Merger of FAST-1 slhf. and HTO ehf.

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.