BBA//Fjeldco advises on the merger of Heimkaup and Samkaup and formation of a new corporate group
BBA//Fjeldco acted as legal advisor to investment company SKEL and its subsidiaries in one of the largest corporate transactions of the year in the Icelandic retail market. The transaction involved the merger of Atlaga ehf. (formerly Heimkaup) and Samkaup hf., Drangar hf.’s acquisition of a controlling stake in the merged entity, as well as a comprehensive restructuring of the new corporate group.
The transaction included the merger of Atlaga ehf. and Samkaup hf., based on an agreement dated 20 February 2025. The merger formally took effect on 18 July 2025 along with Drangar hf.’s acquisition of a 98.6% stake in Samkaup, whereby shareholders were compensated with new shares in Drangar. Consequently, former shareholders of Samkaup acquired a 28.7% stake in Drangar. As part of the transaction settlement, Drangar also took over shareholdings in Orkan and Lyfjaval, making Drangar the parent company of the group.
The companies that now form Drangar generated a combined revenue of approximately USD 615 million (approximately ISK 75 billion) in 2024. Based on the transaction, the equity value of Drangar was estimated at approximately USD 158 million (approximately ISK 19.3 billion and the total enterprise value, excluding lease liabilities, at approximately USD 224 million (ISK 27.3 billion). The new group will rank among the largest companies in the Icelandic grocery, pharmaceutical, and specialty retail sectors.
BBA//Fjeldco provided comprehensive legal advice for all aspects of the project, including transaction structuring, drafting of merger and purchase agreements, conducting due diligence, and handling the case before the Competition Authority.
The BBA//Fjeldco team included Halldór Karl Halldórsson, Friðbert Þór Ólafsson, Ragnar Snær Kærnested, Viktor Örn Ásgeirsson and Jón Hallmar Stefánsson.
BBA//Fjeldco acted as legal advisor to investment company SKEL and its subsidiaries in one of the largest corporate transactions of the year in the Icelandic retail market. The transaction involved the merger of Atlaga ehf. (formerly Heimkaup) and Samkaup hf., Drangar hf.’s acquisition of a controlling stake in the merged entity, as well as a comprehensive restructuring of the new corporate group.
The transaction included the merger of Atlaga ehf. and Samkaup hf., based on an agreement dated 20 February 2025. The merger formally took effect on 18 July 2025 along with Drangar hf.’s acquisition of a 98.6% stake in Samkaup, whereby shareholders were compensated with new shares in Drangar. Consequently, former shareholders of Samkaup acquired a 28.7% stake in Drangar. As part of the transaction settlement, Drangar also took over shareholdings in Orkan and Lyfjaval, making Drangar the parent company of the group.
The companies that now form Drangar generated a combined revenue of approximately USD 615 million (approximately ISK 75 billion) in 2024. Based on the transaction, the equity value of Drangar was estimated at approximately USD 158 million (approximately ISK 19.3 billion and the total enterprise value, excluding lease liabilities, at approximately USD 224 million (ISK 27.3 billion). The new group will rank among the largest companies in the Icelandic grocery, pharmaceutical, and specialty retail sectors.
BBA//Fjeldco provided comprehensive legal advice for all aspects of the project, including transaction structuring, drafting of merger and purchase agreements, conducting due diligence, and handling the case before the Competition Authority.
The BBA//Fjeldco team included Halldór Karl Halldórsson, Friðbert Þór Ólafsson, Ragnar Snær Kærnested, Viktor Örn Ásgeirsson and Jón Hallmar Stefánsson.
BBA//Fjeldco acted as legal advisor to investment company SKEL and its subsidiaries in one of the largest corporate transactions of the year in the Icelandic retail market. The transaction involved the merger of Atlaga ehf. (formerly Heimkaup) and Samkaup hf., Drangar hf.’s acquisition of a controlling stake in the merged entity, as well as a comprehensive restructuring of the new corporate group.
The transaction included the merger of Atlaga ehf. and Samkaup hf., based on an agreement dated 20 February 2025. The merger formally took effect on 18 July 2025 along with Drangar hf.’s acquisition of a 98.6% stake in Samkaup, whereby shareholders were compensated with new shares in Drangar. Consequently, former shareholders of Samkaup acquired a 28.7% stake in Drangar. As part of the transaction settlement, Drangar also took over shareholdings in Orkan and Lyfjaval, making Drangar the parent company of the group.
The companies that now form Drangar generated a combined revenue of approximately USD 615 million (approximately ISK 75 billion) in 2024. Based on the transaction, the equity value of Drangar was estimated at approximately USD 158 million (approximately ISK 19.3 billion and the total enterprise value, excluding lease liabilities, at approximately USD 224 million (ISK 27.3 billion). The new group will rank among the largest companies in the Icelandic grocery, pharmaceutical, and specialty retail sectors.
BBA//Fjeldco provided comprehensive legal advice for all aspects of the project, including transaction structuring, drafting of merger and purchase agreements, conducting due diligence, and handling the case before the Competition Authority.
The BBA//Fjeldco team included Halldór Karl Halldórsson, Friðbert Þór Ólafsson, Ragnar Snær Kærnested, Viktor Örn Ásgeirsson and Jón Hallmar Stefánsson.