Kvika banki hf. ("Kvika" or "the bank") and Landsbankinn hf. signed a purchase agreement today, in which Landsbankinn hf. purchases 100% of TM tryggingar hf. ("TM") shares.
Due diligence review has been completed and the purchase agreement is signed with standard conditions of approval from The Financial Supervisory Authority of the Central Bank of Iceland and the Competition Authority.
The purchase price according to the purchase agreement is ISK 28.6 billion and Landsbankinn hf. will pay for the share capital in cash. The purchase price is based on TM's balance sheet at the end of 2023. The final purchase price will be adjusted for changes in TM's tangible equity from the beginning of the year 2024 to the completion date, and the amount of the change will be added to or subtracted from the price according to the purchase agreement.
Please note that this notice is a disclosure of inside information per article 17 of regulation (EU) No 596/2014 on market abuse ("MAR"), which is implemented into Icelandic law with the act on measures against market abuse No 60/2021.
For further information please contact Magnús Þór Gylfason, Director of Communications and Stakeholder Relations, at magnus.gylfason@kvika.is
