Vodafone Iceland to sell passive mobile infrastructure; divests Faroese unit Hey

1 Apr 2021

Icelandic telecoms/media company Syn (Vodafone Iceland) has signed agreements relating to the sale and leaseback of passive mobile infrastructure to international investors for a profit of over ISK6 billion (USD47 million). The terms assume a long-term lease agreement which will guarantee Syn’s access to the passive mobile infrastructure, while all active mobile equipment will be owned and operated by it. The agreements are subject to approval of the Icelandic Competition Authority, as well as other closing conditions.

Elsewhere, Syn has inked an agreement for the sale of its entire 49.9% share in its Faroese associate Hey (formerly branded as Vodafone) for DKK52.5 million (USD8.27 million). The transaction is subject to conditions and is expected to close in Q2 2021. The current service agreement between Syn and Hey will remain in place after the sale. Hey is 50.1% owned by Tjaldur (a Faroese industrial holding company) and 49.9% owned by Syn. Prior to a merger completed on 1 January 2019 Syn owned 100% of Hey.

Faroe Islands, Iceland, Hey (Faroe Islands), Vodafone Iceland (Syn)