Iceland-based Tryggingamiðstöðin hf. completed its acquisition of Lykill fjármögnun hf. for 9.25 billion Icelandic kronur.
The insurer agreed to acquire Lykill from Klakki ehf. in October 2019. The company also agreed to make a payment equal to Lykill's distributable after-tax-profit for the 2019 operating year as part of the transaction.
Tryggingamiðstöðin shareholders and regulatory authorities approved the acquisition in late 2019.
Lykill's operations will be relocated to Tryggingamiðstöðin's headquarters before the end of February.
BBA // Fjeldco, Deloitte and KPMG were advisers to Tryggingamiðstöðin in the transaction.
As of Jan. 6, US$1 was equivalent to 122.75 Icelandic kronur.