Today, Eik fasteignafélag hf. (“Eik” or the “Company”) has signed a purchase agreement for the acquisition of all share capital in Festing hf. The sellers are Blue Ocean B.V. og SMT Partners B.V. Festing’s properties in Iceland are approximately 43 thousand square meters in size across 12 properties and house the operations of Samskip hf. in Iceland. Lease agreements for the properties will be for 20 years from and including the delivery of Festing's share capital.
The Enterprise Value of Festing in the transaction is ISK 15,070 million, which is an ISK 230 million decrease from the previous announcement. It is planned that the acquisition will be largely financed with debt. Eik estimates that the effect on the Company's EBITDA will be in the range of ISK 1,130 – 1,140 million on an annual basis, based on the consumer price index for indexation in June 2025. The acquisition is subject to conditions, including the approval of the Competition Authority and other stakeholders.
"Festing's properties are an essential part of the societys infrastructure, and it is therefore pleasing that Eik and the sellers have reached an agreement with the signing of the purchase agreement. Samskip is and will be an essential part of Icelandic society, and we look forward to the collaboration for the foreseeable future. Eik fasteignafélag wants to invest with the business community, and we can hardly get closer to its core than with this transaction."
Advisors to Eik fasteignafélag in the transaction are Arctica Finance hf. Corporate Finance and Venture Legal ehf. Advisors to the sellers are Íslandsbanki Corporate Finance and LOGOS.
