SKEL fjárfestingafélag hf. Completes Merger with Samkaup
SKEL fjárfestingafélag hf. has successfully completed its acquisition of shares in Samkaup hf., marking a significant milestone in its growth strategy. This merger has been in the works for some time, with prior announcements detailing the fulfillment of specific conditions linked to the purchase agreement involving Orkan IS ehf. Today, both Samkaup and Atlaga ehf. (previously known as Heimkaup) have been formally merged, solidifying the new structure within the market.
Acquisition Details and Shareholder Implications
As part of the merger process, Orkan finalized its share purchase agreement by providing the former shareholders of Samkaup with a substantial number of shares—582,548,510—to form a 28.7% equity stake in Drangar hf., in exchange for a claimed 98.6% shareholding in Samkaup. This transaction not only reflects the strength of the new entity but also offers remaining shareholders of Samkaup an opportunity to liquidate their shares under the same favorable terms.
Future Actions by Drangar
In addition to acquiring the shares of Samkaup, Drangar has taken ownership of Orkan and Lyfjaval as subsidiaries. The merger positions Drangar as the parent company overseeing these entities, focusing on capitalizing on their growth potential. The board of Drangar is comprised of experienced professionals, including Jón Ásgeir Jóhannesson as Chairman and Auður Daníelsdóttir serving as CEO.
Shareholding Structure and Financial Overview
Currently, the primary shareholders of Drangar include SKEL fjárfestingafélag hf. with a dominating 68.3% stake, followed by Kaupfélag Suðurnesja at 15.0% and others like Birta Pension Fund and Festa Pension Fund. This diversified shareholding structure is expected to drive innovation and operational efficiencies within the group.
Financial Performance and Projections
In the last fiscal year, the revenues for the merged companies reached around ISK 75 billion. The equity value of Drangar as part of this transaction aligns at ISK 19.3 billion, indicating robust financial health. The enterprise value, absent of lease liabilities, stands at an estimated ISK 27.3 billion, projecting a strong foundation for future operational expansions.
Operational Enhancements Post-Merger
Following the clearance of the merger by the Icelandic Competition Authority, attention has turned to refining Samkaup’s operations. Efforts are underway to boost operational efficiencies and optimize procurement processes, closely following the established strategic plans. These developments are a priority for Drangar as it integrates its subsidiaries.
Upcoming Activities and Future Listings
Anticipating growth opportunities, Drangar plans to increase its share capital later this year. With Íslandsbanki helming the lead management for this offering, the stage is set for investor roadshows that are anticipated to commence in September. The share offering, valued at ISK 2 billion, enjoys full backing from Íslandsbanki.
Conclusion and Next Steps
The shareholders of Drangar are looking to take significant steps toward listing the entity on a regulated market, expected to occur before the end of 2027. This move will bring enhanced visibility and potentially excite investor interest as Drangar expands its footprint in the market.
Further insights regarding the transaction and Drangar’s future plans will be shared at SKEL’s upcoming H1 2025 financial presentation.
For more inquiries, you can reach out to Ásgeir Helgi Reykfjörð Gylfason, CEO of SKEL fjárfestingafélag hf., via email at fjarfestar@skel.is.
Frequently Asked Questions
What is the significance of SKEL's merger with Samkaup?
The merger enhances SKEL's market position and expands its operational capabilities through consolidation of resources.
Who are the main shareholders of Drangar hf.?
The major stakeholders include SKEL fjárfestingafélag hf. holding 68.3%, along with Kaupfélag Suðurnesja and others.
What are the planned financial moves following the merger?
Drangar is planning to increase its share capital and conduct investor roadshows to attract funding.
When is Drangar expected to be listed?
The goal is to list Drangar hf. on a regulated market before the end of 2027.
Who should I contact for more information?
For any queries, reach out to Ásgeir Helgi Reykfjörð Gylfason, CEO of SKEL via email.
