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LEX advises Ancala Partners on the acquisition of HS Orka
23. May, 2019Guðmundur Ingvi Sigurdsson, a lawyer at LEX, was a legal advisor to Ancala Partners regarding Ancala Partners’ investments in HS Orka hf. Ancala Partners purchased the shares from Jarðvarmi ehf., a company owned by fourteen pension funds, that owned 33,4% share in HS Orka, after Jarðvarmi had exercised its pre-emptive right to purchase shares in HS Orka’s share for about ISK 37 billion. Following the investment, Ancala Partners holds a 50% stake in HS Orka and Jarðvarmi 50%.
HS Orka is the third largest energy company in Iceland and the only one privately owned. The company has over 40 years of experience in the production of renewable energy; owns and operates two geothermal plants one in Svartsengi and the other in Reykjanes. Construction of the company’s first hydropower plant, the Brúár hydro plant, is now underway.
Fanney Frímannsdóttir and Snæbjörn Ólafsson, attorneys at LEX assisted on the transaction.