BLIH sold to Erna Gísladóttir

Miðengi (a subsidiary of Íslandsbanki) and leasing companies SP Fjármögnun and Lýsing have completed the sale of BLIH, a holding company, to a company owned by Erna Gísladóttir. Íslandsbanki acted as advisor to the seller. The advisor to the buyer was Deloitte Financial.

BLIH, the parent company of car dealerships Ingvar Helgason and B&L, was put up for sale on 31 August this year. The sales process was open to all interested parties who fulfilled the criteria of being professional investors under the Securities Transactions Act (no. 108/2007) or alternatively of possessing sufficient knowledge and experience, as well as meeting requirements of equity holdings. Following negotiations with five potential investors formal negotiations were started with Erna Gísladóttir, resulting in the signing of the aforementioned contract. The sale is subject to the final approval of the Icelandic Competition Authority, as well as the respective foreign car manufacturers BLIH is a proxy for.

Creditors founded BLIH ltd. in February 2011 to manage its holdings in car dealership companies Ingvar Helgason and B&L. The two companies are well known in Iceland, and together represent nine automobile manufacturers - Nissan, Subaru, Hyundai, BMW, Landrover, Renault, Opel, ISUZU and Irisbus.