The Resolution Committee of Landsbanki Islands hf. has engaged UBS and Bank of America Merrill Lynch (BoAML) to act as financial advisors for strategy and management of Landsbanki‘s equity position in Iceland Foods.

One of the first tasks of the financial advisors will be to provide the Resolution Committee with an assessment and outlook on the options with regards to the management of the stake in Iceland Foods, which will include, among other things, a recommendation for or against  a sale at the present time.

UBS and BoAML both have extensive experience in mergers and acquisition advisory work, specifically on the sales and divestments-side. They have expert knowledge of the UK and European food retail sector, extensive investor reach and knowledge as well as strong acquisition financing capabilities. As each firm has its own unique strengths with capabilities complementary to one another, Resolution Committee believes there is additional benefit to be derived by engaging both firms.  The joint appointment is consistent with market practice, especially given both the significance of the Iceland Foods’ position and complexity of a potential sales process.

Both BoAML and UBS will work closely with Resolution Committee and coordinate responsibilities under their respective engagements. The members of the Resolution Committee are confident that these engagements will provide highly valuable assistance to their management of the Iceland Foods stake.

The Resolution Committee will make further statements as and when there is a significant development to announce.