Bjarki H. Diego

Practice area
  • Commercial and Company Law
  • Securities law
  • Banking and Finance
  • Competition Law
  • European Law
  • Mergers and Acquisitions
  • Restructuring and Insolvency Law

  • University College London, LL.M. 1999 International Business Law
  • University of Iceland, Cand.Jur. 1993

Icelandic English Danish
Recent cases
Takeover bid of all shares issued by Heimavellir hf.

BBA//Fjeldco provided legal counsel in respect to the takeover bid process with all shares issued by Heimavellir hf.

The transaction was structured as an initial stake building to trigger a mandatory takeover offer. This was the first transaction in Iceland for numerous years whereas a mandatory takeover offer has been triggered with the intent of the offeror to acquire the target.

 With the bidder being a Norwegian entity BBA//Fjeldco provided legal counsel on Icelandic law issues relating to all securities transactions, the takeover bid and the takeover process.

Purchase agreement with Landsvirkjun

BBA//Fjeldco provided legal advice to Reykjavík Data Center hf. with respect to entry into a design and build agreement with respect to a new high-tech data centre in Reykjavík and financing agreement with Íslandsbanki.

 The transaction also required Reykjavík Data Center hf. to enter into a transmission agreement with Landsnet, the incumbent provider of access to the transmission system in Iceland and entry into a power purchase agreement with Landsvirkjun, the largest operator of hydroelectric power plants in Iceland, pursuant to which Landsvirkjun shall provide electricity to the data centre.

 The power purchase agreement with Landsvirkjun is only the tenth agreement that Landsvirkjun has entered into since its foundation with a customer defined as a power intensive user and one of the first agreements which is certified as a green power purchase agreement, providing Reykjavík Data Center hf. with guarantees of origin, confirming that the purchase electricity derives from renewable energy sources.

Legal adviser to Lucinity group

BBA//Fjeldco provided legal advice in connection with two funding  rounds of Lucinity Group ehf., a start-up company providing intelligent AML solutions,  whereas the company empowers its clients, ranging from digital only  microbanks to tier 1 US banks. The transaction valued at over USD 8 million.

BBA//Fjeldco advised Reykjavík DC on a green power purchase agreement

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 thenegotiations with Landsvirkjun

The Asian Development Bank

BBA//Fjeldco acted as a legal advisor to the Asian Development Banks in relation to a USD 250,000,000 loan facility to the Arctic Green Energy corporation and Sinopec Green Energy Geothermal Company Limited, provided in order to expand environmentally sustainable district heating services in the People's Republic of China.

Kvika banki hf.

BBA//Fjeldco acted as a legal advisor to Kvika banki hf. in relation to ISK 2,406,000,000 acquisition of all shares issued by Gamma Capital Management hf., an asset management company in Iceland.

Alvotech hf. and Icelandic biopharmaceutical

BBA//Fjeldco acted as legal advisor to Alvotech hf., an Icelandic biopharmaceutical company focused on the development and manufacturing of high quality biosimilars for global markets, during the restructuring of Alvotechhf. BBA also advised on the issuance of USD 300,000,000 convertible bond, issued by Alvotech Holding A.S., whereas Alvotech hf., Glycothera GMBH, AlvotechGermany GMBH and Alvotech Swiss AG acted as guarantors.

Nox Holding

BBA//Fjeldco acted as legal adviser to Nox Holding ehf., in relation to acquisition of all shares, issued by Nox Medical ehf., the subsequent restructuring of the Nox Group, and investment by the private equity fund Alfa Framtak, establishing a world leader in sleep diagnostic technology and sleep health solutions.

Barclays Bank PLC, CitiGroup Global Markets Limited etc.

BBA//Fjeldco advised to Barclays Bank PLC, CitiGroup Global Markets Limited, Íslandsbanki hf. and Skandinaviska Enskilda Banken AB, in relation to a multi-currency revolving credit facility to Landsvirkjun, Iceland's main electricity utility, of a value of 200 million USD.

Tommi's Burger Joint

BBA//Fjeldco acted as legal advisor in refinancing and restructuring of TBJ's operations, which is a fast-growing franchise of the brand Tommi's Burger Joint, an established Icelandic franchisors, with outlets in Iceland, the UK,Denmark, Norway, Italy and Germany.

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