SKEL fjárfestingafélag hf.: Styrkás signs an agreement to acquire Hreinsitækni and HRT Þjónusta

Core Points - Styrkás hf. has signed an agreement to acquire all shares in Hreinsitækni ehf., HRT þjónustu ehf., and related companies, subject to approval from the Icelandic Competition Authority [1] - The Hreinsitækni group is a leading provider of environmental and infrastructure services in Iceland, with projected 2024 revenue of approximately ISK 5 billion and EBIT of around ISK 800 million [2] - The enterprise value of the Hreinsitækni group in the transaction is about ISK 9.7 billion, with a share purchase price of approximately ISK 7 billion, 25% of which will be paid in cash and 75% through new shares in Styrkás [2] - Post-transaction, shareholders of Hreinsitækni will own about 17.5% of Styrkás, and the combined company's equity value will be around ISK 30 billion [2] - The acquisition will establish a fourth business segment for Styrkás focused on environmental and industrial services, enhancing service offerings to heavy industry and municipalities [3] - Styrkás recorded revenue of ISK 47 billion, EBIT of ISK 1.9 billion, and profit after tax of ISK 1.3 billion in the first nine months of the year, leading to a projected annual revenue of nearly ISK 70 billion and profit after tax exceeding ISK 2 billion post-acquisition [3] - SKEL's ownership in Styrkás is expected to decrease to 37.7% after the transaction, with the value of SKEL's stake estimated at ISK 11.2 billion based on the agreed share price [4] - Styrkás shares are anticipated to be listed on the Nasdaq Iceland Main Market in 2027 according to a shareholders' agreement among the largest shareholders [4]