Kvika banki — M&A Activity 2021

Mar 9, 2021

Kvika banki hf.: Conditioned approval by FME for the merger of Kvika, TM and Lykill

Kvika banki hf.: Conditioned approval by FME for the merger of Kvika, TM and Lykill

On 23 February 2021 Kvika banki hf. (“Kvika”) disclosed that Kvika, TM hf. (“TM”) and Lykill fjármögnun hf. (“Lykill”) had signed a merger plan for the companies. On 26 February 2021 it was further disclosed that two out of four provisos in the merger agreement of the companies from 25 November 2020 had been satisfied. Remaining provisos being the approval of the Financial Supervisory Authority of the Central Bank of Iceland (“FME”) for the merger and approval of the companies’ shareholders.

Today, 9 March 2021, FME notified Kvika, TM and Lykill that the Financial Supervision Committee had discussed the application for approval of the companies’ merger. It is the conclusion of the Committee that the merger will be approved provided that the merger process will be completed in accordance with provisions of the Act on Public Limited Companies.

Shareholders’ meetings will be held in each of Kvika, TM and Lykill on 30 March 2021, where the merger of the companies is on the agenda, cf. meeting notifications published on 8 March 2021.