SKEL fjárfestingafélag hf.: Styrkás signs an agreement to acquire Hreinsitækni and HRT Þjónusta
Styrkás hf., a company 45.7% owned by SKEL, has today signed an agreement to acquire all shares in Hreinsitækni ehf., HRT þjónustu ehf., and related companies. The share purchase agreement is subject to customary conditions, including the approval of the Icelandic Competition Authority.
The Hreinsitækni group is a leading provider of environmental and infrastructure services for municipalities and businesses, with facilities and an equipment fleet in four regions of Iceland. The group employs approximately 150 people. Hreinsitækni’s 2024 revenue amounted to about ISK 5 billion, and its earnings before interest and taxes (EBIT) were approximately ISK 800 million. The enterprise value of the group in the transaction is about ISK 9.7 billion. The share purchase price amounts to approximately ISK 7 billion, of which 25% will be paid in cash and 75% will be paid through the issuance of new shares in Styrkás at a price of ISK 24.5 per share. Following the transaction, the shareholders of Hreinsitækni will own approximately 17.5% of Styrkás. The combined company’s equity value after the transaction will be about ISK 30 billion.
With the acquisition of Hreinsitækni, Styrkás will establish a fourth business segment focused on environmental and industrial services. The transaction creates opportunities to strengthen the Styrkás group’s service offering — particularly to heavy industry and municipalities — and to develop new revenue streams in infrastructure services. During the first nine months of the year, the Styrkás group recorded revenue of ISK 47 billion, EBIT of ISK 1.9 billion, and profit after tax of ISK 1.3 billion. The combined company’s annual revenue will therefore be nearly ISK 70 billion, with profit after tax exceeding ISK 2 billion.
Upon completion of the transaction, SKEL’s ownership in Styrkás is expected to be 37.7%. The value of SKEL’s stake, based on the agreed share price in the transaction, will be ISK 11.2 billion. According to a shareholders’ agreement among the largest shareholders, Styrkás shares are expected to be listed on the Nasdaq Iceland Main Market in 2027.
For further information contact Ásgeir Helgi Reykfjörð Gylfason
