The merger of two of Iceland's largest tourism companies, Iceland Travel and Allrahanda GL, which operates Gray Line Iceland, has been cancelled. The companies had announced in August that the two companies, which operate two of the largest bus and tour companies in Iceland, would merge and that Icelandair Group, which owns Iceland Travel, would own a 70% stake in the new company.
Read more: Major tourism merger as two of the largest bus companies to join forces
According to a statement from Icelandair Group the merger was cancelled after the company had completed its full financial and legal due diligence.
Read more: Some in tourism industry fear merger of bus companies will lead to monopoly
Some had feared that the merger of the two companies would lead to excessive concentration in the tourism market, potentially leading to a monopoly on key routes and markets.
The merger of two of Iceland's largest tourism companies, Iceland Travel and Allrahanda GL, which operates Gray Line Iceland, has been cancelled. The companies had announced in August that the two companies, which operate two of the largest bus and tour companies in Iceland, would merge and that Icelandair Group, which owns Iceland Travel, would own a 70% stake in the new company.
Read more: Major tourism merger as two of the largest bus companies to join forces
According to a statement from Icelandair Group the merger was cancelled after the company had completed its full financial and legal due diligence.
Read more: Some in tourism industry fear merger of bus companies will lead to monopoly
Some had feared that the merger of the two companies would lead to excessive concentration in the tourism market, potentially leading to a monopoly on key routes and markets.
