HS Orka quits sales process of stake in Blue Lagoon geothermal spa

Blue Lagoon with Svartsengi plant, Iceland (Picture: Vestman, (c) CC BY 2.0)
Alexander Richter 4 Aug 2017

HS Orka had to end the process of a potential sale of a 30% stake in the Blue Lagoon geothermal spa in Iceland.

In a short statement on August 3, 2017, Canadian 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 EUR90 million (multiple bids were received with valuations above EUR90 million).

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

Source: Company release