The Competition Authority received a notification regarding a merger concerning the acquisition of Iceland Travel ehf. (hereinafter „Iceland Travel“) by Nordic Visitor hf. (hereinafter „Nordic Visitor“) on the one hand, and the acquisition of Nordic Visitor by AU1 ehf. (hereinafter „AU 1“) on the other. Here you can find the merger document of the companies, from which confidential information has been removed.
Nordic Visitor is a limited company operating in domestic and international markets for tour operators arranging organised tours to Northern Europe, including Iceland, the other Nordic countries, Svalbard and the British Isles. Nordic Visitor owns all the shares in the private limited company Terra Nova ehf. (hereinafter „Terra Nova“). Terra Nova is a private limited company operating in domestic and international markets for travel agencies that organise tours for European resellers to Iceland, Norway and Finland. Terra Nova also sells tours directly to consumers under the brand name Iceland Tours. However, Terra Nova's main business is the sale of organised tours to resellers.
Iceland Travel is a private limited company operating in the domestic and international market for tour operators, arranging organised tours for international resellers to Iceland and Greenland. Iceland Travel also sells tours directly to consumers. Its main business is the sale of organised tours to resellers.
AU 1 is a holding company owned 100% by the Umbreytingar private equity fund (hereinafter „Umbreyting“). AU 1 has not conducted any operations since its establishment and does not hold any shares in other companies. Umbreyting is a private equity fund that focuses on transformation projects. The company invests in the equity of businesses and is owned by institutional and private investors. Alfa is both the operating partner and the manager of Umbreyting, as well as serving as its Managing Director.
In accordance with Article 17(c) of the Competition Act No. 44/2005, the investigation by the Competition Authority focuses on whether the merger of the companies hinders effective competition by creating or strengthening a dominant position, or otherwise significantly distorts competition, such that the merger requires potential intervention.
The Competition Authority hereby invites comments and views from all interested parties and others who may wish to comment on the merger, such as its potential positive or negative effects on competition in the travel and tourism sector.
Comments are requested by email to samkeppni@samkeppni.is within two weeks or by 23 July at the latest.
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