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2024-06-14 15:14:42 CEST 2024-06-14 15:14:42 CEST REGULATED INFORMATION Festi hf. - Other information disclosed according to the rules of the ExchangeFesti hf: Festi and the Icelandic Competition Authority reach a settlement regarding the acquisition of LyfjaFesti and the Icelandic Competition Authority (the “ICA”) have signed a settlement regarding Festi’s acquisition of all shares in Lyfja hf. Thus, the merger has been approved by the ICA. The settlement provides for remedies that will effectively preserve and promote active competition in the markets affected by the merger and remove the competitive obstacles that the merger would otherwise have caused according to the ICA’s preliminary conclusions. Thereby, the ICA’s has concluded its investigation of the merger.
As a result of the settlement, the merger can now come into effect, thus, Festi will now be authorized to take over the operation of Lyfja hf. and subsidiaries. The next few weeks will be used by Festi, as buyer, and SID ehf., as seller, to prepare the delivery of Lyfja hf. and subsidiaries and the payment of the purchase price, which is anticipated to take place early in July 2024. Further information about the progress of the acquisition will be provided when applicable. Ásta S. Fjeldsted, CEO of Festi: “We are very pleased to have reached this important milestone of reaching a settlement with the Icelandic Competition Authority regarding Festi’s acquisition of Lyfja. There are great opportunities for the integration of services across companies within Festi as well as the availability of a wider range of products at affordable prices for our customers all over the country. There is also a clear consensus among the companies on factors such as increased convenience in services, e.g. online shopping and home deliveries, competitive prices and preventive health care. We are extremely excited to finally get to know the powerful group of employees behind Lyfja and discuss the opportunities ahead.” For further information, please contact Ásta S. Fjeldsted, CEO of Festi (asta@festi.is). |
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