Last Friday, BBA//Fjeldco welcomed Orator, the law student association from the University of Iceland, and Lögrétta, the law student association from Reykjavik University, to our offices in Katrínartún. At BBA//Fjeldco, we believe in supporting tomorrow's legal talent, strengthening Iceland‘s legal community, and building strong connections with the universities in Iceland. Each year, our firm hosts networking events for law students. These receptions provide students with valuable insights into what it’s like to work in legal practice. Our lawyers share their experiences, discuss recent cases, and talk about important legal developments shaping the industry.

Beyond these events, many of our lawyers teach at the universities in Iceland. Gerður Guðmundsdóttir and Thelma Christel Kristjánsdóttir teach at the University of Iceland, while Páll Jóhannesson, Hafliði Kristján Lárusson, Anna Björg Guðjónsdóttir, Friðbert Þór Ólafsson, and Þorbjörg Ásta Leifsdóttir teach at Reykjavik University. By sharing their knowledge in classrooms, they help train the next generation of legal experts.

BBA//Fjeldco thanks Orator and Lögrétta for visiting our offices, it was a pleasure to meet you and we wish you all the best in your studies and future careers.

BBA//Fjeldco has published its latest market insight report, providing a high-level overview of Iceland's economic landscape and market developments throughout 2024. The report highlights positive economic indicators and key trends while addressing challenges facing the market in 2025.

Various aspects of Iceland's market dynamics are covered in the report, including mergers and acquisitions, IPO activities, stock market performance, and investment strategies of pension and investment funds.

Key findings include:

- Land-based fish farming projects are expanding, leveraging Iceland's access to low-cost energy, clean water, and strategic location.

- Arctic is emerging as a global focal point, driven by its natural resources, critical minerals, and strategic importance.

- Potential major bank mergers.

- Increased foreign investment activity.

- Expansion of Icelandic biosimilars and pharmaceutical products internationally.

This market insight report, based on publicly available information, serves as a resource for stakeholders interested in understanding Iceland's economic trajectory and market opportunities for 2025 and beyond.

For more information, please contact Halldór Karl Halldórsson, Gunnar Thor Thorarinsson or Einar Baldvin Árnason.

Read BBA//Fjeldco’s Market Insights 2024 report here.

The BBA//Fjeldco team congratulates Arctic Therapeutics on the successful closing of their €26.5M oversubscribed Series A financing. This significant milestone will help propel the company's groundbreaking treatments for dementia and inflammatory skin diseases further into clinical development.

Another shining example of Icelandic innovation, BBA//Fjeldco is proud to support Arctic Therapeutics in their mission of addressing critical unmet medical needs and improving lives worldwide and it will be exciting to watch the next chapter in the company's development.

Congratulations again to Arctic Therapeutics on a successful financing.

In today’s business section of Morgunblaðið, Páll Jóhannesson explores key developments in European Union (EU) tax policies and their significant implications for Iceland, even though Iceland is not an EU member state. The article highlights the following proposals and amendments to EU tax policies:
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• Support for small businesses: Domestic SME Scheme and Cross-Border SME Scheme

• Corporate taxation reforms: Business in Europe: Framework for Income Taxation (BEFIT)

• Cross-border operations: Head Office Tax (HOT) system for SMEs

• Withholding tax (WHT) improvements: Faster and Safer Relief of Excess Withholding Taxes (FASTER)

• Transfer pricing consistency: Harmonised rules

Páll emphasises the importance of transparency, strategic foresight, and careful consideration when adopting international regulations, stressing the need to safeguard Iceland’s economic competitiveness while mitigating potential risks.

The article can be read in full on the website of Morgunbladid (Icelandic).

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BBA//Fjeldco is delighted to announce the appointment of Jónína Guðmundsdóttir (Nína) as our new Managing Director. She succeeds Elísabet Einarsdóttir and has already assumed her role.

Nína brings a wealth of experience in strategic leadership, operations, people management, and organisational culture transformation to the role. She joins BBA//Fjeldco from Play airlines, where she was Chief People Officer and led the People and Culture division, overseeing critical areas including human resources, employee engagement, and organisational development, as well as playing a pivotal role in the early days of the company.  Prior to her role at Play, Nína was Senior Vice President of Human Resources at WOW air, and before that, she was Human Resource Director at IT service corporation Advania.

She holds a B.Sc. degree in Business Administration from the University of Akureyri and a M.Sc. degree in Human Resource Management from Strathclyde University in the UK.

“I‘m grateful to have the opportunity to lead BBA//Fjeldco‘s operations with the firm‘s board and partners, and work with its exceptional team. BBA//Fjeldco is a first-class law firm in the fields of corporate and finance, with offices in Iceland, UK and France, and the team goes above and beyond to provide our clients with the best possible service. I am taking over at a great time and I look forward to the task at hand“ Nína said.

We are excited to welcome Nína to the team and would also like to extend our heartfelt gratitude to Elísabet for her outstanding contributions. We wish her all the best in her future endeavours.

BBA//Fjeldco extends its heartfelt congratulations to JBT Marel Corporation on the successful merger of Marel and John Bean Technologies. It was an honour to advise Marel on this transformative journey, which culminated in the commencement of trading under the ticker symbol “JBTM” on both the New York Stock Exchange and Nasdaq Iceland.

As Árni Sigurjónsson, General Counsel at Marel, aptly stated, “Success is a journey, not a destination,” and today’s milestone, the largest merger in Iceland since 2007, marks an exciting new chapter in uniting two industry leaders with a shared vision for transforming the future of food. We look forward to witnessing the incredible impact JBT Marel will have on the global food processing industry.

The team included Halldór Karl Halldórsson, our Managing Partner, Jóhann Magnús Jóhannsson, Partner, and Ragnar Snær Kærnested, Associate.

BBA//Fjeldco served as lead counsel to Hagar hf., one of Iceland's largest retail companies, in its acquisition of P/F SMS, a leading retail company based in the Faroe Islands. This landmark cross-border transaction, valued at approximately ISK 9 billion, underscores Hagar’s strategic expansion into the Arctic region and strengthens its position as a leader in the grocery retail sector.

This acquisition represents a pivotal step in integrating innovative retail strategies and enhancing operational synergies between the two companies. BBA//Fjeldco advised on the transaction structure, as well as conducting thorough due diligence, drafting and negotiating transaction documents, and addressing complex cross-border legal challenges.

As one of the most notable cross-border M&A transactions by an Icelandic company, it also highlights BBA//Fjeldco’s expertise in high-value cross-border mergers and acquisitions.

Þorbjörg Ásta Leifsdóttir, a Senior Associate in the firm’s Competition Law department, participated in one of the panel sessions at the the annual Law Day, which is organised by the Icelandic Bar Association, the Icelandic Lawyers’ Association, and the Icelandic Judges’ Association, and was held at Hilton Reykjavik Nordica on Friday, 27 September 2024. The panel centred on collusion and was titled "No man is an island when it comes to collusion...or are they?".

Páll Gunnar Pálsson, General Director of the Competition Authority, along with Þorbjörg and her colleagues that specialise in Competition Law, led a discussion on the issue and answered various questions from the moderator in front of a live audience on topics such as settlements in cartel cases, approach and execution of rules and regulation by the Competition Authority and whether the current penalties issued in Iceland are sufficient etc.

BBA//Fjeldco has been named "Excellent in Iceland 2024" by business publications Vidskiptabladid and Keldan. This marks the fourth consecutive year that BBA//Fjeldco has received this prestigious recognition, which is awarded to businesses that consistently demonstrate exceptional operational performance. To qualify, companies must meet rigorous criteria, including generating a profit, having an annual income of more than ISK 45 million, holding assets exceeding ISK 80 million, and maintaining an equity ratio of over 20%. Additional factors considered include the timely submission of annual accounts and an evaluation of the company’s overall business structure.

Being recognised among the 1,643 companies that earned this distinction in 2024 is a testament to the firm’s ongoing commitment to excellence and sound business practices. For the full list of honoured companies and key financial data behind the selection, the special edition of Vidskiptabladid is available online here.

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.

Agla EirVilhjalmsdottir recently contributed an article to business publicationVidskiptabladid, focusing on the intersection of Environmental, Social, andGovernance (ESG) factors and corporate financing and disclosure requirements.

In the article,Agla discusses the implementation of the European Union's CorporateSustainability Reporting Directive (CSRD) in Iceland. Under this new directive,large and listed companies will be required to disclose comprehensiveinformation on their monitoring of various ESG issues and their environmentalimpacts. This directive, represents a major shift in corporate reporting, witha broader scope of companies affected, an increase in data requirements, andheightened scrutiny from stakeholders.

Read the article in full (in Icelandic) on the Viðskiptablaðið website here.

Thelma Christel Kristjánsdóttir from our TMT & IP department will be presenting at the Stjórnvísir fall conference Wednesday, 25 September 2024. The session, which will be in Icelandic only, will focus on the issue of large language models, or LLMs, and the legal challenges involved.

Thelma holds a Mag. Jur. degree from the University of Iceland and recently graduated with an LL.M. in Technology and Law from the University of California, Berkeley (UC Berkeley). In her studies at UC Berkeley, Thelma focused on research relating to AI, video games, cybersecurity, IP and data protection.

Thelma is one of the country's leading legal specialists in artificial intelligence (AI) and its associated legal challenges, and we encourage everyone who is looking to strengthen their understanding of the issue to watch her presentation on 25 September at 10:50 am (Icelandic time) on the Stjórnvísir YouTube channel.

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BBA//Fjeldco has once again been ranked as a top tier firm by the prestigious international rating agency, IFLR1000. The firm has achieved a Tier 1 ranking in the key practice areas of Financing, Corporate, and Project Development, thus reaffirming our position as a leading corporate law firm in the Icelandic market. This acknowledgement highlights our team's exceptional capabilities and commitment to provide our clients with quality legal services and speaks to our firm's focus on client-centered results, innovation, and a proactive approaches.

Several of our lawyers have been individually recognised, with Halldór Karl Halldórsson and Baldvin Björn Haraldsson being ranked as Market Leaders, and Bjarki H. Diego, Ásgeir Ragnarsson and Einar Baldvin Árnason as Highly Regarded Lawyers, underscoring their authority and expertise in their field. Claire Broomhead and Antoine Lochet have both been ranked as Notable Practioners, Stefán Reykjalín as a Rising Star Partner and Anna Björg Guðjónsdóttir and Emma Hickman as Rising Star Lawyers, showcasing the next generation of talent at BBA//Fjeldco.

This is a testament to our team's experience and dedication but also a reflection of the consistent feedback from our clients, whose trust and appreciation we deeply value. The BBA//Fjeldco team is committed to maintaining the highest standards of service and continuing to deliver exceptional legal advice.

For more details, see the IFLR1000 website for the full ranking.

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Agla Eir Vilhjálmsdóttir has joined BBA//Fjeldco. Prior to joining the firm, Agla was the General Counsel for the Iceland Chamber of Commerce. In her practice she has focused on corporate law, with a particular emphasis on corporate governance and sustainability. Agla led the publication of the Icelandic Corporate Governance Guidelines and was a member of the consultative committee for such guidelines in Europe and the Nordics. Additionally, she was the Secretary General of the Nordic Arbitration Centre, where she now serves as a board member.

Agla holds a law degree from Reykjavik University and recently graduated with an LL.M. from Columbia Law School. In her studies at Columbia, Agla focused on corporate law, sustainability and ESG disclosure. She was also a board member of the Columbia Arbitration Association.

Increasing sustainability requirements on corporations are driving demand for specialised legal services. With the addition of Agla to the BBA//Fjeldco team, the firm strengthens its expertise and ability to offer its clients an even more comprehensive ESG service.

Thelma Christel Kristjánsdóttir from our TMT & IP department will be presenting at the Advania Fall Conference's online program on Wednesday, 4 September 2024. The session will focus on the critical issue of cyber attacks and the responsibility of management.

Thelma holds a Mag. Jur. degree from the University of Iceland and recently graduated with an LL.M.  in Technology and Law from the University of California, Berkeley (UC Berkeley). In her studies at UC Berkeley, Thelma focused on research relating to AI, video games, cybersecurity, IP and data protection.

Thelma is a leading voice in addressing the legal and strategic implications of cybersecurity threats and her presentation is a must-attend for any professionals looking to strengthen their understanding of this issue.

You can register for the conference through the Advania website.

BBA//Fjeldco is the lead Icelandic counsel for Marel hf., one of Iceland’s largest and most valuable companies which is listed on Nasdaq Iceland, as the recipient of a non-binding proposal from John Bean Technologies Corporation (JBT) for the combination of the two companies in late 2023.

In January 2024 it was publicly announced that JBT intended to make a voluntary takeover bid for all shares in Marel under the Icelandic Act on Takeovers. Our involvement included drafting and providing input on structure and transaction documents, as well as advice on disclosure requirements and implications of the imminent offer on the conduct of the company’s business and the duties of its board.

This is a particularly complex transaction as its cross-border elements raise a number of novel issues, JBT and Marel are competitors, Marel is listed in Iceland and has a large shareholder base by Icelandic measures, JBT is listed in the United States and subject to filing requirements there, and the consideration offered by JBT is a mix of JBT shares and cash. This M&A transaction is as big and complex as they come in Iceland and if the takeover is successful, it would constitute the biggest public takeover in Iceland since 2007.

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Gerður Guðmundsdóttir has joined BBA//Fjeldco. She was previously with Iceland Revenue and Customs, in their Tax Investigation division, and before that she worked at the Directorate of Tax Investigations and in the tax- and legal department of Deloitte. She has extensive experience of tax law and projects related to tax matters.

Gerður holds a Mag.Jur. degree from the Faculty of Law at the University of Iceland, she graduated in 2015 after specialising in tax and company law and was admitted in Iceland in 2017. She is currently finishing her two year postgraduate degree in tax law at the University of Oxford.

She has taught International and Icelandic tax law part-time at the Faculty of Law at the University of Iceland and submitted several peer reviewed academic articles on the subject. She has also taught methodology part-time at the Faculty of Law at the University of Reykjavik.

We are certain that Gerður will be great asset for the firm, her knowledge and expertise will be particularly useful for future projects and the ongoing growth of our team, which has been providing tax advice alongside BBA//Fjeldco‘s legal advice in many of the largest transactions in the past few years.

Prestigious international ranking agency Legal500 has published its results for 2024 and it is our pleasure to announce that BBA//Fjeldco has once again been recognised as a Top Tier firm and it is especially exciting to see how many of our lawyers have been acknowledged as leaders in their field in this year's edition. A prestigious publication and legal directory in 120 jurisdictions, every year the Legal500 publishes its research driven rankings of the top law firms in the world, a culmination of in-depth research into matters that firms have worked on and interviews with lawyers and clients.

"The BBA//Fjeldco team has unparalleled experience in legal advice in Iceland when it comes to M&A, any Capital Markets transactions, cross-boarder deals and really any larger transactions."

BBA//Fjeldco is ranked for 8 practice areas this year, with our Employment and Real Estate & Construction departments being ranked for the first time. The firm was ranked Tier 1 in  Banking, finance and capital markets, Commercial, corporate and M&A, Restructuring and insolvency and Tax, Tier 2 in Dispute resolution, Employment and Real estate and construction, and Tier 3 in TMT and IP.

The Legal500 has also acknowledged a number of our accomplished lawyers in their respective practice areas. Halldór Karl Halldórsson has been named a Leading Individual in Banking, finance and capital markets, and Ásgeir Ragnarsson as well as Bjarki Diego have granted Hall of Fame status in this practice area. Stefán Reykjalín, has been named a Next Generation Partner, and Gunnar Thor Thorarinsson is alsco recommended in Banking, finance and capital markets.

"BBA//Fjeldco have a very solid team and vast experience when it comes to banking and finance in particular. They are generally involved in almost all major transactions in Iceland for a good reason: Their signature quick, no frills advice, which is always well grounded and professional."

Ásgeir Ragnarson and Baldvin Björn Haraldsson have been named Leading Individuals in Commercial, corporate and M&A, and Einar Baldvin Árnason has been given Hall of Fame status. Halldór Karl Halldórsson is also thought to excel this practice area and has been named a Next Generation Partner.

Our tax partner, Páll Jóhannesson, has been named a Leading Individual and Austri Þorsteinsson, an associate in the same team, has been recommended in this practice area as well.

Einar Baldvin Árnason, Gunnar Thor Thorarinsson and Baldvin Björn Haraldsson are all recommended as experts in their field in Restructuring and insolvency.

Þórir Júlíusson, head of the firm's Dispute Resolution department, has been named a Leading Individual and both Kári Ólafsson and Baldvin Björn Haraldsson are recommended in this practice area.

In Employment, both Kári Ólafsson and Þórir Júlíusson are recommended and Ásta Margrét Eiríksdóttir, an associate who joined the firm in 2016, is named as a key lawyer.

Tómas Magnús Þórhallsson has been named a Next Generation Partner in Real estate and construction. Kári Ólafsson and Jóhann Magnús Jóhannsson are both recommended in this practice area in addition to Friðbert Þór Ólafsson and Ásta Margrét Eiríksdóttir being named key lawyers.

Hafliði Kristján Lárusson and Thelma Christel Kristjánsdóttir from the firm's IP & Technology team have both been recommended in TMT and IP.

"The quality and capability of BBA//Fjeldco law firm is exceptional. I’ve worked with many partners and associates within the company and all have delivered what was expected, and often more. They are personal and professional, which is a blend that I like."

We remain incredibly grateful to our clients for their ongoing time and feedback, which has been instrumental in achieving our consistently high ratings year after year. The BBA//Fjeldco team remains immensely grateful to our clients for their valuable feedback and this acknowledgment by Legal500 serves as a testament to our firm's commitment to excellence and the exceptional quality of service we provide to our clients.

For more details, see the full ranking of BBA//Fjeldco in the Legal500 for 2024.

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Chambers Europe, renowned for its comprehensive legal market research, have now published its rankings for this year and we are pleased to share that BBA//Fjeldco has again been recognised as a Leading Firm, reaffirming our position as a first-class law firm.

"BBA//Fjeldco are very responsive and provide clear and to-the-point advice. The law firm has strong teams within different legal specialisms and is able to deliver efficiently as one team."

In the 2024 edition, BBA//Fjeldco has been given a Band 1 ranking in Corporate/Commercial, which underscores our team's dedication to excellence, and four of our partners have been acknowledged as Notable Practioners - Einar Baldvin Arnason, Baldvin Bjorn Haraldsson, Halldor Karl Halldorsson and Asgeir Ragnarson - and our head of litigation and Dispute Resolution, Thorir Juliusson, has been tapped as Up and Coming.

This recognition by Chambers Europe highlights our dedication to providing top-tier service to our clients and the depth of knowledge and experience of our team, which is evidenced by our consistently high ratings year after year.  

For more details, see the full ranking of BBA//Fjeldco on the Chambers Europe website.

BBA//Fjeldco‘s operation in the UK keeps growing, US lawyer John Van de North has joined the firm as a partner and he will be based in the BBA//Fjeldco offices in Mayfair in London.

John has lived and worked in London since 1998 and brings more than 25 years of experience in advising private equity sponsors in connection with transactions throughout Europe and North America and in forming pools of capital. He has advised on a wide range of matters including cross border leveraged buyouts, restructurings, industry roll-ups and venture financings.

John joins us from Goodwin, a US multinational law firm where he was a partner in the private equity group. Prior to that he was a partner in the private equity groups at Kirkland & Ellis and O’Melveny & Myers and served as a Senior Counsel to Sidley & Austin.  From 2012 to 2017, he worked as the general counsel and director of business development for a private equity backed renewable energy company in California.  He was a founding trustee of Girls Are Investors (GAIN), a leading UK charity focused on increasing the number of women working in the investment management industry.  

“I am delighted to join my friends at at BBA//Fjeldco and help grow their presence in London. I have been paying close attention to the Icelandic business world for a while now and I am fascinated by its energy and ingenuity. Iceland’s geographical location, in between the US and Europe, makes it a prime starting point for investments in the Arctic.” – John Van de North

“John is a great asset for BBA//Fjeldco, he brings expertise and experience that no other firm in Iceland has and will thus strengthen the level of service that BBA//fjeldco can offer its Icelandic and international clients. – Gunnar Thor Thorarinsson, Managing Director of BBA//Fjeldco in London.

BBA//Fjeldco’s international team keeps going from strength to strengh and this addition further confirms us as the first choice as advisors in projects and transactions between Iceland and the UK, as well as other cross-border transactions.

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.

BBA//Fjeldco acted as advisors to Landsbankinn and Fossar fjárfestingarbanki in connection with the private placement of new shares in Amaroq Minerals Ltd. The fundraise was a success, with the initial target being to raise some GBP 30 million, which was then expanded to approximately GBP 44 million due to significant excess demand. BBA//Fjeldco's role in the offering was to handle all documentation between the company and the banks and between the company and investors. Furthermore, BBA//Fjeldco assisted the banks with the market sounding process, as well as collecting and compiling subscriptions on behalf of the company and announcing the allocation to investors.

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Páll Jóhannesson, partner and head of the firm's tax division, was interviewed by the daily newspaper Morgunblaðið last month where he highlighted the challenges arising from the lack of transparency in tax matters in Iceland and emphasised the importance of enhancing communication between regulatory authorities and the business community. Páll expressed the view that Iceland's primary advantage should be its positive approach to business development and foreign investment, characterised by reduced bureaucracy and effective communication. He also noted the importance of addressing unclear boundaries and promoting equality in tax matters.

BBA//Fjeldco and Arion Bank hosted a conference in London on 8 November 2023 centered around future opportunities in the Arctic region, titled "Investment Opportunities in the Arctic." At this event, representatives from some of the most prominent businesses in the region delivered presentations on their operations and perspectives regarding the future of the Arctic, with a specific emphasis on innovation and sustainability. As a leading law firm in the region, in addition to providing legal services, BBA//Fjeldco specialises in connecting people and creating opportunities, and this annual conference serves as an international platform for policymakers and business leaders to exchange ideas, discuss innovation, and explore opportunities.

This year's keynote speaker was the former President of Iceland, Mr. Olafur Ragnar Grimsson, who is also the founder and chairman of the Arctic Circle, a non-profit and the largest network of international dialogue and cooperation on the future of the Arctic. His address touched upon the vast opportunities present in the region, drawing parallels to the American frontier at the beginning of the 20th century, and highlighted Iceland's role in its development. Other  speakers at the conference included Ida Bra Benediktsdottir from Arion Bank, Gudmundur Fertram Sigurjonsson from Kerecis, Jon Sigurdsson from Stodir, Haukur Hardarsson from Arctic Green, Jens Meinhard Rasmussen from Smyril Line, Hjortur Erlendsson from Hampidjan, and Magnus Hardarsson from Nasdaq Iceland. The moderator of the event was Fridrika Geirsdottir. Gunnar Thor Thorarinsson, head of the London office of BBA//Fjeldco, and Benedikt Gislason, CEO of Arion Bank, closed the conference.

The event was very successful and well attended, it is exciting  to see the level of interest in the Arctic and  its future.

Thelma Christel Kristjansdottir, an associate in the firm's IP and Data Protection team, addresses the use of artificial intelligence in an ever-changing work environment, and the importance of setting boundaries for employees regarding the use of generative AI, in a newly published article in Viðskiptablaðið.

In the article, Thelma Christel says that the use of artificial intelligence can significantly affect a company’s ability to safeguard its intellectual property rights, especially copyright and trade secrets. She emphasizes that it is increasingly important in the light of the fact that many businesses’ primary assets are embodied in their intellectual property rights.

Furthermore, the unrestricted use of AI may result in security breaches within the meaning of the Icelandic Data Protection Act, e.g. if employees put emails or memoranda containing personal information into artificial intelligence applications. If this is done with the company’s knowledge and consent, it could even imply the unlawful transfer of personal data.

She advises businesses to establish guidelines for managers and staff, such as by instituting a so-called artificial intelligence policy and providing training for employees. With this approach, the preservation of intellectual property rights and consumer and employee privacy may coexist with the optimization of artificial intelligence’s advantages.

For more information, the full article can be read on the Vidskiptabladid website here.

BBA//Fjeldco is excited to share the announcement of the launch of the European Energy Handbook 2023-2024 by Herbert Smith Freehills. This comprehensive resource offers a deep dive into recent legal and commercial developments within the energy sector across 41 jurisdictions and covers critical aspects of EU energy policy and strategy, such as the adoption of the European Green Deal and the revision of the EU electricity market design. This handbook is a vital tool for staying updated in this ever-evolving landscape and covers climate change, the energy transition, and the various challenges associated with these changes.

Our dedicated energy team here at BBA//Fjeldco contributed a chapter specifically focused on Energy Law in Iceland and recent developments in the local energy market that touches upon crucial subjects like sustainability, the energy transition, and innovative initiatives like the capture and storage of CO₂, offering valuable insights into Iceland's energy industry. Also, Antoine Lochet, Head of Elements by BBA//Fjeldco, participated in the launch panel at the Herbert Smith Freehills London offices on 25 October 2023.

The European Energy Handbook is available for download from the Herbert Smith Freehills website.

BBA//Fjeldco is proud to share that the firm and several of our accomplished lawyers have been recognised in the latest edition of the IFLR 1000 rankings.

"BBA//Fjeldco was extremely resourceful and solution-orientated, and able to navigate through tricky situations with valuable legal work."

In this year's edition, our firm received a Top Tier ranking and achieved Tier 1 distinctions in Financial and Corporate, as well as Project Development. The IFLR 1000 guide has also acknowledged the following members of the BBA//Fjeldco team - Anna Bjorg Gudjonsdottir, Emma Hickman and Stefan Reykjalin being recognised as rising stars, Claire Broomhead and Antoine Lochet as notable practitioners, and Bjarki H Diego, Asgeir Ragnarsson, and Einar Baldvin Arnason as highly regarded. Notably, Halldor Karl Halldorsson and Baldvin Bjorn Haraldsson have been highlighted as market leaders. For more details, the full ranking can be viewed on the IFLR1000 website.

The IFLR1000 is a renowned international legal market research product specializing in the evaluation and ranking of financial and corporate law firms and lawyers.

We are excited to announce an upcoming afternoon seminar on energy law, which is a collaboration between BBA//Fjeldco and the Advanced LLM in Energy Law (NSELP), on 18 September 2023 at the Hilton Reykjavik Nordica from 13:30 to 17:00.

Please join us for an insightful exploration of key legal issues relating to energy matters - climate change, the energy transition process, geothermal energy, district heating and wind power - with presentations from Daniel Bodanky, professor at Arizona State University, Hilmar Gunnlaugsson, chairman of the government working group on utilisation of wind energy in Iceland and Antoine Lochet, a legal expert in Energy law and head of BBA//Fjeldco energy team. In addition, a comparative perspective on the utilisation of wind energy will be delivered by the NSELP programme directors from the Universities of Groningen (Silke Goldberg), Aberdeen (John Paterson), Oslo (Catherine Banet) and Copenhagen (Beatriz Martinez Romera). Click here for the full schedule.

You can register via the NSELP website until 15 September 2023 and please note that this is an in-person event only.

BBA//Fjeldco acted for Danish multinational company Coloplast in the acquisition of the entire share capital of Kerecis. The transaction values the target company at up to USD 1.3 billion, making Kerecis the first so-called "unicorn" coming out of Iceland and is therefore among the largest M&A deals in the history of the country.

Based in Isafjordur, in the Westfjords of Iceland, Kerecis has grown fast on the back of its innovative wound care product based on fish-skin technology. Coloplast is a global leader in providing intimate health care services that develops and manufactures products that help people with private medical conditions to improve their quality of life.

The strong commercial presence of Kerecis in the US and the buyer being a Danish company added complexity to the due diligence exercise and closing mechanics, providing an opportunity for BBA//Fjeldco to make good use of its cross-border experience.

Congratulations to the buyer, the sellers and the company on a successful transaction! Big thanks to Kromann Reumert and PwC, who also advised Coloplast, and to other advisers involved: LOGOS legal services, Wilson Sonsini Goodrich & Rosati, J.P. Morgan and Deloitte.

Prior to joining the firm, Thelma was part of the tech, IP and data protection team at LEX law firm where she advised both local and international corporate clients on Technology Law and Data Protection.  

Thelma holds a Mag. Jur. degree from the University of Iceland and recently graduated with an LL.M.  in Technology and Law from the University of California, Berkeley (UC Berkeley). In her studies at UC Berkeley, Thelma focused on research relating to AI, video games, cybersecurity, IP and data protection. She also worked with the Digital Rights Project at Berkely in providing pro bono legal aid.

Thelma is currently teaching part time at the Faculty of Law at the University of Iceland and next year she will also be teaching part time at the Faculty of Law at the University of Bifröst in Iceland. She is also a member of the advisory board of Bonterms, a San Francisco start-up that provides standardised open-source legal forms for enterprises.

Thelma will further strengthen the IP and Data Protection team at BBA//Fjeldco with her experience and knowledge of EU and US data protection and IP law. The demand for such services is ever increasing with the rising popularity of AI and the collection of personal information in everyday life.  

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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.

Congratulations to Horn IV slhf. and the sellers on a successful transaction.

A working group on utilisation of wind energy in Iceland presented its report today in a live stream on the Government of Iceland website. The report addresses the various issues and lists the possible options for electricity generation from wind energy in Iceland.

The Ministry of the Environment, Energy and Climate instructed BBA//Fjeldco to draft a summary of the existing regulations and legislations on electricity generation from wind energy in various countries and the working group utilised this summary in its work on the report.

The summary closely examines the applicable legislation in Denmark, Norway, New Zealand and Scotland, as well as France, the Netherlands and Sweden. In the preparation for its summary, BBA//Fjeldco sent a standardised questionnaire to industry experts in the countries listed above and worked with Horten Advokatpartnerselskap in Denmark, Arntzen de Besche Advokatfirma AS in Norway, Brodies LLP Solicitors in Scotland and Russell McVeagh in New Zealand.

Presentation of report on utilisation of wind energy in Iceland - Recording of a live stream on 19 April 2023.

Wind energy: Options and Analysis - Report on electricity generation from wind energy in Iceland in April 2023 (Icelandic)

The Legal500 have published its rankings for 2023 and we are delighted to share that BBA//Fjeldco retains its position as a top-tier firm and that several of our legal experts have been named as leading individuals and members of the Legal500 Hall of Fame.

A prestigious publication and legal directory in 120 jurisdictions, the Legal500 have published their research driven findings for this year and BBA//Fjeldco is ranked for 6 of our practice areas, including our new Tax division, which was ranked Tier 1.The firm was also ranked Tier 1 in Banking, Finance and Capital Markets, Commercial, Corporate and M&A, Restructuring and Insolvency, as well as Tier 2 in Dispute Resolution and Tier 3 in TMT and IP.

“BBA//Fjeldco works on basically all meaningful M&A transactions in Iceland, which tells you something about their reputation in Iceland and about their knowledge about the market.”

Our highly experienced lawyers have been recognised for their expertise in their respective fields, Halldor Karl Halldorsson, who is named a Leading Individual in Banking, Finance and Capital Markets, and Bjarki Diego and Asgeir Ragnarsson, who are granted Hall of Fame status in this practice area.  New partner Stefan Reykjalin is also highlighted as a Rising Star.

In Commercial, Corporate and M&A, our partners Asgeir Ragnarson, Baldvin Bjorn Haraldsson and Einar Baldvin Arnason are noted as Leading Individuals.

Our Tax expert Pall Johannesson and Thorir Juliusson, who specialises in Dispute Resolution, are both named as Leading Individuals in their practice areas.

The above rankings are the result of in-depth research and interviews with clients and, as always, we are very grateful to our clients for their time and feedback, which is reflected in our consistently high ratings year after year.

For more details, see the full ranking of BBA//Fjeldco in the Legal500 for 2023.

We are proud to share our ranking as a Leading Firm in Chambers Global for 2023, where we retain our leading position in Corporate & Commercial and seven of our leading experts are ranked for their expertise.

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"The partners and senior associates are very experienced at seeing the big picture, drawing out the key items and identifying issues, as well as finding solutions and workarounds as needed."

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Our Partners Baldvin Bjorn Haraldsson, Einar Baldvin Arnason, Halldor Karl Halldorsson and Asgeir A Ragnarson are all ranked in Corporate & Commercial, and Thorir Juliusson is noted as “Up & Coming” in Dispute Resolution.

In addition to our high rankings above, the heads of our operations in France and the United Kingdom, Antoine Lochet and Gunnar Thor Thorarinsson, have both been highlighted as “Foreign Experts” by Chambers Global for 2023.

As always, we are grateful to our clients for taking the time to provide such valuable feedback for BBA//Fjeldco to Chambers Global.

For further details, see the full ranking of BBA//Fjeldco in Chambers Global 2023.

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Johann Magnus Johannsson, a district court attorney and former Head of Legal and Compliance at Eik fasteignafelag hf., has joined BBA//Fjeldco. He holds a mag.jur. degree from the Faculty of Law at the University of Iceland and an LLM degree from University College London (UCL), where he specialised in Corporate and Finance Law. Johann  Magnus has extensive experience – more than fifteen years of practice, including four years working in the City of London -  in advising Icelandic as well as international businesses in the fields of Corporate Law, Corporate Finance, M&A and Financial Regulation.

Johann Magnus is a valuable addition to our group, having practiced Corporate, Finance and Regulatory Law in Iceland as well as the UK. His knowledge and regulatory experience will bolster BBA//Fjeldco‘s ever expanding regulatory team and benefit our clients as the demand for regulatory services steadily grows in combination with an increase in the number of listed companies and more complicated corporate regulations. 

Sigridur Reynisdottir is the new Office Manager for BBA//Fjeldco in London. She has worked in the legal and finance sectors in London for the past fifteen years and before joining BBA//Fjeldco, she worked for Kvika Securities Ltd., Kvika banki‘s subsidiary in London. Sigridur studied International Relations at the School of Oriental and African Studies (SOAS) in London.

The London office of BBA//Fjeldco has expanded steadily in recent years and Sigridur‘s experience and knowledge will strengthen the company‘s UK operations even further. The office in London is made up of a strong group of international and Icelandic lawyers who specialise in Corporate Law, M&A and finance documents, confirming BBA//Fjeldco as the natural starting point for international parties looking to invest in Iceland as well as Icelandic parties investing in the UK and elsewhere abroad.

BBA//Fjeldco is one of the largest law firms in Iceland and a market leader in Corporate and Commercial Law. Our expert lawyers are admitted to the Icelandic, English, French and New York bars and we have offices in Reykjavik and London as well as having a presence in France.

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Alvotech has completed a private placement of approximately USD 137 million. The private placement was directed solely to eligible and professional investors in Iceland, including pension funds. Alvotech is a biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide and was the first Icelandic company to be dual listed in the U.S. and Iceland.

BBA//Fjeldco was Alvotech’s legal advisor with respect to the private placement and congratulates its management team and employees on the achievement.

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BBA//Fjeldco‘s Energy Team recently attended meetings with authorities and stakeholders in El Salvador and representatives of the World Bank, to examine the need for possible legislative changes to ensure and support geothermal direct use in El Salvador.

BBA//Fjeldco has in recent years worked closely with authorities in various countries such as Ethiopia, Kazakhstan, Bulgaria, Bolivia, and France, to evaluate the legal environment for renewable energy sources. Our lawyers have also drafted legislative bills and regulations in the field of renewable energy, for governments of Djibouti in Africa and Comoros Islands in the Indian Ocean. Furthermore, BBA//Fjeldco is currently working an energy transition project, as a part of strong and diverse consortium of experts from across Europe, where BBA//Fjeldco will examine the European Union’s regulatory framework relating to the use of wind energy for electricity production on ships. Our Energy Team is also examining the use of geothermal heat for drying tea and coffee in Kenya, in collaboration with the Icelandic entity Intellecon.

BBA//Fjeldco has worked on several projects with the World Bank and the United Nations Development Program in relation to green energy regulatory enviornment.

When evaluating and drafting legislation in the field of reneawable energy, BBA//Fjeldco forms a collaborative group of Icelandic experts in the field of geothermal energy utilization. Our partners are ÍSOR, Verkís, Mannvit, Reykjavik Geothermal, Intellecon and other companies. In each project, BBA//Fjeldco also collaborates with a leading law firm in the country in question. The experience and knowledge that Icelandic experts have gained when it comes to harnessing renewable energy, in particular geothermal energy and hydropower, is used and relied upon all over the world.

We are extremely proud to be a leading law firm in the field of renewable energy.

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An energy transition project, WHISPER, has been granted 9,2 million EUR in funding from Horizon Europe for a 4-year innovation project. The goal of the project is to develop a solution that can significantly reduce emissions from the long-distance maritime industry, which is responsible for around 2.5% of the world‘s total CO₂ emissions. WHISPER aims to demonstrate around 30% fuel savings on a retrofit bulk carrier and more than 15% on a retrofit containership. BBA//Fjeldco will provide a legal review and classification of possible administrative, legal and regulatory aspects of the project.

A strong and diverse consortium of experts from across Europe will develop a fully modular retrofit solution, comprising a wind-solar hybrid power system to significantly reduce auxiliary engine emissions and a tilting wing sail system to provide wind-assisted propulsion, significantly reducing main engine fuel consumption and emissions.

María Kristín Þrastardóttir, co-founder of Sidewind: “We have high hopes for this innovative collaboration and truly believe that the project can be an effective tool in the fight against climate change. By combining and developing three innovative wind and solar technologies, and creating a modular, retrofit solution, we can lower the emissions of container and tank ships by 15-30%. If successful and widely adopted, WHISPER could reduce the emissions ofthe long-distance maritime transport industry by what equals the emissions of entire countries. “ 

Marc Van Peteghem, chairman and co-founder of AYRO: “In the current context of fuel price volatility and the increasingly stringent environmental regulations with the implementation of the Carbon Intensity Indicator (CII) this year for the maritime industry, we see the WHISPER project as a catalyst for retrofitting the commercial vessels with breakthrough green technologies.  Whisper will enable AYRO to launch its first tiltable Oceanwings, addressing new segments such as the bulk carriers. We are proud and thrilled to be involved in this ambitious project with key maritime stakeholders, including other wind and solar technology suppliers.“

Luca Bonci, Solbian CEO: “Solbian is firmly committed to spreading the utilization of solar energy on cargo ships. After years of experience in creating solar solutions for any kind of vessel, from small sailboats to ferries, we trust that joining forces between companies active in renewables (solar and wind) and marine experts will now give a strong impulse to the adoption of clean energy sources in maritime transport, for a better future.“

Kjartan Due Nielsen, Innovation Manager of Verkís: “Verkís is proud to have been chosen to coordinate this highly relevant innovation project. It aligns with our focus on energy transition, sustainability and innovation and builds on our expertise from sustainable energy projects. Verkís will also contribute the overall technical system design, LCA and aerodynamic simulations and we are certain that with our partners in the project it will bring successful and impactful results. Energy transition of the maritime industry is complex, and WHISPER could be a game changing solution for this sector.”

The complex application process was led by Inspiralia, a vital component in guiding the partners to fulfil all necessary requirements for full participation in an EU project of this size. The WHISPER project is comprised of 14 partners: BBA//Fjeldco, Verkís (project lead), Sidewind, AYRO, Solbian, CANOE, Ant Topic, Dotcom, Samskip, Nav-Tech, Stirling Design International, Lloyds Register, Athygli, and Inspiralia GmbH.

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BBA//Fjeldco has contributed to the Clean Energy Tool, published by the global law firm Simmons & Simmons, by writing the Icelandic chapter for the online tool.  

Access to accurate information on legal and regulatory frameworks is essential to support the increasing demand for renewable energy worldwide. However, the regulatory environment for developing clean energy infrastructure can be complex and unclear. The Clean Energy Tool provides online access to reliable legal and regulatory renewable energy information and is intended to help speed up analysis and investment decisions.  

The Clean Energy Tool includes over 55 jurisdictions and continues to expand, with content being worked on in multiple countries across Africa, the Middle East, Europe, Asia and Latin America.  

BBA//Fjeldco is proud of its partnership with Simmons & Simmons on this project. In recent years, BBA//Fjeldco has placed increased emphasis on building expertise in the field of energy law. Our goal is to raise awareness of and share Icelandic ingenuity and knowledge. Our team of experts has made BBA//Fjeldco a leading law firm in the field of energy legislation, with our team participating in diverse energy projects worldwide.  

It is our hope that the Icelandic chapter can provide valuable information for all those interested in renewable energy projects in Iceland.  

To learn more about the Clean Energy Tool or to request a demonstration please click here.  

For further information about our energy team please contact Baldvin Björn Haraldsson, partner.

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Alvotech shares have been admitted to trading on Nasdaq Iceland Main Market. Alvotech became the first Icelandic company to be dual listed in the U.S. and Iceland, as Alvotech shares were admitted to trading on the Nasdaq Stock Market in the U.S. on June 16, 2022 and on First North on June 23,2022. 

Alvotech's listing on the Nasdaq Iceland Main Market will increase visibility and may allow the company to appear in both domestic and global indexes. Alvotech is the second largest company on Nasdaq Iceland’s Main Market, following the listing, measured by market capitalization.

BBA//Fjeldco was Alvotech’s legal advisor with respect to the listing and congratulates its management team and employees on the achievement.

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https://view.news.eu.nasdaq.com/view?id=b910e232cd7fede7ba1b131f07d2d2b72&lang=is

BBA//Fjeldco and Arion banki recently organized a conference in London focusing on opportunities in the Arctic. The conference highlighted Iceland’s potential in the region, with its robust social infrastructure and established companies that can partner with international financial institutions on sustainable development in the region. There was also a focus on opportunities in food production, energy production, rare earth metals processing, pharmaceutics, tourism, and transportation. The conference was well attended and there is clearly considerable interest in Iceland and the Arctic region among investors, financial institutions, and international companies working in London.

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Icelandic foreign minister Þórdís Kolbrún Reykfjörð Gylfadóttir opened the conference, and in addition to Arion Bank and BBA//Fjeldco, speakers included representatives from Amaroq Minerals, Eimskip, Icelandair, Brim, Alvotech, Geo Salmo and Pt. Capital / Seven Glaciers.

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BBA//Fjeldco provided legal advice to Islandsbanki in relation to the financing of the acquisition of French private equity firm Ardian of the telecommunications operator Míla ehf. The advice included negotiating loan documentation, bond issuance documentation, intercreditor agreement and security documentation.

The transaction represents one of the largest foreign investments in Iceland in recent years. Islandsbanki is one of the leading commercial banks in Iceland. Mila ehf. is the main telecommunications infrastructure company in Iceland. Ardian France SA is one of the largest private equity managers in Europe and is focusing on essential infrastructure.

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BBA//Fjeldco provided advice to Diversis Capital, a Los Angeles based private equity firm, in its acquisition of a 40% shareholding in Tempo Software from Origo hf., for a purchase price of $ 195 million. BBA//Fjeldco also advised Diversis on the company’s acquisition of a majority ownership in Tempo in 2018. Tempo’s equity value has grown substantially under Diversis control, from $ 62.5 million to $487 million. Tempo’s journey clearly demonstrates how Icelandic ingenuity can create great value in the software sector.

BBA//Fjeldco congratulates Diversis, Origo as well as Tempo employees on a successful transaction. BBA//Fjeldco thanks Kvika bank Corporate Finance for a fruitful cooperation in the transaction.

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Icelandic Investors have completed the acquisition of the rotomolding activities of Berry Global Inc., which is a Fortune 500 global manufacturer and marketer of plastic packaging products, which includes the acquisition of Sæplast and Tempra, established companies with successful operational history in Iceland. Through the acquisition the largest rotomolding entity in Europe will be established, under the name of Rotovia.

BBA//Fjeldco was legal advisor to Rotovia hf., which is owned by the Icelandic private equity funds Freyja and SÍA IV and key management of the rotomolding plastics operations and provided legal advice with respect to the share purchase agreement as well as financing.

The annual turnover of the Rotovia entities is around EUR 134 million and Rotovia will have a strong global footprint through a wide sales office network and serve a diversified customer base across several end-industries, with specific focus on the food segment. Rotovia will become a leading international player in the fragmented rotational molding plastic product market, with a diversified manufacturing base of ten manufacturing sites across seven countries in Europe and Canada and employing around 800 people.

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Chambers Europe, the European guide to leading law firms, has once again ranked BBA//Fjeldco at the highest level within all of the firms main practice areas.

Chambers and Partners is an independent research company operating across 200 jurisdictions delivering detailed rankings and insight into the world’s leading lawyers. Their Research Analysts interview thousands of lawyers and their clients around the world. According to them, this intensive, continuous research identifies the world’s leading lawyers and law firms- those which perform best according to the criteria most valued by clients and no lawyer can buy their way into their rankings.

These results are very pleasing as BBA//Fjeldco strives to continuously provide first class service and to maintain its good reputation. ‍

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For further information refer to Chambers website

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With the support of the Sustainable Development Goals Partnership Fund, consulting firm Intellecon and law firm BBA//Fjeldco will explore the possibility of utilizing geothermal heat for drying tea in Kenya. The project is in partnership with Kenyan partners Geothermal Development Company and Rosekey Foods. An agreement for funding by the Icelandic Ministry for Foreign Affairs‘ Sustainable Development Goals Partnership Fund was signed 12 March.

Tea production is a very important, albeit polluting, industry in Kenya. Utilization of geothermal heat can have a very positive impact on food security and the environmental impact of the industry. The project supports the United Nations Sustainable Development Goals (SDGs), especially goal eight on decent work and economic growth, goal twelve on responsible consumption and production and goal thirteen on climate action. The project has the potential to significantly decrease Kenya‘s CO2 emissions. In 2002 an estimated 155,000 tons of wood were burned in Kenya to dry tea and other foods. About 1.8 tons of CO2 are released for every ton of wood burned. In 2002, an estimated 300.000 tons of CO2 were thus released into the atmosphere to dry food in Kenya. It is clear that significant amounts of CO2 emissions can be avoided by replacing wood burning with geothermal heat.

The project is a partnership between consulting firm Intellecon and law firm BBA//Fjeldco. Both firms have extensive and growing experience in geothermal and other sustainable energy projects in developing countries. If the project is successful, there are hopes that more opportunities could follow for job creation and economic development in Kenya along the lines of developing cooperation in energy and food production.

The Sustainable Development Goals Partnership Fund supports Icelandic private sector firms who want to work towards the United Nations‘ Sustainable Development Goals by launching co-operative ventures in developing countries. By participating, private sector firms can support increased economic activity in developing countries and enhance their own competitiveness in emerging markets. The next deadline for applications to the fund is 3 May.

Further information.

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One of the legal profession's most well reputed rating agencies, Chambers & Partners, has published its ratings for 2022. Once again BBA//Fjeldco is top rated within all of the firms main practice areas.

We are very thankful to our team, clients, and partners for their continuous support and positive feedback.

For further information refer to Chambers website

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Berglind Guðmundsdóttir has joined BBA//Fjeldco. Berglind is a district court attorney with experience on corporate law. For many years she worked at Landsbankinn hf., both in corporate banking providing general legal advice and in compliance, in trade surveillance, market abuse surveillance and corporate governance.

The addition of Berglind will further strengthen the international team of BBA//Fjeldco, on markets for financial instruments and compliance. Compliance is becoming an increasingly important component of legal advice for companies, banks and financial institutions. BBA//Fjeldco now has over 30 lawyers, specialising in company and corporate law with attorneys qualified in Iceland, England, France and New York.

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English solicitor Emma Hickman joined BBA//Fjeldco at its London office in November. Emma has extensive experience of corporate law, M&A and private equity transactions and providing general commercial advice to corporates, including start-up companies and entrepreneurs. Emma has previously worked at K&L Gates in London, Logos in London and JMW in Manchester.  

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The addition of Emma will further strengthen the international team of BBA//Fjeldco and ensure the firm as the first choice for selection of advisors in projects and transactions between Iceland and the UK as well as other cross-border transactions. In addition to Emma Hickman, the London team of BBA//Fjeldco now consists of Claire Broomhead, who has over 20 years’ experience in corporate law, Gunnar Thor Thorarinsson, who is qualified in both Iceland and England and has 20 years’ experience, and the Icelandic attorney Anna Bjorg Gudjonsdottir, who has been with the Reykjavik office since 2013.  

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Gunnar Thorarinsson, Head of London Office, discusses the increased interest in investment opportunities in Iceland in an interview with Morgunblaðið. Gunnar notes that Brexit has created opportunities that are beneficial for the Icelandic market particularly in the renewable energy sector. Further, Gunnar points out that there are several opportunities resulting from the financial crisis as many financial institutions developed knowledge about the Icelandic market that is now being used for new investment opportunities. Gunnar considers the presence of the BBA//Fjeldco team, which now consists of four lawyers in London, essential as it serves the purpose of engaging with investors interested in Iceland, promoting exciting investment opportunities in Iceland, and enabling Icelandic parties to invest in London. As the goal of BBA//Fjeldco is to use its specialized knowledge for the benefit of its clients and provide exclusive and outstanding services.

BBA//Fjeldco has been retained by the UNDP in Comoros and supported by the Ministry for Foreign Affairs of Iceland to create a regulatory framework for the research and utilization of renewable energy resources in the Comoros Islands, in cooperation with Iceland GeoSurvey (ÍSOR), Verkís Consulting Engineers and Intellecon economic consultancy.

The project is highly innovative, as Icelandic knowledge, experience and ingenuityis used to create a framework to increase the use of renewable resources toenhance the energy sustainability of the Comoros Islands.

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Baldvin Björn Haraldsson and Antoine Lochet are heading the project on behalf of BBA//Fjeldco.

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BBA//Fjeldco provided legal advice to Vauban Infrastructure Partners in relation to Vauban´s acquisition of the majority of shareholding in Borealis Data Center, previously known as Etix Everywhere Borealis. BBA//Fjeldco provided legal advice on the Icelandic legal framework of the target undertaking, performed a legal due diligence, and provided legal advice on the transaction documents, from an Icelandic law perspective.

Vauban Infrastructure Partners is one of Europe’s leading asset management companies that is focused on infrastructure equity investments that contribute to the sustainable development of local communities and their environments. Borealis Data Center operates two data centers in Iceland that are located in Blönduós and Fitjar in Reykjanesbær. Borealis emphasises on sustainable data centers using renewable clean and carbon-free energy.

In the latest Edition of IFLR1000 – The Guide of the World´s Leading Financial Law Firms, BBA//Fjeldco gets an impressive ranking as a Top Tier Firm. We feel honored and grateful for our impressive ranking and remain committed to making continuous improvements to our services and maintaining our position as a market leader.

Here you can read more about their impressive ranking.

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

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 Bjarnadottir, senior associate Sara Rut Sigurjónsdóttir, associate Sigvaldi Fannar Jónsson and partner Kári Ólafsson.

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BBA//Fjeldco congratulates everyone involved.

Following Brexit there has been uncertainty concerning the enforcement of judgments between the UK and Iceland, as the UK is no longer a party to the Lugano Convention. Recently, BBA//Fjeldco has been advising its clients on this issue in relation to commercial agreements and enforcement and consequently brought this to the attention of the Icelandic Ministry of Justice with proposed solutions. As a result, the Ministry is now considering putting in place a bilateral agreement between the UK and Iceland in relation to the reciprocal enforcement of judgments.

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An article written by Gunnar Thor Thorinsson and Hafliði K. Lárusson on recognition and enforcement of judgement after Brexit was published in Morgunblaðið and can be found here on Morgunblaðið webside.

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See English version of the article here below

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Recognition and Enforcement of Judgments after Brexit – A Solution is Needed

One of the consequences of Brexit is that there currently exists considerable uncertainty regarding the reciprocal recognition and enforcement of judgments between the UK and Iceland.  This uncertainty has caught some by surprise and it may lead to difficulties for Icelandic companies involved in international business.

The Lugano Convention

Before Brexit, both the UK (as an EU Member State) and Iceland (as an EEA Member State) were parties to the Lugano Convention on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters. After Brexit, the UK is no longer a party to the Lugano Convention, which means that currently there exists considerable uncertainty as to whether Icelandic courts will recognise and enforce UK judgments, and vice versa.

Current Uncertainty

This uncertainty is damaging in light of the large volume of business between the UK and Iceland and also having in mind the large number of commercial and finance agreements between Icelandic and international parties and where the parties have agreed to the jurisdiction of the English courts.

As matters currently stand, it is difficult to predict how Icelandic courts would deal with questions regarding the enforcement of English judgments, but it can be concluded with certainty that nothing in Icelandic law or on the basis of international treaties means that Icelandic courts are obligated to grant English judgments recognition and enforcement in the same way as under the Lugano Convention regarding judgments originating from other EEA countries and Switzerland.

Potential Solutions

There may be a number of solutions to the current position. First, the UK has applied to accede to the Lugano Convention, but until now (as part of the continuing negotiations between the EU and the UK) the EU has been reluctant to agree to such accession by the UK.

In some instances, the UK and individual EU/EEA Member States may be able rely on earlier bilateral treaties regarding the recognition and enforcement of judgments and which were entered into prior to the UK’s entry into the EU.  To give an example, the UK and Norway have recently “revitalised” such bilateral treaty from 1961 between the two countries. However, no such treaty exists between Iceland and the UK.  

In this context, it is also worth noting that both the EU and the UK (now individually after Brexit) are parties to the 2005 Hague Convention on choice of court agreements, which sets out reciprocal recognition and enforcement of judgments where the underlying agreement contains an exclusive jurisdiction clause. However, Iceland is not a party to the Hague Convention, which means that it does not apply between the UK and Iceland.

A Permanent Solution for Iceland?

In order to avoid the current uncertainty, the only permanent solution would be for Iceland and the UK to enter into a bilateral treaty regarding the mutual recognition and enforcement of judgments.  Such mutual recognition and enforcement was in place between the two countries under the Lugano Convention between 1994 (when Iceland became a EEA Member State) and until 31 December 2020 (when the UK left the EU). Therefore, the effects of such bilateral treaty would not present a material change but rather be a continuation of an arrangement which has been in place between the two countries for almost three decades and which is independent of the common EEA regulatory framework as such, as there is no common EEA contract law, law of sale of goods and services or law of obligations and, therefore, the substantive governing law of the agreement is question is rarely some common EEA law in any event.  Further, such bilateral treaty could follow the wording of the Lugano Convention or, e.g., of the 1961 treaty between the UK and Norway, along with any appropriate amendments.

By entering into a bilateral treaty regarding the recognition and enforcement of judgments, Iceland and the UK would resolve the current uncertainty in a straight-forward manner and also strengthen the relationship between the two countries in the post-Brexit era.

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The Public Procurement Complaints Commission has ruled that the city of Reykjavík must tender its purchases of electricity and was fined a total of ISK 8.000.000,- for breaching the Act on Public Procurement.

The Commission came to this conclusion following Íslensk orkumiðlun ehf.’s complaint in early 2020 whereby Íslensk orkumiðlun ehf. demanded that the electricity purchase agreements between the city and Orka náttúrunnar ohf. would be nullified and the city would be required to tender its electricity purchases.

BBA//Fjeldco represented Íslensk orkumiðlun ehf.

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The Supreme Court of Iceland has ruled that the storage company Geymslur ehf., that leased storage spaces in Miðhraun Garðabær, is not liable for damages caused by a fire outbreak in the year 2018.

BBA//Fjeldco represented Geymslur ehf. on all judicial levels. The company was acquitted by the district court, Landsréttur the appeal court as well as by the Supreme Court.

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Mergerfilers.com provides an up-to-date and well-explained worldwide merger control guide. The 50 topics include merger filing thresholds, links to legislation, guidelines and filing forms, notification procedures, filing fees and more. The guide also includes a decision database that can be used to find precedents on market definitions.

Partners Bjarney Anna Bjarnadóttir and Halldór Karl Halldórsson and Associate Þorbjörg Ásta Leifsdóttir have written the Icelandic chapter and the contributions to the decision database. Read the Icelandic chapter and the complete guide at Mergerfilers.com

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BBA//Fjeldco along with the international law firm White & Case LLP have been selected to provide ISFI (Icelandic State Financial Investments) and Íslandsbanki with joint legal consultation on the sale of the Icelandic state’s shareholdings in Íslandsbanki, one of the three largest banks in Iceland. BBA//Fjeldco was selected from a group of six domestic law firms and White & Case was selected from a group of nine international law firms that participated in separate public tenders for the project.

We at BBA//Fjeldco are pleased to have been chosen to be a part of this team of experts and look forward to participating in this project. Both law firms have already commenced their work.

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One of the legal profession's most well reputed rating agencies, Legal 500, has just published its ratings for 2021. Once again BBA//Fjeldco is top rated within all of the firms main practice areas.

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Here you can read more about their impressive ranking

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 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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Chambers Europe, the European guide to leading law firms, has once again ranked BBA//Fjeldco at the highest level within all of the firms main practice areas. Chambers Europe is one of the legal profession's most well reputed rating agencies

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See further information:

https://chambers.com/guide/europe?publicationTypeGroupId=7&practiceAreaId=242&subsectionTypeId=1&locationId=109

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The internationa lguide to leading law firms, Chambers Global, ranks law firms within various legal practice areas. In 2020, BBA//Fjeldco was once again top-ranked within all of the firms main practice areas.

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See further information:

https://chambers.com/guide/global?publicationTypeGroupId=2&practiceAreaId=242&subsectionTypeId=1&locationId=109

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The start-up company Noona recently secured a 1,2 million EUR or ISK 190 million funding from Salt Pay. With the investment Salt Pay acquired a 20% stake in the company. Noona, which provides an online marketplace for service providers and a booking system, will use the funding to expand its services outside of Iceland.

BBA//Fjeldco’s attorneys Þórir Júlíusson, Stefán Björn Stefánsson and Friðbert Þór Ólafsson provided Noona with legal advice in relation to Salt Pay’s investment in Noona. 

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In February 2021 Veitur Utilities, the largest utility company in Iceland, accepted Securitas‘s bid for the installation of 160,000 smart meters for Veitur’s customers. By switching to smart meters Veitur will have access to more information and have better oversight over the utility mains and allows it to charge its customers monthly based on actual energy consumption rather then on estimates. The contract value is c.a. ISK 1,800 million.

BBA//Fjeldco’s attorneys Þórir Júlíusson and Friðbert Þór Ólafsson assisted Securitas in the tendering process and provided legal advice in relation to the documentation of the agreement. 

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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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BBA//Fjeldco óskar eftir að ráða lögfræðing á skattasvið og aðstoðarmann lögmanna.

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// Lögfræðingur á skattasvið‍

Hæfniskröfur

• Að minnsta kosti tveggja ára reynsla á skattasviði

• Reynsla á sviði fyrirtækja- og fjármálalögfræði er kostur

• Góð enskukunnátta er skilyrði

• Sjálfstæð vinnubrögð

• Frumkvæði í starfi

• Hæfni til að vinna í krefjandi vinnuumhverfi og undir miklu álagi

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// Aðstoðarmaður lögmanna‍

Hæfniskröfur

• Góð ensku- og íslensku kunnátta skilyrði

• Góð kunnátta á Microsoft umhverfi(Word og PPT) skilyrði

• Frumkvæði í starfi

• Sjálfstæð vinnubrögð

• Hæfni til að vinna í krefjandi vinnuumhverfi og undir miklu álagi

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BBA//Fjeldco er leiðandi lögmannsstofa á Íslandi og á sviði fjármála- og fyrirtækjalögfræði. Við óskum eftir öflugum einstaklingum í okkar teymi og í boði eru krefjandi og metnaðarfull störf í alþjóðlegu vinnuumhverfi.
Fyrirtækið er með skrifstofur í Reykjavík og í London ásamt starfsemi í Frakklandi.

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Umsóknir berist á umsokn@bbafjeldco.is. Umsóknarfrestur er til og með 22. janúar 2021.

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The Dutch company Total Specific Solutions has completed the purchase of all shares in the Icelandic software company DK Hugbúnaður ehf. BBA//Fjeldco represented the buyer during the transaction. The firm’s lawyers conducted a legal due diligence on DK Hugbúnaður and provided the buyer with legal advice regarding the transaction. In addition, they worked closely with the sellers’ lawyers on documentation and closing of the transaction. The transaction is one of the largest corporate transactions of the year in Iceland and among the largest foreign investments in an Icelandic company in a long time.

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On 20 November 2020 Scottish Equity Partners (SEP) completed an investment in the Icelandic travel technology company Dohop. Dohop’s virtual interlining technology allows airlines to seamlessly connect with each other, and with other travel providers, without relying on legacy booking systems and complex and inflexible interline agreements. Travellers can then create an itinerary composed of flight segments from multiple airlines. SEP is a Scottish investment fund which specialises in high growth companies across a range of technology sectors including software and consumer internet. For over 20 years SEP been investing in a range of high growth technology companies with good results.

BBA//Fjeldco’s attorneys Baldvin Björn Haraldsson, Stefán Reykjalín and Tómas Magnús Þórhallsson assisted and provided SEP with legal advice for its investment in Dohop.

See further information on https://www.sep.co.uk/sep-invests-in-dohop/

Baldvin Björn Haraldsson, partner, and Stefán Reykjalín, senior associate, contributed to The Legal 500 Country Comparative Guide, a guide providing an overview of M&A laws and regulations in various countries of the world.

Here you can read the overview from Baldvin and Stefán for Iceland.

In the latest Edition of IFLR1000 – The Guide of the World´s Leading Financial Law Firms, BBA//Fjeldco gets an impressive ranking as a Top Tier Firm. We feel honored and grateful for our impressive ranking and remain committed to making continuous improvements to our services and maintaining our position as a market leader.

Here you can read more about their impressive ranking.

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Baldvin Björn Haraldsson, partner, and Antoine Lochet, counsel, discussed the Legal aspects and Challenges of geothermal industrial parks via webinar organized by the U.S. Energy Association (USEA) and the U.S. Agency for International Development (USAID)

Baldvin and Antoine discussed the legal issues and challenges encountered in geothermal activities, especially in projects involving direct and/or cascade use of geothermal resources. Dividing the topic into two parts they firstly discussed the main legal aspects of geothermal projects including ownership of the resource, access to land, licensing and contractual issues, and secondly presented a case study of the Reykjanes Resource Park project and the legal aspects of that project.

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Link to video:

LegalAspects and Challenges of Geothermal Industrial Parks

We are really pleased to announce that Pall Jóhannesson has joined our growing team of legal experts. Mr. Jóhannesson will lead the BBA//Fjeldco specialised tax consultancy office. Tax issues are becoming an increasingly important component of legal advice and Mr. Johannesson and his team will enable BBA/Fjeldco to provide its clients with tax consultancy services of the highest quality.

One of the legal profession's most well reputed ratingagencies, Legal 500, has just published its ratings for 2020. Once again BBA//Fjeldco is top rated within all of the firms main practice areas.

Here you can read more about their impressive ranking

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On 18 December 2019 Landsvirkjun (theNational Power Company) and Reykjavík DC hf., a new high-tech data centre inReykjavik, entered into a power purchase agreement pursuant to which Landsvirkjun shall provide electricity to the data centre up to 12 MW. Theagreement is no. 10 which Landsvirkjun has entered into with a customer whichis defined as a power-intensive user and the agreement is certified as agreen power purchase agreement. That means that Reykajvík DC hf. isprovided with guarantees of origin which confirm that the purchased electricityderives from renewable energy sources.

Lawyers Bjarki Diego and Tómas MagnúsÞórhallsson assisted and provided Reykjavík DC hf. with legal advice during the negotiations with Landsvirkjun.

BBA//Fjeldco contributed to the European Energy Handbook 2019-2020, published by Herbert Smith Freehills, by writing an overview of the legal andregulatory framework in Iceland and providing information on recentdevelopments in the Icelandic energy market.

The European Energy Handbook provides an in-depth survey of currentissues in the energy sector in 42 European jurisdiction.  This year´sedition covers issues such as the Energy Union, the adoption of the latestpackage of EU energy legislation, and the 'Clean Energy for All Europeans'bundle of directives and regulations updating the EU's energy policy frameworkto facilitate the decarbonisation of the sector and the transition towardscleaner energy.

Recent developments in the Icelandic energy market include the ClimateStrategy, announced by the Icelandic Government in September of 2018, to helpIceland meet its Paris Agreement targets for 2030 and reach the Government´sambitious aim to make Iceland carbon neutral before 2040. Furthermore, Icelandactively participated to the creation of the Global Geothermal Alliance whichaspires to achieve a 500% increase in global installed capacity for geothermal  power generation and a 200% increasein geothermal heating by 2030.

The article was written by Baldvin Björn Haraldsson, partner, AntoineLochet, counsel and Anna Björg Guðjónsdóttir, associate, all of BBA//Fjeldco,Reykjavík.

https://www.herbertsmithfreehills.com/latest-thinking/european-energy-handbook-2019-2020

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We are pleased to announce that Claire Broomhead has joined BBA//Fjeldco as partner at the London office. Claire has extensive experience in corporate law, M&A, joint ventures, restructuring and general corporate advisory and has worked on many of the largest corporate transactions in Iceland since 2011. Claire has previously worked with Eversheds in the UK,Mallesons Stephen Jaques in Sydney and Logos in the UK.  We are very happy to have such talent joining our team and we are confident that Claire's expertise and experience will boost the  representation of BBA//Fjeldco in London and further strengthen the international capabilities of the firm.

The international qualifications of the BBA//Fjeldco team and the London office, combined with extensive network of international law firms, banks and investment funds, makes BBA//Fjeldco the natural starting point in any business transactions between Iceland and UK as well as other international dealings.

Two new experts have joined the team at BBA//Fjeldco, Sölvi Sölvason, attorney and former director of Corporate Banking at Arion Bank, and Thorbjörg Ásta Leifsdóttir, former member of the Competition Law Division of Kromann Reumert in Denmark. With this recruitment we aim to increase our expertise in competition law and further deepen the firm’s specialization and service in the field of corporate finance. 

Sölvi worked as a director at Arion Bank since 2010 and previously worked at Íslandsbanki Bank, Kaupþing Bank and Kaupthing Bank Luxembourg. Sölvi has man years’ experience in working with financial corporations and will oversee a specialized team at BBA//Fjeldco, which will concentrate on financing agreements for the firm’s clients.

Thorbjörg Ásta Leifsdóttir has extensive experience in competition law and in the recent years she has worked with the Competition Law Division of Kromann Reumert, one of Denmark’s leading law firms. Thorbjörg graduated with a BA degree in law from the University of Reykjavik in 2015 and has a master’s degree in law from the University of Copenhagen since 2017.

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We are pleased to announce that the merger of the two leading corporate law firms in Iceland, BBA and Fjeldco, took effect today, resulting in the law firm BBA//Fjeldco.  

The merger creates a first-class, full-spectrum corporate law firm, being the obvious choice when complex and demanding corporate legal services are needed, whether local or international.  

BBA//Fjeldco has over 25 specialized corporate lawyers, with qualifications in Iceland, England, France and New York. The new firm will have offices in Reykjavik and London, together with operations in France.  

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Both BBA and Fjeldco have been legal advisors on most of the largest transactions and projects in Iceland in recent years, such as a number of corporate finance, infrastructure, M&A, real estate, telecommunications and energy projects. The merger is strategic and results in two leading corporate firms joining forces in offering first-class, full-spectrum corporate legal services and being the obvious choice when complex and demanding corporate legal services are needed, whether local or international. The merged firm will be called BBA // Fjeldco, with offices in Reykjavik and London, together with operations in France. The firm will have over 25 lawyers with qualifications in Iceland, England, France and New York.

One of the legal profession's most well reputed rating agencies, Chambers & Partners, has just published its ratings for 2019. Once again BBA//FJELDCO is top rated within all of the firms main practice areas.

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In latest Edition of IFLR100 – The Guide of the World´s Leading Financial Law Firms, BBA//FJELDCO gets an impressive ranking as a Top Tier Firm.

Here you can read more about their impressive ranking.

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The Geothermal Transparency Guide is now an online tool intended to provide an insight into the legal frameworks governing exploration and development of geothermal energy, as well as an overview of data on energy production and capacity.

Currently, 16 countries where geothermal resources are being harnessing or are available for harnessing, are featured in the online database, with further countries to be gradually included. The aim of the publication is to provide a useful insight into certain aspects of the applicable rules governing geothermal energy in these countries. Such insight can be of importance for the purposes of increasing transparency and awareness of some of the rights and obligations governing applications for licenses to explore, exploit or produce electricity from geothermal resources.

https://lnkd.in/ewtPs8i

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