Next Generation Partners

Commercial, corporate and M&A in Iceland

BBA//Fjeldco

The corporate and commercial team at BBA//Fjeldco operates ‘like a fine-tuned engine’ and has a stellar track record advising sellers, buyers and financial institutions in M&A transactions. A recent highlight included acting for Icelandic insurance company TM, Kvika Banki and Lykill in a $700m merger. With a strong focus on transactional work and other corporate matters, the practice is well-placed to collaborate with its London office when advising international investors in Iceland, as well as domestic parties looking to grow their operations abroad. Experienced M&A partners Baldvin Björn Haraldsson and Einar Baldvin Árnason jointly lead the team, while Halldór Karl Halldórsson, Ásgeir Ragnarsson and counsel Bjarki Diego are also key contacts in the practice.

Other key lawyers:

Halldór Karl Halldórsson; Ásgeir Ragnarsson; Bjarki Diego

Testimonials

‘High level of integrity, strong M&A skill set, ability to see consequences and a sharp eye for details. Strong in negotiations.’

‘Einar Baldvin Árnason has extensive experience and knowledge of his field. He has a sharp mind and is quick to dissect and analyse the task at hand. He thinks like a chess player; contemplates several moves and anticipates the next turn of events. He is a strong ally, whether it be in an M&A situation or a dispute.’

‘BBA//Fjeldco consists of highly motivated people who are experts in their field. Their work ethics are exceptional and one can always count on them to bring their best to every task. In my mind, they are the number one team in Iceland when it comes to corporate and transaction law.’

‘Bjarki Diego was exceptional in his work for us.’

‘Halldór Karl Halldórsson is exceptional in his field and a great leader of his team.’

‘I’d say the team at BBA//Fjeldco is like a fine-tuned engine. Excellent partners with very strong associates who repeatedly deliver excellent work, as promised and on time.’

Key clients

Kvika bank hf.

Íslandsbanki hf.

Arion Bank hf.

Icelandair Group hf.

Icelandic State Financial Investments (ISFI)

Arctic Green Energy

Icelandair Group hf.

Alvogen and Alvotech

Rapyd Financial Network (2016) Ltd.

Valitor hf.

ODDEG (Djiboutian Geothermal Energy Development Office)

Bentley Systems Inc.

Stefnir hf.

Wellington Partners and Asabys Partners

RPC Group PLC

Mainmanager

Amazon Data Services

JP Morgan

Citibank

Goldman Sachs

TM hf.

Nordic Investment bank

Japan Bank

Nox Holding ehf.

CIT Group Inc.

Landsvirkjun hf.

Danske Bank A/S and Nordea Bank

ABN Amro bank

Expedia

Cisco

Microsoft

Luxottica Group (Armani Exchange, Chanel, Bvlgari, Burberry, Giorgio Armani, Michael Kors, Oakley)

Juris

Juris acts for leading Icelandic companies on M&A transactions, particularly in the hospitality sector, including advising a subsidiary of Birgir Bieltvedt, Eyja Fjárfestingafélag III, on its purchase of PPS Foods AB (Domino’s Sweden), as well as general corporate and commercial matters arising out of the banking and finance, fishing, energy, infrastructure and technology sectors. ‘Extremely capable corporate lawyerHalldór Jónsson leads the team alongside Andri Árnason, while Icelandic and English-qualified partner Simon Knight, who has experience in cross-border transactions, is another key contact. The ‘agile and lean team’ counts secured lending, project finance and refinancing mandates as part of its caseload.

Other key lawyers:

Simon Knight; Finnur Magnússon

Testimonials

‘Halldór Jónsson has, in all cases, dealt with whatever has come up in a very professional manner. He has become one of our key advisers, not just in the legal field, but also when we face bigger strategic business decisions. His perspective has helped us see opportunities and threats that we would have missed and stood by us when needed.’ 

‘In my experience, the team is very capable. They deal with a wide spectrum of matters in a very professional way. They are well connected and solution oriented. In my opinion they have a very good understanding of the economic side of things as well as the legal one.’ 

‘Halldór Jónsson is an extremely capable corporate lawyer and has outstanding knowledge of corporate law in Iceland.’ 

‘Juris has been excellent, providing high quality and professional service. Number one law firm.’ 

‘My contact is Halldór Jónsson but I know that he is a part of a strong team. It is good to deal with an agile and lean team, where it does not take too long to get people to talk to you and understand the problem. Your contact is ready when you need him.’

‘We have mostly worked with Simon Knight, Finnur Magnússon, and Andri Árnason. Simon Knight is solid in finance and cross-border corporate matters. Simon is diligent, meticulous with great attention to detail, and swiftly responds to any inquiries. Finnur Magnússon is competent in EU/EEA matters. Finnur has also worked on issues related to investment law which have come up several times over the last 12 months, and has a depth of knowledge in investment law in general. Finally, Andri Árnason has proven to be very knowledgeable about Icelandic corporate law.’

Key clients

Sunnuvellir slhf.

Summa rekstrarfélag hf.

Bakkastakkur slhf.

Rammi hf.

ÍSKS-BAR ehf.

PPH ehf.

Ísfélag Vestmannaeyja hf.

Lýsi hf.

Fastus ehf.

Árvakur hf.

Já hf.

Vísar rannsóknir ehf.

RÚV ohf.

Almenna leigufélagið eignarhaldssjóður

Eyja fjárfestingafélag III ehf.

BVS ehf.

Embætti landlæknis

Aptos LLC

Mjólkursamsalan and Kaupfélag Skagfirðinga

Municipality of Garðabær

Work highlights

  • Advised PPH on its purchase of Domino’s Iceland from its UK listed owner.
  • Advising on Sunnuvellir’s interest in Silicor’s proposed solar silicon plant in Iceland including the management of its interest in Silicor and restructuring issues.
  • Advised Mjólkursamsalan ehf. on and provided information in respect of new agricultural policy.

Lex Law Offices

Lex Law Offices frequently leverages the firm’s full-service capability to provide ‘sustainable, hands-on solutions’ to high-end transactions, from M&A projects and international investments in Iceland to corporate structuring, financing and restructuring matters. Key clients include domestic companies and start-ups, particularly in the telecoms and IT sectors, and multinational corporations including Costco Wholesale Corporation. Gudmundur Ingvi Sigurdsson, who specialises in corporate finance and debt restructurings, jointly heads up the practice alongside managing partner Orn Gunnarsson, who focuses on share capital transactions. Gardar Vidir Gunnarsson handles corporate tax mandates and is another key member of the team.

Practice head(s):

Guðmundur Invgi Sigurðsson; Örn Gunnarsson

Other key lawyers:

Garðar Víðir Gunnarsson

Testimonials

‘Guðmundur Ingvi Sigurðsson and his team are extremely responsive, quick and hands on. They understand their client’s needs and provide sustainable hands-on solutions.’ 

‘Guðmundur Ingvi Sigurðsson is very responsive, focused and provides hands-on solutions while also thinking outside the box.’

Key clients

MainManager ehf.

EKO Eignir ehf.

New Enterprise Associates

Iceland Seafood International hf.

Landeldi ehf.

Rapyd Financial Network (2016) Ltd.

Sjávarsýn ehf.

Costco Wholesale Corporation

Reykjavik Energy

Nasdaq CSD Iceland

Work highlights

  • Represented BAADER in its €43m acquisition of 60% of the equity of Icelandic tech company Skaginn 3X.
  • Representing five pension funds in Iceland, including LIVE, Stapi, Birta, LSR and Gildi, in a corporate dispute with a fund/fund manager over the orderly wind down of an investment asset of the pension funds.
  • Acted as local legal adviser in relation to Rapyd Financial Network (2016) Ltd.’s acquisition of the entire share capital of the Icelandic payment service provider KORTA hf.

LOGOS

LOGOS is well versed in all aspects of commercial and corporate matters, in addition to high-value M&A transactions, including acting for seafood processing machinery and technology company Marel on its acquisition of Valka. The ‘top-class team’ also handles mandates pertaining to general corporate issues including restructuring and refinancing mandates. ‘Expert’ practitioner Thorolfur Jonsson, who has a track record in handling the restructuring of major financial institutions in Iceland, jointly leads the group alongside Gudbjorg Helga Hjartardottir , while Gudmundur J Oddsson heads up the London-based practice. Leveraging the firm’s full-service capabilities, the team counts listed corporates and international companies among its key roster of clients.

Practice head(s):

Thórólfur Jónsson; Guðbjörg Helga Hjartardóttir; Guðmundur Oddsson

Testimonials

‘Top-class team, with relevant experience and very dedicated to the projects at hand. Solution driven and practical approach.’

‘In-depth and comprehensive legal knowledge. Long standing practice and broad experience. Great team diversity.’

‘Thórólfur Jónsson is top-class, an expert in his field of law, and gets things done effortlessly. He is our preferred go-to person in many different cases.’

‘Professional work and excellent quality of papers. Prompt response time to requests for legal advice and questions. Initiative and proactive with regard to legislative or regulatory proposals.’

‘Very strong team in all areas including their London office. Very efficient with expertise in all contractual and commercial situations.’

Key clients

Origo hf.

Eimskip hf.

Marel hf.

Kerecis hf.

Ministry of Industry and Innovation

Arion Bank hf.

Landsvirkjun

Icelandair Group hf.

Barclays

Deutsche Bank

Goldman Sachs International

Kvika Bank

Landsnet

Crowberry Capital

Haugen Gruppen Nordic AS

Brim hf.

Vordur Insurance

Climeworks

Frumtak Ventures ehf.

Verne Global

Computershare

Blackrock Inc

Morgan Stanley

Orkla

Storytel Sweden AB

Work highlights

  • Acting as local counsel with respect to legal matters in connection with Islandsbanki’s €377m IPO.
  • Advised Berjaya Corporation Berhad on the purchase of a large hotel chain in Iceland, valued at $139.4m.
  • Advised Goldman Sachs Group, Inc. regarding the purchase of an IT services provider in the Nordics.

ADVEL Attorneys at Law

ADVEL Attorneys at Law has notable experience in high-end transactions and recently advised leading Nordic IT company Advania on the sale of a majority stake to Goldman Sachs. Stefan Thor Ingimarsson leads the practice group and is praised for ‘understanding the complexities of international matters’, particularly in relation to the refinancing and reorganisation of Icelandic companies. Bjarni Þór Bjarnason joined the firm from Deloitte Legal ehf. in mid-2021, following the departure of Kristinn Hallgrimsson to an in-house position at Arta in early 2021.

Practice head(s):

Stefán Þór Ingimarsson

Other key lawyers:

Ragnar Guðmundsson; Bjarni Þór Bjarnason

Testimonials

‘Stefán Þór Ingimarsson is capable and also very well connected in Iceland. Thanks to his international experience, he quickly understands the complexity of international matters and easily collaborates with lawyers from different jurisdictions.’

‘Highly knowledgeable and insightful. Very responsive and a pleasure to work with.’

‘Excellent communication. Good people with very a professional presence. Ragnar Guðmundsson is resourceful, very capable and has very good communication skills. Stefán Þór Ingimarsson is very experienced and is a rock in difficult situations.’

Key clients

Arion Bank

Hampidjan

Advania Group

Reitir Real Estate

VÍS

Klappir Green Solutions

Oryggismidstodin

Brim hf.

Valitor hf.

N1 hf.

Work highlights

  • Advising Advania in relation to the disinvestment of the company where funds managed by Goldman Sachs Merchant Banking Division acquired a majority stake.
  • Advising Hampidjan Group regarding the group’s various M&A transactions, including its acquisition of Jackson Trawls, Scotland.
  • Acting as Arion’s counsel in a state aid complaint case lodged with the EFTA Surveillance Authority.

Deloitte Legal ehf.

Deloitte Legal ehf. acts for a roster of clients on a broad range of mandates, including M&A transactions, corporate structuring issues, listing processes and joint venture matters. The team is well placed to leverage the firm’s global network, as well as its tax, audit and financial advisory services. Managing partner Haraldur Ingi Birgisson leads the practice group alongside Guðbjörg Þorsteinsdóttir, while Hallmundur Albertsson recently joined from Vik Law Firm, following the departure of Bjarni Þór Bjarnason in mid-2021 to ADVEL Attorneys at Law.

Practice head(s):

Haraldur Ingi Birgisson; Guðbjörg Þorsteinsdóttir

Other key lawyers:

Hallmundur Albertsson

Key clients

Solid Clouds

SalesCloud Partners LLC

Nordic Visitor

Marine Collagen

Nadsaq Iceland

Klakki

NH Fjarfesting

Hey Iceland

ÍSAM

Myrkur Games

Eykt

Airport Associates

Steypustodin

Colas Ísland

ÍSAM / ÓJ&K

Hofdi Icelandic Adventures

Work highlights

  • Advising Solid Clouds on its First North listing process, with the client being the first gaming company in Iceland to be listed.
  • Advising on the merger and restructuring of ISAM and OJ&K’s wholesale operation into a new joint venture for wholesale and distribution operations.

Lagahvoll

Lagahvoll advises its roster of long-standing clients across the retail, food processing, real estate and financial industry sectors, among others, on M&A transactions, investments, start-ups and venture agreements, as well as bond issuances. Also noted for its expertise in crisis management and risk analysis work, the team is jointly led by founding partner Daði Bjarnason, who focuses on financial and restructuring issues, and senior partner Jóhann Sigurðsson.

Testimonials

‘Everyone is friendly and welcoming. There are no problems, only solutions and everything runs smoothly. Would easily recommend this firm to anyone who needs a good lawyer within this field.’

‘Daði Bjarnason is our key contact at the firm. He is always ready and willing to assist, does an excellent job and is someone who you can fully trust and count on.’

Key clients

Dohop ehf.

Félagsbústaðir hf. (Reykjavík Social Housing)

Beka ehf.

Vistbyggð ehf.

Gleðipinnar ehf.

Múlakaffi ehf.

Carbon Iceland ehf.

Félag eldri borgara og nágrenni

Reon ehf.

Work highlights

  • Advising Dohop on its financing from a large foreign venture capitalist, Scottish Equity Partners Ltd.
  • Advised Félagsbústaðir on its bond issuances, with the issuances in 2019 and 2020 being the first social bonds issued by a domestic issuer under a Social Bond Framework based on ICMA Social Bond Principles.
  • Advised Gleðipinnar ehf. on its merger with Foodco ehf. creating a ISK6bn food and entertainment company in Iceland.

Landslog – Law Offices

Landslog – Law Offices counts government ministries, municipalities and leading domestic companies among its key list of clients, and the team is particularly active in handling M&A transactions, as well as restructuring matters. Real estate and telecoms specialist Viðar Lúðvíksson heads up the practice and acted as lead adviser to Syn hf. (Vodafone Iceland) on the sale and lease-back of the company’s passive mobile phone infrastructure. Johannes Bjarni Bjornsson, Grimur Sigurdsson and Aslaug Arnadottir are key members of the team.

Practice head(s):

Viðar Lúðvíksson

Other key lawyers:

Johannes Bjarni Bjornsson; Grimur Sigurdsson; Aslaug Arnadottir

Testimonials

‘Very good, all round service even in the most complex areas, e.g in emerging technologies. Very strong practice in the field of privacy and tech law.’

‘This law firm has a broad scope of experts for different fields of law. New clients will experience the true strengths of the firm through both its size when compared to other law firms in Iceland and how they create dynamic teams to serve their clients in the best possible way.’

‘First and foremost, personalised approach towards the clients, professionalism in every field and strong in communicating potential solutions.’

Key clients

Hagar hf.

Syn hf./Vodafone Iceland

Isavia (Icelandic Airport and Air Traffic Management)

DeCode Genetics

Icelandic Regional Development

The National University Hospital

Kaupthing hf.

Advania

Alvogen pharmaceuticals

Syndis

Curio

Hekla (Audi, VW, Mitsubishi dealership)

University of Iceland Lottery

Frumtok

Umbudamidlun

Icelandic Fish Market

Íslandsbanki

Icelandic Prime Contractors – IAV

Work highlights

  • Advised Syn hf. (Vodafone Iceland), a listed company, on the sale and lease-back of the company’s passive mobile phone infrastructure.
  • Acted as lead counsel to the owners of the geothermal service company Deilir ehf., which merged with Hamar ehf.
  • Advised Samkaup hf., a grocery retail chain with a 25% market share in Iceland, on various issues including negotiating an international cooperation agreement with Coop Denmark.

Réttur – Adalsteinsson & Partners

Réttur – Adalsteinsson & Partners advises domestic and international companies on corporate governance issues, management incentive plans, restructurings and regulatory matters, and has notable capabilities in M&A transactions. Led by Sigurður Örn Hilmarsson, the team leverages the expertise of the firm’s litigation practice group when acting for clients in disputes involving corporate law issues. The team counts LS Retail, Icelandic Water Holdings and Flux among its key clients.

Practice head(s):

Sigurður Örn Hilmarsson

Other key lawyers:

Stefán Örn Stefánsson

Key clients

LS Retail ehf.

Flux ehf.

Monerium ehf

Icelandic Water Holdings hf.

Álftavatn ehf.

RSM Restructuring Advisory

Anchorage Capital Group, Hoxton (Cayman Ltd) and Hoxton (Lux)

Bitfury Iceland ehf.

SÍBS and Reykjalundur endurhæfing ehf.

Spectabilis ehf.

Opitog ehf.

Indo Services ehf.

Work highlights

  • Acting as lead counsel to Icelandic Water Holdings hf. on the proposed sale of a majority of shares and a refinancing.
  • Acted as lead Icelandic legal counsel for retail technology company LS Retail, which was acquired by Aptos/Goldman Sachs.
  • Acted for SÍBS and Reykjalundur on agreements, restructuring issues, a review of the new law on NGOs and property rights matters.