Stefán Reykjalín

Practice area
  • Banking and Finance Law
  • Commercial and Company law
  • Bankruptcy and Insolvency
  • Capital Markets
  • Mergers and Acquisitions

  • Admitted in Iceland 2011
  • Reykjavik University, M.L. 2010
Icelandic English
Recent cases
BBA//Fjeldco acted as a legal advisor to the pharmaceutical chain Lyfjaval ehf. in relation to the acquisition of its entire share capital by Lyfsalinn ehf.

BBA//Fjeldco acted as the legal advisor to the pharmaceutical company Lyfjaval ehf. during the acquisition of its entire share capital by Lyfsalinn ehf. a company partly owned by Skeljungur hf. registered on the main market of Nasdaq Iceland. The value of the transaction amounted to ISK 1,500,000,000.

BBA//Fjeldco provided EpiEndo Pharmaceuticals ehf. with legal advice in relation to the entry into a convertible loan agreement, amounting to EUR 2.7 million, as well as a financing round in the amount of EUR 20 million.

BBA//Fjeldco provided legal advice to the biopharmaceutical company EpiEndo Pharmaceutical ehf. (EpiEndo). The advice regarded drafting a convertible loan agreement, executed in April 2021, amounting to EUR 2.7 million, between EpiEndo and the European Innovation Council (EIC) Fund established by the European Commission in 2020. The aim of EIC Fund is to provide direct equity investment in breakthrough innovation companies as well as enabling private investors to co-fund such companies.


Furthermore, BBA//Fjeldco provided legal advice to EpiEndo with regards to €20m financing round led by Flerie Invest and Iðunn Venture Fund, with existing investors ABC Ventures participating, along with the EIC Fund joining the round, which was closed in August 2021. The financing secures funds to advance clinical development of EpiEndo’s lead compound EP395.

Merger between TM hf., Lykill fjármögnun hf. and Kvika banki hf

 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.).

BBA//Fjeldco provided legal advise to Kvika banki hf. with regards to Kvika’s acquisition of all shares in Aur app ehf

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.   

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.

Debt refinancing of Arctic Green Energy

BBA//Fjeldco acted as the lead counsel of Arctic Green Energy in the debt refinancing of the company and subsidiaries which resulted in the outstanding obligations towards the Asian Development Bank being repaid in full.

Thetransaction was multi-jurisdictional and included refinancing of existing debt,new debt being provided and equity instrument being issued.

Legal adviser in relation to BREXIT and other financial regulatory matters

BBA//Fjeldco acted as Legal Adviser to Morgan Stanley, CitiBank,  Lloyds Banking Group, HSBC, RW Baird NASDAQ, Shanghai International Exchange  and others in relation to BREXIT and other financial regulatory matters.

BBA//Fjeldco advises Scottish Equity Partners on its investment in Dohop

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.

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Legal adviser on the disposal of Icelandic cargo carrier, Bluebird Nordic (Bláfugl ehf.)

BBA//Fjeldco was a legal adviser to BB Holding ehf. on the disposal of Icelandic cargo carrier, Bluebird Nordic(Bláfugl ehf.), to Avia Solutions Group, which owns UK broker Chapman Freebornand freighter operator Magma Aviation

BBA//Fjeldco acted for CIT BANK in relation to USD 65 million refinancing of Icelandair

In December 2019 CIT Bank served as sole lender and facility agent on a $30 and  $35 million secured financing for Icelandair Group, the nationalcarrier of Iceland. The financing is part of a refinancing due to theredemption of bonds, issued by Icelandair, earlier this year.

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