Merger of TFII slhf., Hringrásar ehf. and HP gáma ehf.

Through the merger, the investment fund TFII slhf., managed by Íslensk verðbréf, gains control of HP gámum ehf. and Hringrás ehf. The merger is likely to have an effect on the markets for the collection of recyclable materials and for waste treatment, respectively, where the companies operate. Prior to the merger, TFII slhf. was also the owner of Hreinsitæknis ehf. The shareholders of TFII slhf. are institutional investors and pension funds, who also hold a stake in another specialised venture capital fund that owns a majority stake in Terra umhverfisþjónusta hf., a competitor of the merger parties. Due to these competing ownership links resulting from the merger and the shareholdings of minority shareholders in TFII and an unrelated private equity fund, the Competition Authority considered it necessary to impose conditions on the merger to ensure the independence of HP Gámar ehf. and Hringrásar ehf. in the relevant markets. TFII Ltd. signed a settlement with the Competition Authority in this regard on 23 April. Furthermore, the Competition Authority sees no reason for further intervention in relation to the merger, as there is limited overlap in the competition law aspects of the merging parties' activities.