SKEL fjárfestingafélag hf.: The Competition Authority approves the merger of Orkan and Samkaup

Reference is made to press releases dated May 22, June 3, and June 16, 2025, which stated that certain conditions under the share purchase agreement had been fulfilled in relation to Orkan IS ehf.’s (“Orkan”) acquisition of shares in Samkaup hf. (“Samkaup”).

The remaining condition for the transaction was that the Icelandic Competition Authority approved that the transaction does not constitute a merger that should be annulled or made subject to conditions under Article 17 of the Competition Act No. 44/2005.

The Competition Authority has now completed its investigation. In its review, it considered information in the merger notification, available documents, previous investigations, and also sought opinions from market participants, consumers, and other stakeholders during the consultation process. According to the Authority’s assessment, the evidence and information in the case do not indicate that a dominant market position will be created or strengthened, nor that competition will otherwise be significantly impeded. The Authority therefore finds no grounds for further investigation or intervention, and the case has been concluded at the first phase.

All conditions of Orkan’s share purchase agreements with Samkaup shareholders have now been satisfied, and the transaction is expected to be settled on Friday, July 18.

Further details regarding the merger, the strategic vision of the combined company, and the path toward a listing on a regulated securities market will be outlined in SKEL’s Q2 investor presentation.

For further information, please contact Ásgeir Helgi Reykfjörð Gylfason,