Arctica advisor to Fredensborg ICE in acquiring Heimavellir

10. March 2020

Fredensborg ICE ehf. has acquired 7.168.946.995 shares in Heimavellir hf., which represent 63.72% of the total shares. The shares were acquired at a price per share of ISK 1.5 and therefore the total market value of the acquired shares is ISK 10,753,420,493. After the acquisition Fredensborg ICE ehf. controls 73.94% of the shares in Heimavellir. In light of the fact that Fredensborg ICE ehf. has acquired more than 30% of the shares in Heimavellir, Fredensborg ICE ehf. will submit a mandatory takeover offer to all shareholders of Heimavellir hf. in accordance with Chapter X of the Act on Securities Transactions. The takeover offer will be made at the same price per share as the aforementioned transactions and will be submitted within four weeks from the date of this announcement. Arctica Finance hf.‘s corporate advisory has been engaged to manage the offer process on behalf of Fredensborg ICE ehf. Following the takeover offer the offeror intends to seek a delisting of the shares of Heimavellir hf. from the NASDAQ OMX Iceland main market. Fredensborg ICE ehf. is a subsidiary of Fredensborg AS which is incorporated in Norway, the ultimate beneficial owner of Fredensborg AS is Ivar Erik Tollefsen. Fredensborg AS is a majority shareholder of the residential leasing company Heimstaden which owns tens of thousands of residential properties for lease in the Nordics and mainland Europe.