Iceland

The Icelandic law firm BBA//Fjeldco was established in 1998. It has offices in Reykjavík and London.

Focusses / specialisms

The firm’s banking and finance practice has vast experience in advising financial institutions and borrowers on complex, multi-jurisdictional financing deals. It is recognised for its advice on capital-raising and financing strategies in relation to acquisitions, takeovers and reorganization projects.

In M&A the firm is known for its strength in cross-border M&A work, where it acts across the board for buyers, sellers and financing parties. The team has advised the lion’s share of the largest companies in Iceland on various corporate matters and has played a major role in most of the significant M&A transactions in recent years.

The project development practice has vast experience in the energy sector, where it has the capacity to support various aspects of projects all over the world. The firm also advises energy companies in Iceland in securing terrain for geothermal research and on power purchase and project agreements. The projects team is similarly strong in the PFI and PPP space where it has a long track record in advising public sector clients.

Key clients

Key clients include The World Bank, United Nations Development Program, Icelandic Ministry of Foreign Affairs, Icelandic Ministry for Environment, Energy and Climate, The European Climate, Infrastructure and Environment Executive Agency (CINEA), Arctic Green Energy Innergex Énergie Renouvelable, Vauban Infrastructure Partners, Macquarie Infrastructure and Real Assets Europe (MIRA), Asian Development Bank (“ADB”), Digital 9 DC Limited, a UK fund managed by Triplepoint, Lucid Trustee Services Limited, ODDEG - Office Djiboutien de Développement de l'Energie, Reykjavík Data Center hf., Reykjavík Geothermal, Digital 9 DC Limited, Turkish Development Bank, HS Orka  (HS Energy)

Research period review: 33rd edition (2023/2024)

In banking and finance the firm has been focusing on acquisition finance, long term financing and financial restructurings. Their major clients in the field have mainly been private equity managers and financial institutions.

In capital markets field, the team have seen a lot of work on the equity side with the firm receiving a lot of mandates for complex dual listings. In this field, the firm acted on behalf of several important clients from the industrials and manufacturing sector.

The M&A team recently received important mandates from companies in the energy and retail sectors, fishing sector and food production sector.

In project development, the firm was active in the renewables energy sector, particularly in the field of geothermal energy projects. Regulation is one aspect of energy development law where BA//Fjeldco has clearly been excelling during this research period.  The firm has also received important mandates relating to infrastructure and real estate development projects.

Deal highlights: 33rd edition (2023/2024)

Marel $540 million acquisition of Wenger

Client feedback: 33^rd edition (2023/2024)

Banking and finance

"Practical lawyers with good commercial insight and knowledge of Icelandic law."

Capital markets

"As joint counsel to the selling shareholder and the issuer, they worked seamlessly on a very tight timetable in the IPO (about three months!), coordinating with international counsel, underwriters and their counsel, us and the issuer. They were also very good at identifying 'boilerplate provisions' that need to be amended post-Brexit."

M&A

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

Einar Baldvin Arnason

"Extremely personable and very persuasive. Gets along with everyone, even adversaries."

Halldor Karl

"Halldorsson, Halldor is an excellent lawyer with a strong legal instinct and business acumen. He is able to work through complex issues and provide valuable, practical and solution-orientated guidance."

Antoine Lochet

"Solution-orientated and good listener."

Asgeir Ragnarsson

“Very good knowledge of the law and responsiveness.”

Juris is one of Iceland’s leading full-service corporate law firms based in Reykjavík. The history of the firm can be dated to 1953 but is currently a result of the mergers of the practices of a number of leading Icelandic lawyers between 2006 and 2011.

Focusses / specialisms

The firm’s expertise is market-leading in both financial and corporate and project development work in Iceland. The firm provides comprehensive corporate advice to clients situated in the country.

Key clients

Key clients of the firm include Summa Rekstrarfélag, The Icelandic State, Ísfélag Vestmannaeyja, Lýsi, Árvakur, Lyfja, RÚV, Já, Reginn, Íslandsbanki, Landsbankinn, Kvika banki, Eyja fjárfestingafélag, Nýsköpunarsjóður atvinnulífsins, Míla, Aptos LLC, HS Orka, InstaVolt, SIKMAS, Skuggasteinn, Oaktree Acquisition Corp II

Research period review: 33rd edition (2023/2024)

During the research period, the firm was very active in the financial and corporate space, advising in many refinancings and public acquisitions.

In the banking and finance realm, Juris is known for large project financing deals in sectors such as shipping, fishing and energy.

The firm’s capital markets team is also highly experienced and adept.

Their M&A practice is noted for its expertise in both domestic and cross-border work. The firm employs several English qualified lawyers which adds significantly to their cross-border expertise, especially in the fields of foreign direct investment.

In project development, real estate work forms the bulk of their high-profile deals. the team has been active mainly in the energy and the investment management sectors. The firm has also been engaged to advise EV charging network developer InstaVolt, on their expansion into Iceland.

Deal highlights: 33rd edition (2023/2024) 

Landsvirkjun’s $305 million sale of its 64.73% stake in Landsnet

Íslandsbanki’s $150 million facilities agreement

Client feedback: 33^rd edition (2023/2024)

Financial restructuring

"Juris is an excellent law firm."

"They are flexible and responsive to our needs. They are very familiar with corporate law, EU/EEA issues, including state aid and competition law. Their quality of work and attention to detail is splendid."

M&A

"The advantage Juris and their employees have from other legal firms I have worked with is that they are open-minded and solution-orientated. Something that is disappearing from legal firms these days."

Project development

"They give practical and useful advice and they know which questions are important for European companies."

Restructuring

"Juris handled the structure change in a swift and professional way, guiding the board of directors step by step through a rather complicated process of change."

Andri Arnason

"Super-good manager and he has an extremely strong overview and knowledge of the issues related to my business."

Halldór Jónsson

"Mr Jónsson has a very good understanding of corporate law. His communication skills are very good and he has a solution-orientated approach while being professional in his work."

"Halldór can handle all business related to my market in one way or another."

Simon Knight

"He knows very well the needs of EU clients and has a very good understanding of infrastructure investments."

"Simon is very strong in finance and in cross-border corporate matters. Simon is diligent, meticulous with high attention to detail and swiftly responds to any inquiries."

Finnur Magnússon

"Finnur Magnússon is extremely strong in EU/EEA matters and the interplay between Icelandic law and the EU Acquis. Finnur has also worked on matters related to investment law and has a depth of knowledge in investment law in general."

The Icelandic boutique law firm Lagahvoll advises clients out of an office at the heart of Reykjavík.

Focusses / specialisms

Lagahvoll has strengths in banking and M&A.

In banking the firm has experience of working with financial institutions on corporate and acquisition financings, as well as assisting on bond issuances and providing borrower side advice.

In corporate work the firm advises on a host of M&A transactions, investments, start-ups and venture agreements. It is also capable of providing corporate support to clients with respect to agreements, corporate governance and restructuring. The firm is particularly strong in the venture and startup space.

Key clients

Key clients Dohop, Pikkoló, Kleemann Lifts, Félagsbústaðir, Félag eldri borgara í Reykjavík og nágrenni, Gleðipinnar, Múlakaffi, Carbon Iceland, Beka and Reon.

Research period review: 33rd edition (2023/2024)

During the research cycle the firm was quite active in the financial and corporate field, with a distinct focus on financial investments. The firm’s clients in this field have mainly come from the natural resources sector, construction and materials sector and energy sector.

In capital markets, the firm noticeably received more mandates on the debt side, with a clear focus on bond issues and share buybacks.

In M&A the firm received important mandates from the natural resources sector and tourism sector.     

Deal highlights: 33rd edition (2023/2024)

Reykjavík Social Housing $357 million bond issue

Client feedback: 33^rd edition (2023/2024)

Asset finance

"They are quick to get involved in complex issues and protect our interests efficiently."

Financial services regulatory

"Extremely deep and thorough knowledge of legal environment and market. Strategic thinking. Very quick and responsive."

Jóhann Sigurðsson

"Extremely smart, knowledgeable, quick and personable."

"He is reliable and understands complex issues well."

Icelandic boutique Landslög was established in 1971. The firm has an office in Reykjavík.

Focusses / specialisms

The firm is best known for transactional work and is regularly involved in the market’s high-end deals.

It provides banking advice to regional organisations. It also assists national courts with bankruptcy and restructuring cases having established relationships during the Icelandic financial crisis.

The firm’s capital markets offering is credible, with the practice frequently advising on the larger debt and equity transactions in the market.

The M&A practice regularly represented a mix of acquirers, sellers and target companies in such sectors as energy, fishing and real estate.

Key clients

Key clients include Hagar, Samkaup, Syn, Isavia, DeCode Genetics, The Prime Minister of Iceland, The Ministry of Infrastructure, The Icelandic Road and Coastal Administration (IRCA), The National University Hospital Kaupthing, Hekla,University of Iceland Lottery Icelandic Fish Market Arctic Fish, Islandsbanki, Icelandic Prime Contractors, Advania, The Icelandic National Opera and Icelandic Regional Development.

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Research period review: 33rd edition (2023/2023)

During the research period, the firm was active in the financial and corporate sector.

On the banking side, the firm mainly focused on asset acquisitions and refinancings.

A highlight of their capital markets work was secondary share issuance deals in which the firm represented an Icelandic e-Sports club.

In M&A, the firm attracted some notable clients from the technology and telecommunications sector, retail sector, as well as the real estate sector.

As for project development, the firm mainly advised real estate developers and governmental agencies.

Deal highlights: 33rd edition (2023/2024)

Alma Real Estate Company’s $52 million purchase of real estate units

The leading Icelandic law firm Lex Law Offices was founded in 1959. It operates out of Reykjavík.

Focusses / specialisms

The firm is prominent in Iceland across the financial and corporate space.

With one of the most experienced banking and finance teams in the market, the firm advises financial markets participants on a plethora of transaction types, whether large project and acquisition finance mandates, or large financial restructurings and capital market issuances.

The firm is also strong in M&A, where it represents clients on a mix of high-value acquisitions, mergers and financial investments across a broad assortment of sectors of the Icelandic economy.

Key clients

Key clients include Alfa framtakArdian France, Arion bank, Baader, Carbfix, Costco Wholesale Iceland, Digital Bridge, Fossar markets, Iceland Seafood International, Islandsbanki, Kirkbi, Kría Investment firm, Landeldi, Landsbankinn, PCC BakkiSilicon, Reginn, Reykjavik Energy, Síldarvinnslan, SKEL investment firm, Treble Technologies, United Arab Emirites, Viska Digital Assets.

Research period review: 33rd edition (2023/2024)

In terms of finance and banking the firm was focused on asset financing and asset acquisitions. The firm also advised on some notable refinancings. Most of the firm's clients in the field have come from the investment management sector.

In terms of capital markets work, the firm saw a lot of mandates on the equity side. This was mainly in the form of private placements and secondary share offerings.

The firm has also continued its activity in investment funds.

In the field of M&A, the firm worked on a lot of mandates from companies in investment management, technology and telecommunications as well as industrial and manufacturing.

In project development the firm was active in the energy sector, as well as the fisheries and aquaculture sector.

Deal highlights: 33rd edition (2023/2024)

The Coda Terminal Project

Rotovia $67 million financing

PCC BakkiSilicon $350 million refinancing

Client feedback: 33^rd edition (2023/2024)

Eva Margrét Ævarsdóttir

"Eva Margrét Ævarsdóttir was extremely helpful, responsive and provided valuable insights."

"Eva is knowledgeable, provides helpful insights and comments, good communicator and responsive."

Stefan Orri Olafsson

"Stefan is an excellent lawyer with exemplary skills in providing practical and solution-orientated advice."

Established in 1907, Logos is the oldest law firm in Iceland. The firm currently operates offices in Reykjavík and London.

Focusses / specialisms

The firm is recognised for its strengths across several financial and corporate categories.

In banking it is strong in finance work and frequently advises investment funds, pension funds and international investors.

In the capital markets area, the firm is often involved in Iceland’s significant stock market listings.

The M&A team is extremely visible in the Icelandic market, and regularly works on the country’s largest public M&A transactions.

The firm also has a highly experienced project development team which frequently supports marquee domestic and international projects.

Key clients

Key clients include Arion Banki, Alfa Framtak, Archer Norge, Atome, Barclays, Berjaya Corporation Berhad, Blackrock, Brim, Citigroup, Climeworks, Crowberry Capital, Deutsche Bank, Frumtak Ventures, Haugen Gruppen Nordic, Hintsa Performance, Icelandair Group, Icelandic State Financial Investments, Íslandsbanki, Íslensk verðbréf, J.P. Morgan, Kaupthing, Kerecis, Landsbankinn, Landsnet, Laxar eignarhaldsfelag, Laxar Fiskeldi, Marel, Morgan Stanley, New England Seafood International Limited, Norvik, Origo, Orkla, Sidekick Health, Síminn, Sling, Storytel Sweden, Verne Global, Vex, Vörður Insurance, 1912.

Research period review: 33rd edition (2023/2024)

In banking, the firm’s focus was  mainly on asset finance and investment fund foundation. In this field the firm attracted clients mainly from the financial institutions sector.

In the capital market sphere, the firm engaged in an important private placement of shares by Alfa Framtak.

The firm’s M&A practice focused on private acquisitions and asset acquisitions. The firm’s clients in this field have come mainly from the technology and telecommunications sector.

In terms of project development work, the firm was active in the energy sector as well as the construction and materials sector.

Deal highlights: 33rd edition (2023/2024)

Sp/f Orkufélagið $74 million financing

Hecate Wind offsore wind energy project

Client feedback: 33^rd edition (2023/2024)

Bank lending

"Overall great knowledge in the area of loan and pledge agreement. Great communication, customer service and work attitude. Knowledge. Great resource for the client to understand all aspects in loan terms and pledge agreement and provide valuable insights on the loan market in Iceland. Logos always acted in the client's best interest. Great problem-solving in complex tasks and always met deadlines."

"Professional services (above average in the Icelandic jurisdiction). Excellent accessibility and swift response time. Logos has many experienced professionals, experts in diverse business sectors. Advantage that Logos is a 'full service' law firm. Logos is an old and large law firm with a good reputation. Proactive in informing clients of trends and legal changes. Hosting informative events."

M&A

"Knowledge on matters, solution-minded."

"Excellent knowledge, quick response time and ability to negotiate highly complex issues related to M&A transactions."

"Very strong performance throughout the entire process on all aspects – strong 'thought partner', short turnaround time, and high quality of work."

Private equity

"Highly capable, robust and productive team."

"Logos has a great team of lawyers with diverse focus so they can solve all matters requested within the firm giving great comfort for us as a client. Also, Logos tends to give quick feedback and you always feel you are being taken care of."

"Excellent strategic advice as well as documentation of the transaction."

"Access to a wide range of experts, in particular and different fields, and a positive direct personal relationship."

"Great in negotiations and creative solutions seeing what can be done not what can not be done."

Project finance

"Working so well with their team related to the various aspects on the complete projects, including legal, tax and financial issues."

"They have good experience in construction contracts and related matters and produced the work quickly as needed."

"Logos has expertise, meticulous attention to detail, and impressive creativity. They provided practical solutions to the most challenging aspects of my case, and their creative approaches helped us to structure the contract with a very flexible approach."

Restructuring

"They are well-orientated locally and provide a professional service."

Einar Baldvin Axelsson

"Excellent knowledge on the legal marine and shipping issues."

Benedikt Egill Árnason

"Solution-orientated, get's the right people involved as needed, provides valuable input."

"Smart, creative, solution-orientated, hard-working, available."

"Good communication, works effectively and meets deadlines, experienced in the relevant field."

"Quick and adaptive for the specific unchartered situations accompanied with deep experience in the field, creative in looking for out-of-box situations."

"Thorough, precise, great to work with and provides excellent feedback quickly."

"Benedikt is our main adviser and has great knowledge in loans and pledge agreement, great communication skills and always acts in our best interest."

Erlendur Gislason

"Responsiveness, legal knowledge, problem-solving."

Guðbjörg Hjartardóttir

"Very good corporate finance lawyer with excellent overall knowledge in the field."

Christopher Jackson

"Responsiveness, legal knowledge."

Kristofer Jonasson

"Great to work with Kristofer, takes great care of us as a client, thinking two steps ahead and looking to solve future issues in the present. Great communication skills and excellent knowledge base."

Þórólfur Jónsson

“Highly skilled professional. Conscientious and ambitious person. Very likeable.”

Helga Melkorka Óttarsdóttir

"Experienced, professional and balanced approach in solving problems, organised, delivers in time (allowing headroom to review opinions/reports in time before due dates), has perseverance in complicated matters."

Hlynur Olafsson

"Hard-working, smart, solution-orientated, available."

Óttar Pálsson

"Likeable, very good listener, razor-sharp and a good negotiator."

Freyr Snæbjörnsson

"Very approachable and inviting. Personal relationship that builds trust."

Gunnar Sturluson

"He is an experienced lawyer in Iceland. I also appreciate that he is more direct in his advice than many lawyers I work with in other countries."

KPMG Law is an integral part of the global KPMG network formed in 1987, with close to 3,000 lawyers in about 80 jurisdictions.

Focusses / specialisms 

The financial and corporate practice of the firm involves investment funds and M&A transactions. The firm advises clients across a plethora of industries, especially technology, investment management and real estate,on fund formation and private acquisitions.

Key clients 

Key clients include ALM Verðbréf, ALP, Activity Stream, Arctic Hydro, Arctica Finance, Ardian Infrastructure Fund, Arion banki, Blue Lagoon, Controlant, Eimskip, Eyrir Ventures, Frumtak Ventures, GRID, Gavia invest, Genesis Mining, Genís, HS Orka, Heimstaden Iceland, IKEA, Kaupfélag Skagfirðinga, Kvika banki, Kvika eignastýring, Lagerinn, Orkuveita Reykjavíkur, PayAnalytics, Pega Mining, Reginn, StefnirÍslandsbankiÍslandssjóðirÞingvangur.

Research period review: 33rd edition (2023/2024)

During the research period KPMG Law Iceland focused on the capital market and M&A fields.

Within capital markets the firms have worked on a lot of secondary share offerings and a few bond offerings. In the M&A field KPMG has mostly been active in private acquisitions. The firm's clients have largely been from the investment management sector.

Deal highlights: 33rd edition (2023/2024) 

Ardian Infrastructure Fund’s $477 million acquisition of Mila

Gavia Invest’s $17,600,000 acquisition of roughly 16% share in Sýn

SÍL’s $64 million issuance of bonds and acquisition of loan portfolios

Client feedback: 33^rd edition (2023/2024)

Private equity

"Professionalism and quick turnaround of documentation."