The Competition Authority sees no reason to take action regarding Nýja Kaupþings banki hf.'s acquisition of shares in Exista Properties ehf. and real estate from Landic Íslands ehf.

On 16 January, the Competition Authority received a short notice regarding the merger of Nýja Kaupþings banki hf.  and Exista Properties ehf. and the purchase of certain real estate assets of Landic Íslands ehf. in accordance with the provisions of Article 17a of the Competition Act no. 44/2005. The Competition Authority has concluded that the acquisition constitutes a merger within the meaning of Article 17 of the Competition Act and that the merger is subject to the merger control of Article 17a of the Act, as the turnover thresholds are met. The notification then fulfilled the conditions of the Competition Act and regulations. No. 684/2008 of a merger notification, but as the companies do not operate in the same markets, they were permitted to submit a short notification in accordance with Article 17(a), paragraph 6 of the Competition Act on mergers. The Competition Authority's investigations do not indicate that the merger will distort competition, and the Authority will therefore not take further action regarding the merger under section 17c of the Competition Act.

Decision No. 2/2009.