The Resolution Committee of Icelandic bank, Landsbanki, is planning to sell frozen food chain, Iceland Foods, The Telegraph reports. The deal, which is estimated to be valued at about £1.5 billion, is expected to be completed in 10 months.
The committee, which owns about 67% of the privately-owned supermarket, will appoint advisors to run the sale process. The founder and current head of Iceland Foods, Malcolm Walker, who holds a 24% stake in the company, may bid for the committee’s stake.
Click here for the story from The Telegraph.