# Festi hf. acquires 85% of Íslenskri Orkumiðlun for ISK 722.5 million

Festi hf. has signed an agreement to acquire all shares in Íslenskri Orkumiðlun ehf. (ÍOM), an electricity retailer in Iceland. Festi already owned 15% and will pay ISK 722.5 million for the remaining 85%, valuing ÍOM at ISK 850 million. The acquisition will integrate ÍOM's operations under Festi's N1 fuel and energy brand.

- Type: Acquisition
- Announced: 2020-06-04
- Where: Iceland
- Status: announced
- Products: electricity retail
- Sectors: [Power Generation Equipment](https://endata.com/sectors/power-generation-equipment.md)

## Companies

- [N1](https://endata.com/companies/15395.md) (partner)
- [Festi hf.](https://endata.com/companies/47686.md) (acquirer)
- [Íslenskri Orkumiðlun ehf.](https://endata.com/companies/47687.md) (target)

## Sources

- [vatnsidnadur.net](https://vatnsidnadur.net/2020/06/04/33817/), 2020-06-04: "N1 er orkusali Festi samstæðunnar og mun starfsemi Íslenskrar Orkumiðlunar færast undir N1."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.