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.