Rapyd Financial Network (2016) Ltd. entered into an agreement to acquire VALITOR HF from Arion banki hf. (ICSE:ARION) for $100 million on July 1, 2021. As a part of the transaction, Valitor hf.

team will join Rapyd Financial Network (2016) Ltd. The transaction is expected to close by the end of 2021 and is subject to regulatory approval. As of December 31, 2021, the agreement is subject to the approval of the Icelandic Competition Authority and completion is extended until May 1, 2022. As of April 28, 2022 the agreement has extended till June 1, 2022.

The transaction will have a positive impact on Arion banki hf. financially. Macquarie Capital (Australia) Limited acted as financial advisor and Logos Slf.

and Jonsson & Hall Law Firm acted as legal advisors to Arion banki hf. Gornitzky & Co. and BBA Fjeldco ehf.

acted as legal advisors and PricewaterhouseCoopers Transaction Services United Kingdom and Jakob Ásmundsson acted as financial advisors to Rapyd Financial Network (2016) Ltd. As of April 28, 2022. Arion Bank receives additional $10 million. Icelandic Competition Authority has approved Rapyd's agreement with Arion Bank to acquire Valitor.

The agreement, which had been extended until 10 June 2022, has therefore been extended until 1 July 2022.