Recent Transactions

Merger between TM hf., Lykill fjármögnun hf. and Kvika banki hf

 BBA//Fjeldco acted as the legal advisors for the merging entites, i.e. TM hf., Kvika banki hf. and Lykill fjármögnun hf. throughout the merger process, which covered all aspects of the deal, including but not limited to drafting of transaction documents, due diligence, competition matters, tax matters, regulatory issues in relation to the Financial Supervisory Authority and NASDAQ OMX Iceland. This is by far the largest and most high profile merger in Iceland in recent years,involving three different types of financial undertakings, an insurance company (TM hf.), a commercial bank (Kvika banki hf.) and a leasing company (Lykill fjármögnun hf.).

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.   

Acquisition by Langisjór ehf., of all (100%) of shares issued by Alma íbúðafélag hf.

BBA//Fjeldco provided legal advice to Langisjór ehf. with regards the Langisjór´s acquisition of all shares in Alma íbúðafélag hf. including legal and tax due diligence, negotiating and drafting the share purchase agreement and financing.

Alma íbúðafélag hf. is one of the countries´ largest real estate company which owns and operates over 1100 residential apartments located at the capital area and all around the country. Langisjór ehf. is the parent company of various companies in the food productions and distribution sector including Mata hf., Matfugl ehf., Síld og fiskur ehf., and the investment company Brimgarðar ehf.

BBA//Fjeldco advises Securitas in tendering process with Veitur

In February 2021 Veitur Utilities, the largest utility company in Iceland, accepted Securitas‘s bid for the installation of 160,000 smart meters for Veitur’s customers.

By switching to smart meters Veitur will have access to more information and have better oversight over the utility mains and allows it to charge its customers monthly based on actual energy consumption rather then on estimates. The contract value is c.a. ISK 1,800 million.

BBA//Fjeldco’s attorneys Þórir Júlíusson and Friðbert Þór Ólafsson assisted Securitas in the tendering process and provided legal advice in relation to the documentation of the agreement. 

BBA//Fjeldco assists Noona in relation to Salt Pay’s investment in Noona

The start-up company Noona recently secured a 1,2 million EUR or ISK 190 million funding from Salt Pay. With the investment Salt Pay acquired a 20% stake in the company. Noona, which provides an online marketplace for service providers and a booking system, will use the funding to expand its services outside of Iceland.

BBA//Fjeldco’s attorneys Þórir Júlíusson, Stefán Björn Stefánsson and Friðbert Þór Ólafsson provided Noona with legal advice in relation to Salt Pay’s investment in Noona. 

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

Takeover bid of all shares issued by Heimavellir hf.

BBA//Fjeldco provided legal counsel in respect to the takeover bid process with all shares issued by Heimavellir hf.

The transaction was structured as an initial stake building to trigger a mandatory takeover offer. This was the first transaction in Iceland for numerous years whereas a mandatory takeover offer has been triggered with the intent of the offeror to acquire the target.

 With the bidder being a Norwegian entity BBA//Fjeldco provided legal counsel on Icelandic law issues relating to all securities transactions, the takeover bid and the takeover process.

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.

Financing of Icelandair Hotels

BBA//Fjeldco acted as the lead counsel for Arion Bank hf. in complex  financing of Icelandair Hotels.

 The complexity derived essentially from three factors: i) the  transaction is significant by Icelandic financial standards (matter value is classified);  ii) the security provided was multidimensional and involved various complex  assets; and iii) the financing was implemented in correlation with a transaction  which involved a change of ownership of Icelandair Hotels.

Financing to Marel

BBA//Fjeldco acted as the Icelandic legal adviser to ABN AMRO, BNP  Paribas, Danske Bank, HSBC, ING Bank, RaboBank and UniCredit in relation to a  EUR 700 million sustainability-linked syndicated credit facility to Marel hf.

 Marel hf. (NASDAQ: MAREL; AEX: MAREL) is a leading global provider  of advanced food processing equipment, systems, software and services to the  poultry, meat and fish industries.

 Marel is by far the largest listed company in Iceland. This  financing gives Marel increased operational and strategic flexibility and  supports the company’s long term strategy. The margin incentive structure  linked to Marel performance relating to the environment, gender equality and  health and safety.

Legal adviser in relation to BREXIT and other financial regulatory matters

BBA//Fjeldco acted as Legal Adviser to Morgan Stanley, CitiBank,  Lloyds Banking Group, HSBC, RW Baird NASDAQ, Shanghai International Exchange  and others in relation to BREXIT and other financial regulatory matters.

Legal adviser to Japan Bank for International Cooperation

BBA//Fjeldco provided legal advice to Japan Bank for International  Cooperation’s (JBIC) New Energy and Power Finance Department in relation to a  JBIC buyer’s credit to HS Orka (Icelandic Borrower). The credit was  guaranteed by Landsbankinn and the transaction valued at USD 10 million.

Legal adviser to Lucinity group

BBA//Fjeldco provided legal advice in connection with two funding  rounds of Lucinity Group ehf., a start-up company providing intelligent AML solutions,  whereas the company empowers its clients, ranging from digital only  microbanks to tier 1 US banks. The transaction valued at over USD 8 million.

Credit facility to Össur hf.

BBA//Fjeldco acted as the Icelandic legal adviser to the European  Investment Bank in relation to a EUR 69 million credit facility to Össur hf.,  a leading global provider of non-invasive orthopaedics equipment.

Restructuring of Sinopec Green Energy

BBA//Fjeldco acted as lead counsel for Arctic Green in a complex negotiation with Sinopec Star in relation to asset restructuring of Sinopec Green Energy, whereas certain geothermal assets were evaluated and injected into Sinopec Green Energy.

The restructuring was part of the continuing process of establishing the world’s largest geothermal district heating company, and the market leader in geothermal district heating in China with an impressive track record of establishing a series of technical milestones including getting the first city in China declared as smog free.

BBA//Fjeldco represented Total Specific Solutions in the purchase of all shares in DK Hugbúnaður ehf.

The Dutch company Total Specific Solutions has completedthe purchase of all shares in the Icelandic software company DK Hugbúnaður ehf.BBA//Fjeldco represented the buyer during the transaction. The firm’s lawyersconducted a legal due diligence on DK Hugbúnaður and provided the buyer withlegal advice regarding the transaction. In addition, they worked closely withthe sellers’ lawyers on documentation and closing of the transaction. Thetransaction is one of the largest corporate transactions of the year in Icelandand among the largest foreign investments in an Icelandic company in a longtime.

BBA//Fjeldco advises Scottish Equity Partners on its investment in Dohop

On 20 November 2020 Scottish Equity Partners (SEP) completed an investment in the Icelandic travel technology company Dohop. Dohop’s virtual interlining technology allows airlines to seamlessly connect with each other, and with other travel providers, without relying on legacy booking systems and complex and inflexible interline agreements. Travellers can then create an itinerary composed of flight segments from multiple airlines. SEP is a Scottish investment fund which specialises in high growth companies across a range of technology sectors including software and consumer internet. For over 20 years SEP been investing in a range of high growth technology companies with good results.

BBA//Fjeldco’s attorneys Baldvin Björn Haraldsson, Stefán Reykjalín and Tómas Magnús Þórhallsson assisted and provided SEP with legal advice for its investment in Dohop.

See further information on https://www.sep.co.uk/sep-invests-in-dohop/

Legal adviser on the disposal of Icelandic cargo carrier, Bluebird Nordic (Bláfugl ehf.)

BBA//Fjeldco was a legal adviser to BB Holding ehf. on the disposal of Icelandic cargo carrier, Bluebird Nordic(Bláfugl ehf.), to Avia Solutions Group, which owns UK broker Chapman Freebornand freighter operator Magma Aviation

BBA//Fjeldco acted for CIT BANK in relation to USD 65 million refinancing of Icelandair

In December 2019 CIT Bank served as sole lender and facility agent on a $30 and  $35 million secured financing for Icelandair Group, the nationalcarrier of Iceland. The financing is part of a refinancing due to theredemption of bonds, issued by Icelandair, earlier this year.

BBA//Fjeldco advised Reykjavík DC on a green power purchase agreement

On 18 December 2019 Landsvirkjun (theNational Power Company) and Reykjavík DC hf., a new high-tech data centre inReykjavik, entered into a power purchase agreement pursuant to which Landsvirkjun shall provide electricity to the data centre up to 12 MW. Theagreement is no. 10 which Landsvirkjun has entered into with a customer whichis defined as a power-intensive user and the agreement is certified as agreen power purchase agreement. That means that Reykajvík DC hf. isprovided with guarantees of origin which confirm that the purchased electricityderives from renewable energy sources.

Lawyers Bjarki Diego and Tómas MagnúsÞórhallsson assisted and provided Reykjavík DC hf. with legal advice during thenegotiations with Landsvirkjun

BBA//Fjeldco is assisting governmental bodies in Djibouti in preparing a legal and regulatory framework

BBA//Fjeldco is assisting governmental bodies in Djibouti in preparing a legal and regulatory framework governing the research and development of the geothermal resources in Djibouti.

The Asian Development Bank

BBA//Fjeldco acted as a legal advisor to the Asian Development Banks in relation to a USD 250,000,000 loan facility to the Arctic Green Energy corporation and Sinopec Green Energy Geothermal Company Limited, provided in order to expand environmentally sustainable district heating services in the People's Republic of China.

Kvika banki hf.

BBA//Fjeldco acted as a legal advisor to Kvika banki hf. in relation to ISK 2,406,000,000 acquisition of all shares issued by Gamma Capital Management hf., an asset management company in Iceland.

ACTING FOR LBI EHF. IN THREE SEPARATE TORT PROCEEDINGS

BBA//Fjeldco is acting for LBI ehf. in three separate tort proceedings and where the combined value exceeds ISK 50 billion.

Alvotech hf. and Icelandic biopharmaceutical

BBA//Fjeldco acted as legal advisor to Alvotech hf., an Icelandic biopharmaceutical company focused on the development and manufacturing of high quality biosimilars for global markets, during the restructuring of Alvotechhf. BBA also advised on the issuance of USD 300,000,000 convertible bond, issued by Alvotech Holding A.S., whereas Alvotech hf., Glycothera GMBH, AlvotechGermany GMBH and Alvotech Swiss AG acted as guarantors.

Festi hf.

BBA//Fjeldco advised Festi hf. in relation to the acquisition of Kaupás ehf. and other subsidiaries of Norvik hf. Although the value of the agreement is confidential, it is safe to say that the deal is one of the largest domestic M&A deals in recent years.

Valka ehf.

BBA//Feldco advised Valka when preparing all of its basic contractual documents in relation to the sale of its innovated and patent-protected goods,services and software.

Nox Holding

BBA//Fjeldco acted as legal adviser to Nox Holding ehf., in relation to acquisition of all shares, issued by Nox Medical ehf., the subsequent restructuring of the Nox Group, and investment by the private equity fund Alfa Framtak, establishing a world leader in sleep diagnostic technology and sleep health solutions.

Sale of Icelandair Hotels

BBA//Fjeldco advised Icelandair hf. in relation to the sale of Icelandair Hotels and related estates to Berjaya Corporation

BARCLAYS BANK, SEB, ING BELGIUM , ARION BANK AND BNP PARIPAS

BBA//Fjeldco advised Barclays Bank, SEB, ING Belium, Arion Band and BNP Paripas in relation to a USD 150 million credit facility to Landsvirkun, the national power company of Iceland.

Takeover of the Nordic travel group Travelco

BBA//Fjeldco advised Arion Bank (Iceland's largest bank listed in Reykjavik and Stockholm) in relation to its takeover of the Nordic travel group Travelco.

Japan Bank for International Cooperation’s (JBIC)

BBA//Fjeldco advised Japan Bank for International Cooperation’s (JBIC) New Energy and Power Finance Department/ Infrastructure and Environment Finance Group in relation to a JBIC Buyer’s Credit of HS Orka.

Refinancing of Arctic Green

BBA//Fjeldco acted as the lead counsel of Arctic Green Energy in the debt and equity refinancing of the company and subsidiaries.

Private placement of Arion bank hf.

We served as the Icelandic advisor to each of the buyers in relation to the private placement of shares in Arion Bank, owned via Kaupthing’s wholly-owned subsidiary, Kaupskil ehf.

ACTING FOR REIKNISTOFA BANKANNA HF., THE ICELANDIC IT CENTRE FOR THE ICELANDIC BANKING SECTOR

BBA//Fjeldco advised Reiknistofa bankanna hf. (“RB”),the Icelandic IT centre for the Icelandic banking sector, in its negotiations and contracts with Arion Bank and Sopra Banking Software, whereby RB provides Arion Bank with a new deposit and payment system based on Sopra solutions.

Indigo Partners

BBA//Fjeldco acted as legal advisor to US based Indigo Partners in the potential acquisition of Iceland based Wow Air.

Turkish development bank

BBA//Fjeldco was a legal advisor to Turkish Development Bank in relating a risk sharing mechanism for geothermal drilling operation in Turkey.

Eaton Vance

BBA//Fjeldco acted as a legal adviser to Eaton Vance in relation to one of its fund's participation in refinancing the second-largest privately owned home rental company in Iceland, Almenna Leigufélagið.

The Collectivié de Strasbourg Metropole

BBA//Fjeldco is providing strategic advice to Strasbourg Metropole region in France, on how to harness geothermal reservoirs in the region.

Acquisition of Isal from Rio Tinto

BBA//Fjeldco was a legal adviser to Norsk Hydro in relation to the acquisition of Isal from Rio Tinto

Arion Banki

BBA//Fjeldco was a legal adviser to Arion Bank hf. in relation to the refinancing of the Scandinavian travel and airline operator Primera Travel Group.

Barclays Bank PLC, CitiGroup Global Markets Limited etc.

BBA//Fjeldco advised to Barclays Bank PLC, CitiGroup Global Markets Limited, Íslandsbanki hf. and Skandinaviska Enskilda Banken AB, in relation to a multi-currency revolving credit facility to Landsvirkjun, Iceland's main electricity utility, of a value of 200 million USD.

Acquisition of Icelandic Iberica

BBA//Fjeldco acted for Iceland Seafood in relation to the acquisition of Icelandic Iberica, one of the leading exporters of fish.  This was one of the biggest takeovers for a listed entity in 2018.

Danske Bank, Nordea Bank

BBA//Fjeldco acted on behalf of Danske Bank and Nordea Bank in relation to the financing of Össur hf, a global leader in non-invasive orthopedics that is listed on the NASDAQ QMX Copenhagen Stock Exchange. The transaction amounted up to USD 245,000,000 and EUR 70,000,000.


Innergex Renewable Energy

BBA//Fjeldco acted as a legal advisor to Innergex Renewable Energy in the acquisition of Alterra Power Corp., that holds a majority stake in the Icelandic energy producer HS Orka hf. The transaction amounted to the value of USD 1.1 Billion.


Aquisition of Lyfja

BBA//Fjeldco advised Stefnir hf., Iceland’s largest fundmanagement company on all aspects in relation to one of its fund’s acquisition of Iceland's leading pharmacy retail company Lyfja.

Bond issuance of Wow air hf.

BBA//Fjeldco acted as lead Icelandic counsel for the Norwegian company Pareto Securities in Wow air hf.’s USD 60 million bond issue in September 2018.

Tommi's Burger Joint

BBA//Fjeldco acted as legal advisor in refinancing and restructuring of TBJ's operations, which is a fast-growing franchise of the brand Tommi's Burger Joint, an established Icelandic franchisors, with outlets in Iceland, the UK,Denmark, Norway, Italy and Germany.

Alvotech hf.

BBA//Fjeldco was a legal adviser to Alvotech hf. in relation to an equipment financing with respect to a state-of-the-art 12,000 m2 manufacturing and laboratory facility in the Science Park of the University of Iceland of a value of USD 25,000,000.

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