All conditions fulfilled in relation to Horn 3,500,000,000 ISK investment in Styrkás
It was announced on 4 July that Horn IV slhf., a private equity fund managed by Landsbréf hf. (“Horn”) and SKEL fjárfestingafélag hf. (“SKEL”) had signed a subscription agreement for new equity in Styrkás, the parent company of Skeljungur and Klettur. Horn commited to the subscription of equity worth 3,500,000.000 ISK equaling 29.54% of issued shares in the company. The price and number of shares in this transaction is based on a valuation of Styrkás before the issuance of new shares whereas total assets are worth 8,350,000,000 ISK and the Enterprise Value is 11,200,000,000 ISK. The agreement was subject to the results of due diligence and the approval of the Icelandic Competition Authorities.
The legal, tax and financial due diligence have concluded. The Competition Authority has also confirmed that it will not take any further action regarding the transaction. All conditions of the subscription agreement are therefore fulfilled. The parties estimate that the transaction will be finalized with payment of purchase price and delivery of shares before end of month.
Ásmundur Tryggvason has been appointed CEO of Styrkás. Previously, Ásmundur was the Managing Director of Corporate and Investment banking at Íslandsbanki for almost five years. Prior to that he was the Head of Corporate Finance for seven years. He has also been a board member of various companies, such as Síminn, Lýsing and VÍS.
Ásmundur Tryggvason, Styrkás CEO:
"With the increase in share capital, Styrkás is in a great position to realize the shareholders' vision of establishing a leading service company in the Corporate Market that has the capacity to provide services in relation to the foreseeable investment in infrastructure. Styrkás will build on the group's strong foundations with internal and external growth in the fields of energy and chemical products, industrial solutions, equipment management, waste and recycling services, heavy machinery and equipment management. Today, Styrkás consists of Skeljungur and Klettur, which are leading companies in their fields. At the same time, it is a great opportunity for the company to have Horn in the shareholder group, which has achieved excellent results in its investments through their active involvement as a shareholder. "
For further information please contact Ásgeir Helgi Reykfjörð Gylfason, CEO fjarfestar@skel.is
