Purchase of HTO ehf. by FAST-1 slhf.

The Competition Authority has been reviewing the merger of FAST-1 slhf. and HTO ehf. The companies are engaged in the leasing of commercial property; the main asset of the combined company is the tower and its extension at Höfðatún 2 in Reykjavík. The company is not considered to be dominant, but its property portfolio comprises approximately 55,000 square metres. The largest shareholders of FAST-1 slhf. are the country's largest pension funds, and the company has an operating agreement with Íslandssjóðir hf., a subsidiary of Íslandsbanki hf. The case was concluded with a settlement between the Competition Authority and the merging parties, in which they agreed that the merger would be subject to certain conditions, intended, among other things, to ensure the independence of FAST-1 slhf. as a competitor in the market for the leasing of commercial property.