Thursday, August 3, 2017

Iceland: Blue Lagoon Geothermal Tourist Resort Now Not for Sale

Alterra Power Announces Termination of Blue Lagoon Sales Process (News Release)

Alterra Power Corp. announces that its subsidiary, HS Orka hf, has ended the process regarding the potential sale of HS Orka's 30% ownership interest in the Blue Lagoon tourist resort. 

Alterra had previously announced that the subsidiary was considering strategic alternatives for the ownership stake, up to and including a full sale. During the sales process, several viable offers were received and HS Orka entered into an exclusivity agreement with a preferred bidder who valued the stake in excess of €90 million (multiple bids were received with valuations above €90 million).

Although Alterra was prepared to sell under this preferred offer, Alterra's partner at HS Orka, JarĂ°varmi slhf, whose consent was required, decided against selling the stake at this time. HS Orka may revisit the process at a later date.