SKEL Transaction Enhances Strategic Shareholder Base in Styrkás
SKEL Sells Equity Stake in Styrkás to Institutional Investors
SKEL fjárfestingafélag hf. has taken a significant step by signing purchase agreements with reputable domestic institutional investors. They are acquiring 153.9 million shares of Styrkás hf., which constitutes more than 15.4% of the company’s overall issued share capital. This substantial deal amounts to ISK 3,150 million, or ISK 20.47 per share, aligning perfectly with the book value of SKEL’s ownership in Styrkás as recorded at the close of 2024. The agreements are currently undergoing customary conditions and are expected to conclude shortly.
Insights into Styrkás and Its Operations
Styrkás operates as a service-oriented entity, focusing on sectors vital to business operations. The company’s subsidiaries function under several reputable brands, including Skeljungur for energy and chemicals, Klettur for equipment and machinery, and Stólpi for asset management. This diverse operational capability positions Styrkás as a key player in the Icelandic market landscape, catering specifically to corporate needs.
Key Investors in the Stake Sale
The buyers of this significant stake include notable entities such as VÍS tryggingar hf., Íslandssjóðir, Birta lífeyrissjóður, Íslenski lífeyrissjóðurinn, and Lífeyrissjóður starfsmanna ríkisins. In conjunction with this deal, Horn IV slhf., managed by Landsbréf, has facilitated a share transfer within Styrkás, moving its holdings into SÁ Horn slhf. This transition reflects broader investment strategies among major Icelandic institutional investors.
Post-Transaction Shareholder Dynamics
Upon completion of this transaction, Styrkás will expand its shareholder roster to 19 stakeholders. SKEL remains the largest shareholder with 47.9%, while SÁ Horn will hold 39.2%. Other significant shareholders include Máttarstólpi, managed by Ásgeir Þorláksson, holding 8.7%, alongside additional minority investors contributing another 4.2%. Notably, the book value of SKEL’s retained stake post-sale is ISK 9,819 million.
Future Outlook for SKEL
Previously, SKEL had outlined its intent to sell a portion of its stake in Styrkás during an investor presentation. This strategy aims at inviting cornerstone investors to fortify Styrkás’s shareholder ecosystem, facilitating a future public listing. SKEL’s long-term vision indicates a shift from majority ownership, with proceeds from this sale earmarked for reducing existing debt and bolstering the company’s equity position.
Leadership Perspectives
Ásgeir Helgi Reykfjörð Gylfason, CEO of SKEL, expressed significant optimism regarding this development:
“The inclusion of additional institutional investors into Styrkás’s shareholder group marks a pivotal milestone for the company. We have dedicated substantial efforts to diversify our shareholder base, and the new members represent some of the country’s most influential investors. Their participation is expected to enhance the strength of our operations, positioning Styrkás as a premier service provider that is well-equipped to support the anticipated infrastructure and industrial investments in Iceland.”
Advisory Support
The transactions were supported by professional expertise from ACRO verðbréf hf. and Beljandi lögmannsstofa, ensuring all activities adhered to regulatory guidelines and industry standards.
Contact Information
For further queries, you may contact Ásgeir Helgi Reykfjörð Gylfason, CEO via email: fjarfestar@skel.is.
Frequently Asked Questions
What percentage of Styrkás is being sold by SKEL?
SKEL is selling 15.4% of its equity stake in Styrkás.
How much is the total purchase price for the shares?
The total purchase price for the 153.9 million shares is ISK 3.15 billion.
Who are the main investors acquiring shares in Styrkás?
The main investors include VÍS tryggingar hf., Íslandssjóðir, Birta lífeyrissjóður, Íslenski lífeyrissjóðurinn, and Lífeyrissjóður starfsmanna ríkisins.
What will SKEL do with the proceeds from the sale?
SKEL plans to use the sale proceeds to reduce debt and strengthen its equity position.
What are the future plans for Styrkás?
Styrkás aims to enhance its operations and become a leading service provider in the corporate market while supporting upcoming investments in Iceland.
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