger will have to be approved by regulatory authorities, including the antitrust regulator.
