Restructuring and insolvency
Einar Baldvin routinely advises many of the largest Icelandic companies and investment funds in relation to corporate and commercial matters and has been involved in many of the largest M&A transactions and restructuring projects in the Icelandic market in recent years.
USD 700 million Merger between TM hf., Lykill fjármögnun hf. And Kvika banki hf. 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.)
Einar Baldvin was a part of our legal team advising Icelandair Group hf., on all aspects in relation to the sale of the hotels and related real estates, including vendor during due diligence phase, SPA negotiations and completion of transaction. The value was USD 136 million (EV).
A legal advisor to TM hf., one of the largest insurance companies in Iceland, on all aspects in relation to an ISK 9,250,000,000 acquisition of Lykill fjármögnun hf., a credit institution. This was the largest M&A deal in Iceland in 2019 and was complicated due to the fact that TM is a regulated insurance company and Lykill is a regulated credit institution in the process of applying for commercial banking license. Therefore, the deal was highly complex on the regulatory side. Also it involved R&W insurance which has up to date not been used often in Icelandic transactions
Legal advisor to Íslandsbanki hf. and Eignarhaldsfélagið Borgun on all aspects of the sale of 95,9%% stake in Borgun hf. to Salt Pay Co Ltd. Matter value was confidential (according to news reports it was in the range between 27 million and 25 million EUR).