BBA//Fjeldco > Reykjavik, Iceland > Firm Profile


Iceland > Banking, finance and capital markets Tier 1

Banking, finance and capital markets is a core practice at BBA//Fjeldco, where the team has considerable experience in financial structures; it is instructed by local banks, including Íslandsbanki, Kvika Banki and Landsbankinn, on multijurisdictional financing deals. Recent matters included advising Arctic Green Energy on a $200m debt refinancing of the company and its subsidiaries, where practice co-leader Halldór Karl Halldórsson acted as lead adviser. Elsewhere, the practice counts companies listed on Nasdaq OMX Iceland, as well as banking clients including Barclays, JP Morgan and HSBC, among its roster of clients. Team co-leader Ásgeir Ragnarsson is also a key contact in the practice, as is Bjarki Diego.

Other key lawyers:


‘Driven team and excellent work.’

‘Halldór Karl Halldórsson is the best.’

Key clients

Kvika bank hf.

Íslandsbanki hf.

Landsbanki hf.

Arctic Green Energy

DNB Bank


Danske Bank

Strengur Holding

DC Advisory

Asian Development Bank

RPC Group

Alvogen and Alvotech

Barclays Bank

JP Morgan



Nordic Investment bank

Japan Bank

Stefnir hf.

Work highlights

  • Acted as lead counsel of Arctic Green Energy in the debt refinancing of the company and subsidiaries which resulted in the outstanding obligations towards Tor and AIMCO being repaid in full.
  • Acting as legal adviser to Íslandsbanki hf. and Landsbanki hf. in relation to €120m credit facilities to Icelandair hf. guaranteed by the Icelandic state.
  • Acted as lead counsel for KEA Hotels, one of the largest hotel operators in Iceland, and its principal shareholders in its restructuring.

Iceland > Commercial, corporate and M&A Tier 1

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.


‘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



Amazon Data Services

JP Morgan


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




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

Iceland > Restructuring and insolvency Tier 1

BBA//Fjeldco advises its roster of clients including Sports Direct, Turkish Development Bank and major Icelandic banks on corporate restructurings, workouts and insolvency matters, both contentious and transactional in nature. ‘Pragmatic’ practitioner Einar Baldvin Árnason, who has experience in advising financial institutions, large retailers, oil companies and airlines on restructuring projects, jointly leads the practice group alongside London-based Gunnar Thor Thorarinsson, whose practice is focused on financial restructuring matters. Thorir Júlíusson and Baldvin Björn Haraldsson are also key members of the team.


‘Einar Baldvin Árnason has a deep knowledge of the market and pragmatic approach. Gunnar Thor Thorarinsson is very client friendly and tales a hands-on approach to work.’

Key clients



Eaton Vance Management

KEA Hotels

TBJ Group

Turkish Development Bank, World Bank

Nox Holding ehf.

Diversis Capital

Kvika bank hf.

ODDEG – Office Djiboutien de Développementde l’Energie Géothermique Retail Limited

The Collectivié de Strasbourg Metropole

Glitnir hf.

Arion Bank hf.

LBI ehf.

Kaupthing ehf.

Iceland > Dispute resolution Tier 2

BBA//Fjeldco’s workload includes commercial litigation, representing Icelandic banks in damages claims, rescission claims and derivatives disputes, as well as real estate and shareholder arbitration proceedings. Thorir Júlíusson, who focuses on commercial, corporate and financial disputes, jointly leads the practice alongside Baldvin Björn Haraldsson, who has experience in representing banking clients before the Supreme Court and the EFTA Court. ‘Outstanding’ practitioner Haflidi Lárusson has the capabilities to act for clients in arbitration proceedings and handles IP disputes.

Other key lawyers:


‘Hafliði Kristján Lárusson has been just outstanding. We are very pleased to work with him.’

‘Very good work and professional.’

Key clients

Origo hf.

This is City Attractions B.V

LBI ehf.

Geymslur ehf.

Eik fasteignafélag hf.

Securitas hf.

FI fasteignafelag slhf.


CRI ehf.

The Arbitration Institute of the Finland Chamber of Commerce

FSCS (Financial Services Compensation Scheme)

Harpa Concert Hall

Iceland > TMT and IP Tier 3

BBA//Fjeldco acts for Icelandic companies, as well as foreign owners of IP rights, on trade mark registration and prosecution matters, often involving a cross-border element; the group has also expanded its expertise into the fields of virtual reality, fintech and cloud computing. Practice leader Haflidi Lárusson focuses on technology and data protection matters, and advised Valka on the preparation of its contractual documents in relation to the sale of its patent-protected goods, services and software.

Practice head(s):

Key clients

Kvika Bank


CRI hf.

Reiknistofa bankanna hf.

eTactica ehf.

Resulting from a merger of two leading corporate law firms in Iceland, BBA//Fjeldco is a first-class, full-spectrum corporate law firm.

BBA//Fjeldco is constantly ranked as a leading law firm in Iceland regarding corporate and commercial law. .

Dure to its distinguished reputation and first-rate expertise, the firm has been entrusted by its local and inter­national clients to provide advice and assistance on many of Iceland’s biggest and most complicated financing and M&A deals, as well as the country’s most important PFI and energy projects.

Consistent com­mendation by the firm’s well-respected and highly regarded clients has resulted in a continuous top-tier ranking by all the major ranking firms during the last decade. The firm has over 30 specialised corporate lawyers, with qualifications in Iceland, England, France and New York.

BBA//Fjeldco has offices in Reykjavik and London, together with operations in France

Mergers and Acquisitions Baldvin Björn 550 0503
Mergers and Acquisitions Halldór Karl Halldó 550 0504
Corporate & Commercial Baldvin Björn 550 0503
Corporate & Commercial Halldór Karl Halldó 550 0504
Competition Law Einar Baldvin Á 550 0518
Banking and Finance Ásgeir Árni 550 0501
Employment and Labour Law Haflidi Kristján Lá 550 0502
Energy Law Baldvin Björn 5500503
PFI/PPP Baldvin Björn 5500503
Capital Markets Ásgeir Árni 550 0501
Capital Markets Gunnar Thor (0) 7595 057460
Financial Services/Fintech Haflidi Kristján Lá 550 0502
Restructuring and Insolvency Einar Baldvin Á 550 0518
Dispute Resolution Thorir Júlí 550 0507
Data Protection/Privacy Haflidi Kristján Lá 550 0502
Aviation Law and Aircraft Financing Haflidi Kristján Lá 550 0502
IP & Technology Law Haflidi Kristján Lá 550 0502
Number of lawyers : 30
New York Bar Association
IBA (International Bar Association)


BBA//Fjeldco is a highly professional corporate law firm based in Reykjavík, Iceland with operations in both the United Kingdom and France. Our team consists of over 30 lawyers, with qualifications in Iceland, England, France and New York, making us the largest law firm in Iceland specializing in the field of corporate law. Due to our size, we have been able to accumulate extensive knowledge and experience in our practicing areas making us the obvious choice when complex and full spectrum corporate legal services are needed.

BBA//Fjeldco is constantly ranked as a leading law firm in Iceland regarding corporate and commercial law. We have advised in vast majority of the largest companies in Iceland on their various corporate and commercial matters. Our corporate activities represent the core of our focus and of our services to the businesses operating in the Icelandic market. Our key focus remains on the international aspects of our clients’ operations.