Merger of Ísafold Capital Partners hf., IC 1 ehf. and Steinsteypunar ehf.

The Competition Authority took a position on the merger of IC 1 ehf. and Steinsteypunar ehf. IC 1 is a holding company wholly owned by MF3 hf., which is a participation fund managed by Ísafold Capital Partners hf. II slhf.

Öryggisgirðingar was established in 2003 and the registered purpose of Steinsteypan is, among other things, the operation of a concrete plant, the production and sale of concrete and related products, and the operation of vehicles belonging to the company's business.

The companies therefore operate in different markets, but in the opinion of the Competition Authority, nothing has emerged during the investigation of the case that gives cause to define the markets in question in a different way than the merging parties have considered and as has been done in previous decisions of the Competition Authority. As there is no overlap in the activities of the merging parties or companies in their group, nor is the acquirer taking over the activities of a company that produces and/or sells inputs for the other's activities, this is neither a horizontal nor a vertical merger. It is therefore clear that the investment and acquisition by IC 1 of Steinsteypan constitutes a merger by consolidation within the competition law context.