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Merger of FAST-1 slhf. and HTO ehf.

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  • Case number: 21/2014
  • Date: 9/7/2014
  • Company:
    • FAST-1 slhf.
    • HTO ehf.
  • Sectors:
    • Specialist service and other services
  • Policy Area:
    • Mergers
  • Summary

    The Icelandic Competition Authority (ICA) has examined the merger of FAST-1 slhf. and HTO ehf. The companies operate in the market for the leasing of commercial real estate, the largest asset of the merged entity is the office tower at Höfðatún 2 in Reykjavík, which is the largest office building in Reykjavík. The largest shareholders of FAST-1 slhf. are Iceland‘s largest pension funds, the undertaking has an operations contract with Íslandssjóðir hf. an asset and fund management undertaking which is owned by Íslandsbanki; one of the three largest banks in Iceland. The case was concluded with a settlement between the parties of the merger and the ICA involved certain remedies that among other are supposed to guarantee that FAST-1 slhf. will continue to be an independent competitor in the market for leasing of commercial real estate in Iceland.