BG12 and Klakki sell its holding in Bakkavör

An agreement has been reached on the sale of BG12 slhf's 46% shareholding in the UK company Bakkavör Group Ltd. The holding has been acquired by a company owned by US investment funds managed by the Baupost Group L.L.C and the brothers Ágúst Gudmundsson, CEO of Bakkavör Group, and Lýdur Gudmundsson, executive chairman of Bakkavör Group. The brothers previously owned 38% in Bakkavör Group. The sale value of the stake in BG12 is approximately £147 million. This puts the total value of the share capital of Bakkavör Group at around £320 million.

The main shareholders in BG12 are Arion Bank, the Pension Fund of Commerce (Lífeyrissjóður verzlunarmanna), Gildi – Pension Fund and several other pension funds and institutional investors. The United Pension Fund (Sameinaði lífeyrissjóðurinn) and a subsidiary of Klakki are also selling their 5% share in Bakkavör Group and the buyers undertake to submit bids for all outstanding shares in the company, approximately 11%, at the same terms.

This sale follows the sale process of Bakkavör Group Ltd which was managed by Barclays

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