Festi hf: Festi acquisition of all shares in Lyfja hf. - Conciliation talks begin with the Icelandic Competition Authority.
April 15, 2024 at 11:58 am EDT
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Published: 2024-04-15 17:51:30 CEST
Festi hf.
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Festi hf: Festi acquisition of all shares in Lyfja hf. - Conciliation talks begin with the Icelandic Competition Authority.
The Icelandic Competition Authority has agreed to Festi's request to start conciliation talks on possible remedies associated with Festi's acquisition of all shares in Lyfja hf. The conciliation talks are expected to start this week.
Reference is made to Festi's announcement, published on the 18th of March 2024, regarding the preliminary conclusions in the Icelandic Competition Authority's investigation into the competitive effects of Festi's purchase on the entire share capital of Lyfja hf. It is stated therein that the merger will, based on the current state of the investigation, require intervention by the Icelandic Competition Authority.
In Festi's announcement, published on the 26th of March 2024, it was reported that the company had submitted a response to the Icelandic Competition Authority's preliminary conclusions where Festi's arguments and proposals for remedies were presented. The response formally requested a conciliation talks with the Icelandic Competition Authority on possible remedies associated with the acquisition. The Competition Authority has now agreed to Festi's request regarding the matter.
Further information about the progress of the conciliation talks will be provided when applicable.
For further information, please contact Ásta S. Fjeldsted, CEO of Festi (asta@festi.is) and Magnús Kr. Ingason, CFO of Festi (mki@festi.is).
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Festi hf, formerly N1 hf, is an Iceland-based retail and service company. It provides fuel, supplies, refreshments and recreational products through its distribution system. It offers targeted product range and business, aviation and marine services. It operates a chain of stores, and service and vehicle maintenance stations. It is divided in two segments: Fuel and Other goods. It sells jet and aviation fuel at the Keflavik and Reykjavik airports, as well as provides aviation operating goods, such as lubricants for propellers and hydraulic system oils. Additionally, it operates marine service stations and provides fuel, lubrication and operational products to vessels located in the north Atlantic. It also supplies contractors, food companies and farmers with a range of goods, such as hand tools, work clothing, chemicals, cleaning products, spare parts and tires. Its network comprises over 100 outlets: service areas, shops, and petrol and vehicle maintenance stations.