Kvika banki hf. (ICSE:KVIKA) agreed to acquire TM hf. (ICSE:TM) for ISK 34.9 billion on November 25, 2020. Under the terms of the transaction, Kvika will issue 2.5 billion shares to TM shareholders which will result in TM shareholders receiving 54.4% stake in Kvika. Pursuant to the deal, Marin? ?rn Tryggvason will be the Chief Executive Officer of Kvika while Sigur?ur Vi?arsson will be the Chief Executive Officer of TM. Kvika's Finance and Operations division will be divided into two divisions following the merger. Ragnar P?ll Dyer will be Managing Director of Finance while ?l?f J?nsd?ttir, currently Chief Executive Officer of Lykill, will commence work for Kvika as Managing Director of its Operations and Development Division. The acquisition is subject to the approval of the Financial Supervisory Authority, the Competition Authority, the shareholders of both TM and Kvika, the Financial Supervisory Authority granting Kvika approval to own a qualifying holding in TM tryggingar hf., TM l?ftryggingar hf. and ?slensk endurtrygging hf, and that the transfer of TM's insurance portfolio to TM tryggingar has been carried out in accordance with the merging parties' existing proposals. As of February 26, 2021, Financial Supervisory Authority of the Central Bank of Iceland came to the conclusion that Kvika qualified as holder in TM tryggingar hf., TM l?ftryggingar hf. and ?slensk endurtrygging hf. As of February 26, 2021, the Competition Authority concluded that it would not intervene in any way with the merger of the three companies. The transaction was approved by the Board of Directors of both TM and Kvika. The shareholders? meeting of Kvika banki hf. will be held on Tuesday, March 30, 2021. As of March 30, 2021, shareholders of Kvika banki hf. approved the deal. The deal is expected to complete on the first quarter of 2021. Kvika banki hf. (ICSE:KVIKA) completed the acquisition of TM hf. (ICSE:TM) in end of March 2021. Under the terms of agreement, the payment was made by issuance of new share capital at end of March 2021.