The purchase has not yet gone through, Ardian are saying they cannot continue without changes to the agreement, I believe this is due to some requirements by the anti-monopoly authorities [0].

Míla is the company being sold, it was spun out of the national monopoly a long time ago to provide base layer services to all operators equally but was initially (and still mostly, I'm hazy on the details) owned by the old monopoly. The old monopoly has also been privatized a long time ago but has significant competition.

I agree selling the infrastructure part to PE is almost 100% guaranteed to give bad results for the nation. It's like people never stopped to look at what the typical PE playbook is. But I guess it's harder to stop when everything is privatized already and in the hands of very many shareholders, each of them acting in their own short-term best interest.

Source: I'm Icelandic.

[0] (in Icelandic) https://www.mbl.is/vidskipti/frettir/2022/07/17/ardian_saett...