Merger of Skaga hf. and Íslenskra verðbréfa hf.

With this decision, the Competition Authority has assessed the merger of Skaga hf. and Íslensk verðbréf hf. in accordance with the provisions of Article 17 of the Competition Act. The conclusion of the Authority's investigation into the merger is that there are no indications that it will lead to the creation or strengthening of a dominant position, or that the merger will otherwise significantly distort competition, in accordance with Article 17(c) of the Competition Act.

The effects of the merger are mainly felt in the asset management and market making services markets. The increase in concentration resulting from the merger in these markets is not of a magnitude that would justify intervention. In this regard, it should be noted, among other things, that several strong competitors operate in the relevant markets, including the three major commercial banks and Kvika banki hf. Furthermore, no other indications have emerged that would provide grounds for intervention under competition law. The Competition Authority's investigation into the merger has therefore concluded without intervention, as stated in the decision.

The merger notification from the merging parties was received by the Competition Authority on 4 June 2024, and the statutory deadlines began to run on 5 June 2024.