The purchase by Búseta Housing Co-operative of flats owned by Heimstaden ehf

The Competition Authority has been reviewing Búseta's purchase of flats owned by Heimstaden.

Búseti is a housing co-operative and purchased properties from Heimstaden by purchase agreements dated 27 July and 31 August 2023.

The merger notification states that the notifier considers that Búseti and Heimstaden operate in the same service market, with regard to the activities of Búseti's subsidiary, Leigufélag Búseta. The market concerned is therefore the market for the rental of general purpose residential properties. Regarding the geographical market, Búseti does not consider it necessary to define the market more narrowly than the capital region, at a minimum.

 The Competition Authority agrees that this transaction constitutes a merger within the meaning of Article 17 and Article 17a of the Competition Act No. 44/2005, which entails a change in control and is subject to notification requirements. The Competition Authority has no objections to the merging parties' market definition in the merger notification. In the Competition Authority's view, there is nothing in the available evidence to suggest that the position of Leigufélag Búseta has changed significantly.

 The Competition Authority therefore concludes that nothing in the case file indicates that a dominant position will be created or strengthened in the relevant market, or that the acquisition will otherwise significantly distort competition to the extent that intervention is required. For these reasons, the Competition Authority sees no reason to take further action regarding the merger and is therefore concluding the Phase I investigation.