Arion Bank advances Blikastaðaland sale; bids value deal at ISK 14 billion-16 billion

• Arion Bank has moved Blikastaðaland into a second-round sale process following initial bids valuing the business at ISK 14-16 billion.
• Indicative terms call for about two-thirds of the price in cash at closing, with the remainder paid in later stages.
• Bids remain conditional, with no binding commitment and no certainty the process will result in a transaction.
• Second phase is targeted for completion before year-end, subject to external factors.
• Blikastaðaland was carried at about ISK 7.5 billion in the first-half interim financial statements.

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