The acquisition of Lykill fjármögnun hf by Tryggingamiðstöðin hf

The Competition Authority has been reviewing the acquisition of Lykill fjármögnun hf. by Tryggingamiðstöðin hf. The merger filing states that TM's main activity consists of non-life insurance and financial operations, as well as life insurance operations through its subsidiary, Líftryggingamiðstöðin hf. The company's purpose, according to its articles of association, is to engage in any type of insurance other than life insurance, including reinsurance, as well as ancillary activities permitted by law. It states that Lykill is a lending company that provides asset-backed financing and funds the purchase of cars, machinery and equipment for individuals and businesses. The purpose of Lykill, according to its articles of association, is asset leasing, lending activities and other financial services. Following its investigation, the Competition Authority has concluded that the merger of TM and Lykill will not result in the creation or strengthening of a dominant position, nor will it otherwise significantly distort competition. For these reasons, the Authority concludes that there are no grounds to take action regarding this merger.