Nordic Visitor hf. has acquired Terra Nova Sól hf. from Arion Bank's subsidiary to strengthen its market position and improve service offerings in Iceland's travel industry.

Target Company Information

Nordic Visitor hf. has acquired the travel agency Terra Nova Sól hf. from a subsidiary of Arion Bank. Terra Nova was previously part of TravelCo hf., which emerged following the bankruptcy of Primera Air. The acquisition is subject to the outcome of a due diligence assessment and the approval of competition authorities. The terms of the purchase remain confidential.

Asberg Jónsson, CEO of Nordic Visitor, stated, “Terra Nova is a well-established company built on strong human resources, robust business relationships, and decades of experience in providing travel services to Iceland.” Both Terra Nova and Nordic Visitor operate in different market segments, presenting an opportunity for collaboration rather than consolidation.

Industry Overview in Iceland

The Icelandic travel sector has endured significant challenges in recent years, particularly following the collapse of major airlines such as Primera