Yes, this is an E2-type of elimination. The reactive conformation is that in which the two C-Br bonds are mutually trans, which sets them up for concerted elimination of Br2 via an anti, coplanar transition state. Iodide ion functions as a nucleophile to attack one of the bromine atoms, which at the time of reaction is polarized toward Br(delta+) [positive halogen, electrophilic; the leaving group is polarized toward Br(delta -)]. The dehalogenation reaction proceeds through a transition state analogous to that associated with concerted anti, coplanar E2 elimination. The products are the corresponding alkene, IBr [polarization I(delta +) Br(delta -)]and bromide ion.
For additional information see Goering, H. L.; Espy, H. H. J. Amer. Chem. Soc. 1955, 77. 5023-5026.
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