Klakki

Klakki signs an agreement regarding the sale of Lykill fjármögnun hf.

10.10 2019

As announced on July 21 2019, Klakki ehf. has been in exclusive negotiations with Tryggingamiðstöðin hf. (TM) in order to acquire Lykill fjármögnun hf. (Lykill). These negotiations concluded today with the signing of a sale purchase agreement to acquire 100% stake in Lykill.

The sale price is ISK 9,250 million which will be paid in cash in addition to a payment equal to the amount of distributable after-tax-profit of Lykill for the operating year of 2019. Total equity of Lykill amounted to ISK 11,688 million at the end of June 2019. The sale price equals P/B of 0.82 based on estimated total equity at year end 2019.

The transaction is subject to the approvals of shareholders, the Financial Supervisory Authority and the Competition Authority. If the transaction goes through, Lykill is expected to become a part of the TM Group entity at the end of year 2019.

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