Festi — M&A Activity 2024

Mar 26, 2024

Festi hf: Festi acquisition of all shares in Lyfja hf. - Request for conciliation talks with the Icelandic Competition Authority.

Festi hf: Festi acquisition of all shares in Lyfja hf. - Request for conciliation talks with the Icelandic Competition Authority.

Reference is made to Festi’s announcement, published on the 18th of March 2024, regarding the preliminary conclusions in the Icelandic Competition Authority’s investigation into the competitive effects of Festi’s purchase on the entire share capital of Lyfja hf. It is stated therein that the merger will, based on the current state of the investigation, require intervention by the Icelandic Competition Authority.

Festi has now submitted a response to the Icelandic Competition Authority‘s preliminary conclusions where Festi‘s arguments and proposals for remedies are presented. The response formally requests a conciliation talks with the Icelandic Competition Authority on possible remedies associated with the aquisition. Festi‘s request is now under evaluation by the Icelandic Competition Authority.

Accordingly, the Competition Authority’s deadline for investigating the competitive effects of the purchase has been extended by fifteen working days, or until the 23rd of May 2024.

Further information about the progress of the matter will be provided when applicable.

For further information, please contact Ásta S. Fjeldsted, CEO of Festi (asta@festi.is) and Magnús Kr. Ingason, CFO of Festi (mki@festi.is).