The merger of Skagi hf. and Íslensk verðbréf hf

• Get document
• Case number: 20/2024
• Date: 3/7/2024
• Company:
  • Íslensk verðbréf hf.
  • Skagi hf.
• Sectors:
  • Financial services
• Policy Area:
  • Mergers
• Summary

  With this decision, in accordance with Article 17 of the Icelandic competition law, the Icelandic Competition Authority (ICA) has completed its assessment of the merger between Skagi hf. and Íslensk verðbréf hf. (ÍV). The conclusion of ICA‘s merger investigation is that the merger will not lead to the creation or strengthening of market dominance or significantly impede effective competition in other ways in any of the relevant markets.

  The merger mainly affects asset management and market trading. The increase in concentration resulting from the merger in these markets is not of a magnitude that justifies intervention. In this regard, it is inter alia necessary to take into account that various competitors possessing considerable market power operate in the respective markets, including the three largest Icelandic commercial banks and Kvika banki hf. (a smaller bank that has a strong position in asset management). Overall, no indications were found that could give rise to intervention on the basis of any theory of harm. The ICA's investigation into the merger has therefore concluded without intervention, as stated in the decision. A satisfactory merger notification was received by the ICA on June 4, 2024, so the first day of the statutory procedural time frame for merger cases was June 5, 2024.