SKEL fjárfestingafélag hf.: Announcement from SKEL
15 October 2024 - 3:01AM
UK Regulatory
SKEL fjárfestingafélag hf.: Announcement from SKEL
The EFTA Surveillance Authority (ESA) conducted an inspection
today at SKEL fjárfestingafélag hf ("SKEL") following its decision
to examine the activities of Lyfjaval ehf. ("Lyfjaval"). Companies
are legally required to comply with inspections mandated by the ESA
in accordance with Article 20, paragraph 4, of Chapter 4 of the
Protocol to the Agreement of the EFTA regarding the establishment
of a supervisory body and court.
Lyfjaval is owned by Heimkaup ehf., which is 81% owned by SKEL
and its related companies. According to the ESA's decision, this
investigation is part of a inquiry into potential market
segmentation in the retail pharmaceutical market, specifically
concerning traditional pharmacies and drive-through pharmacies.
Allegations suggest that Lyfjaval has closed a traditional pharmacy
in Mjódd to focus on operating a drive-through pharmacy.
SKEL estimates Lyfjaval's market share to be approximately 10%.
SKEL partially acquired Lyfjaval on June 25, 2021, and completed
the purchase on March 29, 2023. SKEL and its affiliates own and
operate seven pharmacies, five of which are drive-through
pharmacies. Notably, all drive-through pharmacies also function as
traditional pharmacies with customer access. Since 2022, three new
pharmacies have been opened.
The ESA's inquiry includes the transaction in which Lyfjaval
sold commercial premises in Mjódd to Lyf og Heilsa, under an
agreement dated April 26, 2022. The Competition Authority was
separately notified of this transaction and subsequently closed the
case with decision no. 1/2023 on March 2, 2023. This decision was
appealed to the Competition Appeals Committee, which ruled on
August 9, 2023.
SKEL and Lyfjaval are committed to cooperating with the
investigation and have provided the ESA with the requested
information. SKEL has no reason to believe that any competition
laws have been violated in Lyfjaval's operations.
For more information, please contact Ásgeir Helgi Reykfjörður,
CEO of SKEL, at fjarfestar@skel.is.
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