Kári Ólafsson

BBA//Fjeldco advised the shareholders of Arnarland ehf. in connection with the sale of the company to the real estate developer ÞG Verk.

Arnarland ehf. was a joint venture owned by Arion banki hf. (through its subsidiary Landey ehf.) and a real estate development company affiliated with Ósar, the parent company of Icepharma hf. and Parlogis ehf. The company owns the land Arnarland and the right to develop a 10-hectare residential wellness community on Arnarland, one of the last large undeveloped land in the capital area, located between the municipalities of Garðabær and Kópavogur.

BBA//Fjeldco has served as legal advisor to Arnarland ehf. since the project's inception, including negotiating the partnership agreement with Garðabær municipality in 2021 and providing ongoing advisory services throughout the development phase. BBA//Fjeldco managed the transaction process, including structuring, drafting and negotiating transaction documents, and handling the closing and settlement of the transaction. The firm also served as escrow agent for both the buyer and the sellers.

The BBA//Fjeldco team comprised of Kári Ólafsson and Tómas Jökull Thoroddsen.

On 13 May 2025, the Icelandic government launched a public share offering for a 20% stake in Íslandsbanki, marking the final phase of the bank’s privatisation and the largest share offering in Iceland’s history. The offering closed on 15 May, raising ISK 90.5 billion, with total demand reaching ISK 190 billion.

Public participation was unprecedented, and the offering was upsized to meet demand. Over 31,000 retail investors contributed ISK 88.2 billion through Offer Book A, which was exclusively designated for individuals. These retail investors received full priority allocation without any reductions and represented approximately 97.4% of the total offering value. The privatisation is the largest in Icelandic history and the total privatisation proceeds reached ISK 224.7 billion, taking int account the 35% sold in June 2021 for ISK 55.3 billion, 22.5% sold in March 2022 for ISK 52.7 billion.

The firm advised on negotiations with the managers of the sale, drafting of the prospectus and other documents, as well as related legal advice.

The firm extends its congratulations to the Ministry of Finance and Economic Affairs on this highly successful and historic public offering and expresses its sincere thanks for an excellent collaboration, as well as to Íslandsbanki, Landsbankinn, and Milbank LLP.

BBA//Fjeldco acted for Safír byggingar ehf., a real estate development company and constructor, in the ISK 5,1 billion acquisition of “Project Orkureitur”, a new BREEM certified sustainable neighbourhood in Reykjavík covering 40,000 m2, including 436 apartments, plus shops and services. BBA//Fjeldco acted as legal counsel to Safír byggingar ehf. in relation to the acquisition and in respect of all applicable areas in both the acquisition and future development of the area, including by conducting a due diligence review of the area, negotiating and documenting the share purchase agreement agreements, finance documents, structuring and drafting subscription and share purchase agreements for investors as well as all corporate matters with regards to the transaction and the ongoing operations of the company. BBA//Fjeldco also advised Safír byggingar ehf. on financing in relation to development which was conducted both via new equity from investors and third party bank loans. Furthermore, BBA//Fjeldco advises Safír byggingar on an ongoing basis with all corporate, employee and planning matters in relation to the project.

BBA//Fjeldco advised Icelandic State Financial Investments (ISFI) and Íslandsbanki hf. relation to the IPO, which is the largest IPO in history of Iceland and the largest European bank IPO since 2018.

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Prior to the IPO Íslandsbanki was wholly owned by ISFI, on behalf of the Treasury of Iceland. ISFI will hold 65% of the share capital of Íslandsbanki hf. following the offering, assuming full exercise of the overallotment option.

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The team was led by partner Einar Baldvin Árnason, partner Bjarney Anna Bjarnadóttir, senior associate Sara Rut Sigurjónsdóttir, associate Sigvaldi Fannar Jónsson and partner Kári Ólafsson.

 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.).

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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.

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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.

BBA // Fjeldco acted as the legal advisor to the investorswhich acquired Keahotels, one of the leading hotel groups in Iceland. BBA //Fjeldco further acted as the lead legal advisor in relation to the financing ofthe transaction.

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BBA // Fjeldco acted as the legal advisor to the investorswhich acquired KORTA, one of the leading payment service providers in Iceland.

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BBA // Fjeldco acted as the legal advisor to the investorswhich acquired 50% of the issued share capital of Nova, one of the leadingtelecommunication company in Iceland. BBA // Fjeldco further acted as the leadlegal advisor in relation to the financing of the transaction.

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