Decistion no. 7/2014 The merger of Bekei hf. and Bakkinn vöruhóteli ehf., ELKO ehf., EXPO Kópavogi ehf., ISP á Íslandi ehf., Kaupási ehf. along with several real estates owned by Smáragarður ehf.

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• Case number: 07/2014
• Date: 1/4/2014
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• Summary

  The Competition Authority has reviewed the acquisition by SF V slhf., a venture capital fund, and its subsidiary Bekei (later named Festi hf.) of several companies owned by Norvik hf. Bekei is planed to be the parent company of the purchased companies who are Bakkinn warehouse ehf., ELKO ehf., EXPO Kópavogur ehf., ISP in Iceland ehf., Kaupás ehf. og two unlisted holding companies for several real estates owned by Smáragarður ehf. The acquisition of the companies by SF V constitutes a merger within the meaning of article 17 of the Competition Act. SF V is a special purpose entity that was founded to manage the shares of the purchased companies and the shareholders of SF V are mostly Icelandic pension funds. SF V has an operations contract with Stefnir hf., an asset and fund management company, and owned by Arion banki one of the three largest banks in Iceland. The case was concluded with a settlement between the parties of the merger and the Authority that involved certain remedies that among other are supposed to guaranty that the purchased companies will continue to be independent competitors in the relavant markets they operate.