Acquisition by Samherji hf. of ESTIA ehf.

The Icelandic Competition Authority („ICA“) has examined the acquisition by Samherji hf., of ESTIA ehf., a holding company that owns the majority of the shares in Slippurinn Akureyri ehf, the largest shipyard in Iceland. The transaction will lead to Samherji‘s control over Slippurinn Akureyri. Samherji is one of the largest companies in the Icelandic fishing industry. The transaction will lead to a vertical integration as Samherji will have control over both a large fleet of fishing vessels and the largest shipyard in Iceland. ICA‘s opinion is that an equal access of all fishing vessels to the shipyard is important for the seafood industry. Negotiation with Samherji has lead to a settlement between the ICA and Samherji. The settlement is intended to secure an equal access of fishing vessels to the shipyard. It is ICA‘s opinion that this will neutralise the potential negative competitive influence that may have occured following the acquisition.