Ragnar Snær Kærnested

Practice area
  • Tax law
  • Corporate law

  • Reykjavik University, M.L., 2021
  • Reykjavik University, B.A., 2019

Icelandic English
Recent cases
Private placement of new shares in Amaroq Minerals Ltd.

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.

Coloplast has acquired innovative wound care company Kerecis.

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.

Acquisition of Men&Mice by Bluecat Networks.

BBA//Fjeldco acted for MM Holdings ehf. (a subsidiary of private equity fund SIA III slhf.) and other shareholders in the sale of Icelandic tech company Men&Mice ehf. to Canadian based BlueCat Networks. Men&Mice specialise in network-management solutions through its industry-recognized IP address management (IPAM) and orchestration solution Micetro. This is the latest acquisition by BlueCat and will further strengthen their market position as a leading provider of mission-critical network and cloud infrastructure software for reliable and secure DNS, DHCP, and IP address management (collectively known as DDI) in the international market. BBA//Fjeldco advised the sellers on the sale and purchase agreement and related sales process, including the exercise of share options by employees and sale of the option shares.


BBA//Fjeldco provided legal advice to Langisjór with regards to Langisjór´s acquisition of Freyja, including legal and tax due diligence, negotiating and drafting the share purchase agreement.

The family business Freyja, established in 1918, is the oldest candy production company in Iceland. Freyja produces and markets countless of well-known brands both for the Icelandic market and for export, where the sweets from Freyja are in constant demand. Langisjór is the parent company of various companies in the food productions and distribution sector including Mata hf., Matfugl ehf., Síld og fiskur ehf., the investment company Brimgarðar ehf. and Alma íbúðafélag hf.,one of Iceland's  largest real estate company.


BBA//Fjeldco advises Arion Bank on the financing of Origo acquisition.

BBA//Fjeldco acted as legal advisor to Arion bank hf. in relation to the financing of the takeover bid of Origo hf., a leading Nordic IT service company listed on the Icelandic main market, by AU 22 ehf. an alternative investment fund managed by Alfa framtak hf. The takeover offer was made to all shareholders at the end of January 2023 and will be closed in February 2023. The deal was particularly challenging and complex due to both the regulatory requirements relating to takeovers of listed companies and due to the time sensitivity of the transaction. BBA//Fjeldco also acted as legal counsel to Arion bank in relation to the bank’s financing of AU22’s OTC acquisition of shares prior to the takeover bid. This included negotiating, structuring, and drafting multiple facility agreements, guarantee agreement and other finance documents.

BBA//Fjeldco provided legal advice to DineOut in relation to SaltPays´s investment in the company

The software company DineOut recently secured funding from SaltPay with SaltPay becoming a shareholder in the company. The company offers restaurant and food ordering systems, checkout systems, website creations and automatic payments with QR codes. DineOut is planning to use the funding to strengthen its position in Iceland and expand its services outside of Iceland.

BBA//Fjeldco attorneys Ásgeir Á. Ragnarsson,Sigvaldi Fannar Jónsson, Brynjar Freyr Garðarsson og Ragnar Snær Kærnested provided DineOut with legal advice in relation to Salt Pay’s investment in DineOut.

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