In June 2019 Arion Bank acquired all shares in TravelCo hf. and its subsidiaries following the enforcement of pledges. Sólbjarg is the holding company of TravelCo.

TravelCo was established following the collapse of Primera Air ehf. and Primera Travel Group hf. and owns and runs tour operators in Scandinavia and Iceland. This enforcement primarily represents a change in ownership and does not affect the daily operations or services of the tour operators.

Arion Bank is in the process of divesting all of the Bank's shareholding in TravelCo and the company is therefore classified as held for sale in accordance with IFRS 5. At year-end 2019 Arion Bank signed a sales and purchase agreement for the sale of a subsidiary of Sólbjarg ehf., Terra Nova Sól ehf. The sale has not been finalized and is subject to an approval from the Icelandic Competition Authority.