Landsbankinn hf. proposed to acquire TM tryggingar hf. from Kvika banki hf.

(ICSE:KVIKA) for ISK 28.6 billion on March 17, 2024. The consideration consists of ISK 28.6 billion in cash. As part of the consideration, ISK 28600 million was paid towards common equity.

The transaction is subject to approval from The Financial Supervisory Authority of the Central Bank of Iceland and the Competition Authority. The Board of Directors of Kvika has with its advisors evaluated the offers received and subsequently decided to accept an offer from Landsbankinn hf. with the aim to complete a confirmatory due diligence review, and sign a purchase agreement.