Storytel AB (publ) (OM:STORY B) agreed to acquire 70% stake in Forlagid Ehf. from Mál og menning Literary Society and others on July 1, 2020. The consideration will be paid in cash. Post completion, Mál og menning Literary Society will hold 30% stake in Forlagid Ehf. For the year ended December 31, 2019, Forlagid reported total turnover of €8 million and EBITDA of €0.46 million. The closing is subject to approval from the Icelandic Competition Authority. Forlagid will continue to operate independently from Storytel Iceland's streaming operations on the local market and pursue the Storytel's work to develop new and existing authorships. As of July 6, 2020 the transaction is currently under review by the Competition Authority, and the Icelandic Writer’s Union (RSÍ) says it is worried about “even more power imbalances in the book market,” as the country’s largest book publishing company and audiobook publisher will be owned by the same party. Storytel AB (publ) (OM:STORY B) cancelled the acquisition of 70% stake in Forlagid Ehf. from Mál og menning Literary Society and others on December 21, 2020. Storytel Iceland and Forlagið have today decided instead on an alternative solution by an agreement to enter into a multi-year distribution agreement.