Hagar to acquire Faroese company SMS in major retail deal

Hagar, a prominent Icelandic retail company, is set to acquire the entirety of the shares in the Faroese company SMS, which operates one of the largest shopping centers in the Faroe Islands. SMS manages several retail outlets, including eight Bónus stores, four smaller convenience shops, and the significant Miklagarður store located in Tórshavn.

The estimated purchase price for this acquisition is approximately 467 million Danish kroner, equivalent to 9.3 billion Icelandic kroner. Following this announcement, Hagar’s shares on the Icelandic Stock Exchange have seen an increase of 3.5% so far today, with the disclosure of the planned share purchase occurring just before market opening this morning.