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MarketScreener Homepage  >  Equities  >  NASDAQ OMX ICELAND  >  Kvika banki hf.    KVIKA   IS0000020469

KVIKA BANKI HF.

(KVIKA)
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Kvika banki hf.: Discussions on the merger of Kvika banki hf. and TM hf.

09/28/2020 | 06:20pm EST

Today the Board of Directors of Kvika banki and the Board of Directors of TM agreed to commence discussions on the merger of the two companies. Discussions are based on the premises that TM will become Kvika banki‘s subsidiary and that Lykill fjármögnun hf., TM‘s subsidiary, will merge with Kvika banki. It is also expected that TM‘s shareholders will receive a 55% share in the merged company in return for their shares in TM, based on the companies‘ issued share capital today.

Discussions will take place in the coming weeks as well as due diligence procedures. Since both companies are issuers of listed securities, and as such have an ongoing disclosure obligation, the due diligence process is not expected to take long. The forthcoming merger is subject to the approval of relevant supervisory authorities and shareholders of both companies.

The Board of Directors of the two companies believe that synergies in excess of ISK one billion a year, excluding transaction- and one off costs, is a realistic target. The largest part of synergies will result from lower funding costs.

The merged company will be financially strong and in a position to increase competition in the financial market. The companies have a large group of clients that will have access to the products and services of both companies.

© OMX, source OMX

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Financials
Sales 2019 7 080 M 54,8 M 54,8 M
Net income 2019 2 662 M 20,6 M 20,6 M
Net cash 2019 3 191 M 24,7 M 24,7 M
P/E ratio 2019 8,33x
Yield 2019 -
Capitalization 35 862 M 277 M 277 M
EV / Sales 2018 2,02x
EV / Sales 2019 2,46x
Nbr of Employees 148
Free-Float 73,1%
Chart KVIKA BANKI HF.
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Kvika banki hf. Technical Analysis Chart | KVIKA | IS0000020469 | MarketScreener
Income Statement Evolution
Managers and Directors
NameTitle
Marinó Örn Tryggvason Chief Executive Officer
Ragnar Páll Dyer Managing Director-Finance & Operations
Baldur Stefansson Managing Director-Finance
Inga Björg Hjaltadóttir Independent Director
Hrönn Sveinsdóttir Independent Director
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