07. October 2016
American asset management company Pt Capital Advisors has reached an agreement with Novator for the acquisition of all share capital in Nova. The agreement is subject to the conventional provisos, but both buyer and seller are optimistic that the change of ownership will be effected in the months to come. The purchase price is confidential. Kvika banki oversaw the sale process on behalf of the seller.
Nova formally began operations in December 2007 and immediately made its mark on the telecom market with a new business model that emphasised free calls within its network. At the beginning, the focus was on inexpensive voice calling and 3G mobile phones, but with the spread of smart phones, increased emphasis was placed on mobile data services. In April 2013, Nova was the first telephone company in Iceland to offer 4G service, which triggered enormous growth, and by year-end 2015 Nova was the largest mobile phone company in Iceland.
Pt Capital Advisors is a subsidiary of Pt Capital. The Anchorage, Alaska-based company focuses on investments in the Arctic region. Companies within the Pt group invest in opportunities in Alaska, northern Canada, Greenland, and Iceland. Nova is Pt Capital Advisors' first investment in Iceland.