Merger of Horn III slhf.‘s subsidiary, PAC1501 ehf., and Reykjavík Sightseeing Invest ehf.

The Icelandic Competition Authority (ICA) has reviewed the merger of PAC1501 ehf., a subsidiary of Horn III slhf., and Reykjavík Sightseeing Invest ehf. Reykjavík Sightseeing Invest ehf. operates in the market of selling tours to tourists in Iceland. Horn III slhf. is a private equity fund that invests in equity and other financial agreements. The fund is operated by Landsbréf hf., a subsidiary of Landsbankinn hf. The ICA‘s investigation has shown that the merger does not create a dominant position nor strengthens such a position in the relevant market, although remedies have been imposed, in cooperation with the merging parties, that are intended to secure the independence of the aforementioned undertakings toward Landsbankinn hf. The remedies prohibit the merging parties to give confidential information to shareholders who own shares in more than one competitor in the relevant market. After investigating the merger the ICA has concluded that the remedies imposed will solve the problems relating to competition that would otherwise have materialised following the merger.