SKEL fjárfestingafélag hf.: SKEL sells 15.4% equity stake in Styrkás for ISK 3.15 billion to institutional investors

SKEL has signed purchase agreements with a group of domestic institutional investors for their acquisition of 153.9 million shares in Styrkás hf., representing just over 15.4% of the company’s issued share capital. The total purchase price of the shares is ISK 3,150 million, equivalent to ISK 20.47 per share. The sale price is equal to the book value of SKEL’s stake in Styrkás as of December 31, 2024. The purchase agreements are subject to customary conditions, which are expected to be finalized next week.

Styrkás is a service company catering to the business sector. Its subsidiaries operate in the fields of energy and chemicals under the Skeljungur brand, equipment and machinery under the Klettur brand, and asset management under the Stólpi brand.

The buyers of the shares in Styrkás are VÍS tryggingar hf., Íslandssjóðir, Birta lífeyrissjóður (“Birta”), Íslenski lífeyrissjóðurinn, and Lífeyrissjóður starfsmanna ríkisins (“LSR”). In parallel with the transaction, Horn IV slhf., a professional investor fund managed by Landsbréf, has transferred its shares in Styrkás hf. between funds, into SÁ Horn slhf. (“SÁ Horn”). The investments and ownership of LSR, Birta, and Íslenski lífeyrissjóðurinn in Styrkás will likewise be held through SÁ Horn.

Following the transaction, Styrkás will have 19 shareholders. The largest shareholder is SKEL fjárfestingafélag hf. with 47.9%, followed by SÁ Horn with 39.2%, Máttarstólpi, the holding company of Ásgeir Þorláksson, with 8.7%, and others with 4.2%. The book value of SKEL’s remaining stake in Styrkás after the transaction is ISK 9,819 million.

SKEL had previously presented the planned sale of its stake in Styrkás to investors during an investor presentation in February. The presentation outlined SKEL’s goal of bringing cornerstone investors into the shareholder group of Styrkás in advance of a public listing and stated that SKEL did not intend to remain a majority owner in the long term. The proceeds from the sale will be used to reduce debt and strengthen SKEL’s equity position.

Ásgeir Helgi Reykfjörð Gylfason, CEO of SKEL:

“The entry of additional institutional investors into Styrkás’s shareholder group is a major milestone for the company. We have worked hard to broaden the shareholder base. The parties now joining the group of shareholders are among the most influential investors in the country, and we are very pleased to have them join us in strengthening the company and making it a leading service provider in the corporate market with the capacity to support the upcoming infrastructure and industry investments in Iceland.”

Advisors were ACRO verðbréf hf. and Beljandi lögmannsstofa.

For further information, contact Ásgeir Helgi Reykfjörð Gylfason, CEO fjarfestar@skel.is