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Walker wins Iceland race
Icelandic banks Landsbanki and Glitnir have helped Malcolm Walker beat private equity firms to exclusive talks to buy Iceland Foods, a deal that would value the retailer Walker founded at £1.55 billion.
The two banks are understood to be providing Walker with a £250 million. That has made his offer more valuable and edged out bids from Bain and BC Partners.
Chief executive Walker, who founded the company in 1970, owns 23 per cent of the frozen food retailer along with other managers, and has entered six weeks of exclusive talks to buy the remaining 77 per cent from the two banks.
One source said: “The reality is that Malcolm Walker could increase his price, and had fewer conditions attached to his offer than the private equity firms.”
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