Tómas Magnús Þórhallsson

Kaldalón hf. has signed purchase agreements to acquire 100% of the shares in IDEA ehf. and K190 hf. Together, these two companies own seven prime real estate properties located in Iceland, with a combined area of approximately 17,600 square meters. The total value of the properties involved in the transaction is estimated at ISK 8.335 million. The transactions are subject to due diligence and approval by the Competition Authority.

BBA//Fjeldco acted as legal advisor to Kaldalón throughout the acquisition process and extends congratulations to both the buyer and sellers on the successful transaction.

On 26 February 2024, subsequent to receiving an approval from the US Food and Drug Administration (FDA) of Simlandi injection as an interchangeable biosimilar to arthritis drug Humira, Alvotech announced that the company had accepted offers from Icelandic and European professional investors or eligible counterparties for the secondary sale of shares for a value of approximately USD 166 million.

Alvotech is a biotech company that specialises in the development and manufacturing of biosimilar medicines for patients worldwide and was the first Icelandic company to be dual listed in the US and Iceland.

BBA//Fjeldco was Alvotech’s legal advisor with respect to the secondary sale of shares and congratulates its management team and employees on the important milestone achieved in the company‘s journey to offer broader access worldwide to more affordable biologics, following approvals of Alvotech’s biosimilars in other global markets.

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.

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 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.

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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.

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.

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.

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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.   

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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

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