Tómas Magnús Þórhallsson

Practice area
  • Commercial and Company     law
  • Litigation
  • Administrative law
  • Mergers and Acquisitions

  • District Court Attorney, 2012
  • University of Reykjavík, Mag. jur., 2011

Icelandic English
Recent cases
Horn IV slhf. acquires 45% shareholding in REA ehf.

Horn IV slhf., an ISK 15bn private equity fund operated by Landsbref hf., has acquired a 45% shareholding in REA ehf., which is the sole shareholder of the Icelandic ground handling companies Airport Associates and SouthAir, which both play an important role in the operations of Keflavik international airport. As a result of the investment, Horn IV slhf. will be the largest shareholder of REA ehf. The acquisition is subject to approval from the Icelandic competition authorities. BBA//Fjeldco acted for Horn IV slhf. in the transaction.

Alvotech completes USD 70 million private placement.

BBA//Fjeldco provided legal advice to biosimilar pharmaceutical company Alvotech in their private placement offering and issuance of convertible bonds amounting to approximately USD 70,000,000. Among the subscribers where large investors such as the pension funds in Iceland. This was a complex multi-jurisdictional transaction that involved an entity incorporated under Luxembourg law and cooperation of several legal advisera across borders.

BBA\\Fjeldco provided legal advice to Rotovia hf. with regards to the acquisition of the roto moulding activities of Berry Global Inc.

BBA//Fjeldco acted as legal adviser to Rotovia hf., with respect to an acquisition of the rotational molding activities of Berry Global Inc., global manufacturer and marketer of plastic packaging products. Rotovia hf. is an entity owned by private equity funds Freyja (managed by Kvika eignastyring hf.) and SIA IV (managed by Arion Bank hf.) and key management. Among the aspects of the transactions BBA//Fjeldco advised on were the Share Purchase Agreement with Berry Global Inc., and the Facility Agreement with Private Debt II (a senior fund managed by Capital Four). This was a complex multi-jurisdictional transaction that took over a year to complete, involving W&I insurance, whereas Rotovia acquired a carve-out of the rotational molding activities of Berry Global Inc. and subsequently became a leading international player in the fragmented rotational molding plastic product market.

SIA IV invests in Good Good.

BBA//Fjeldco acted as legal counsel to private equity fund SIA IV in relation to their investment in no-added sugar brand Good Good. SIA IV participated in a USD 20 million funding round of Good Good, which specialises in jams, spreads and bars using naturally derived sweeteners, substitutable with sugar, and acquired a 24% stake in the company. BBA//Fjeldco conducted a legal and tax due diligence as well as assistance with the negotiation and drafting of transaction documents.

Kaldalon hf. acquires 13 assets from SKEL fjarfestingarfelag hf.

BBA//Fjeldco provided legal advice to Fasteignastyring ehf., a subsidiary of Icelandic real estate company Kaldalon ehf., on the acquisition of 13 specified properties from SKEL fjarfestingarfelag hf. BBA//Fjeldco advised on the negotiation and documentation of the purchase agreement as well as all corporate matters regarding the transaction, including lease agreements with SKEL’s subsidiary (sale lease-back). This was an important transaction for Kaldalon hf. that enabled them to get a stronghold in the market for commercial and warehouse properties at the back of other acquisitions in year 2021 and 2022 while the company is preparing to have its shares admitted to Nasdaq Iceland’s main market.

Hagar invests in Klasi ehf.

BBA//Fjeldco provided legal advice to Hagar hf. when the company signed an agreement to subscribe for shares in the real estate developer Klasi ehf. Klasi works in the field of real estate development and has since 2004 specialized in the development, management and operation of real estate projects, from idea to sale. Hagar's goal with the investment is to bring the company's developmental assets into a channel where the assets receive the undivided attention of professionals with extensive experience in the field of real estate development.

Hagar's contribution to the transaction is estimated at ISK 3.9 billion and Hagar's shareholding in Klasi will be 1/3 of the issued share capital which is the same as the shareholding of Reginn hf. and KLS holding company ehf.

BBA//Fjeldco provided legal advise to Kvika banki hf. with regards to Kvika’s acquisition of all shares in Aur app ehf

BBA//Fjeldco provided legal advise to Kvika banki hf. with regards to Kvika’s acquisition of all shares in Aur app ehf., and whereas share purchase agreements were executed with all previous shareholders of the company. Aur was established in 2015, offering simple and swift payment services and has in a short period of time built an extensive client base. At the end of February, Aur had 90 thousand active users. The company has been a leading fintech player in Iceland with its mobile payments and innovative approach to consumer lending.

The acquisition of Aur is an important step in Kvika’s policy of utilizing technological solutions to modernize financial services. The bank expects that Aur, together with Netgíró hf., acquired by Kvika previously this year, and whereas BBA//Fjeldco provided legal advise as well, and the fintech service Auður will play a key role in the bank’s fintech services going forward.   

BBA//Fjeldco provided View Software with legal advice in the acquisition of MainManager

In December 2020 the Norwegian company View Software acquired the Icelandic software company MainManager. View Software is a leading software company with solutions within industrial maintenance and management, operation and maintenance (FDV)of real estate. With the acquisition, View Software will expand their customer portfolio to eight countries and open offices in Reykjavik and Copenhagen.


BBA//Fjeldco’s attorneys Halldór Karl Halldórsson, Tómas Magnús Þórhallsson and Sigvaldi Fannar Jónsson assisted and provided View Software with legal advice in the acquisition.


See further information on https://www.viewsoftware.com/blogg/view-software-acquires-mainmanager-and-expands-to-eight-countries

Debt refinancing of Arctic Green Energy

BBA//Fjeldco acted as the lead counsel of Arctic Green Energy in the debt refinancing of the company and subsidiaries which resulted in the outstanding obligations towards the Asian Development Bank being repaid in full.

Thetransaction was multi-jurisdictional and included refinancing of existing debt,new debt being provided and equity instrument being issued.

Purchase agreement with Landsvirkjun

BBA//Fjeldco provided legal advice to Reykjavík Data Center hf. with respect to entry into a design and build agreement with respect to a new high-tech data centre in Reykjavík and financing agreement with Íslandsbanki.

 The transaction also required Reykjavík Data Center hf. to enter into a transmission agreement with Landsnet, the incumbent provider of access to the transmission system in Iceland and entry into a power purchase agreement with Landsvirkjun, the largest operator of hydroelectric power plants in Iceland, pursuant to which Landsvirkjun shall provide electricity to the data centre.

 The power purchase agreement with Landsvirkjun is only the tenth agreement that Landsvirkjun has entered into since its foundation with a customer defined as a power intensive user and one of the first agreements which is certified as a green power purchase agreement, providing Reykjavík Data Center hf. with guarantees of origin, confirming that the purchase electricity derives from renewable energy sources.

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