PT Capital to buy Icelandic mobile operator Nova

14 October 2016 | James Pearce


Alaska-based investment firm PT Capital Advisors is set to acquire Icelandic mobile operator Nova for an undisclosed fee, according to reports.

The Alaska Journal of Commerce claims the deal, which will see PT buy all of Novator’s shares in the mobile business, is likely to be finalised in the next few months. 

No fee has been revealed by either company, but local reports claim it is valued at around 15 billion krona, which equates to about $130 million U.S. dollars.

Nova has around 150,000 mobile customers, giving it a market share of around 36%, neck-and-neck with Siminn (Iceland Telecom) as the leader in that market.

"Our investment is potentially the largest in Iceland since the 2009 crash," Pt Capital Advisors’ founder and CEO Hugh Short was cited by the Journal as saying, adding: "There is a lot of experience our team brings in the telecommunications business here that will help grow the company."