Archived posting to the Leica Users Group, 2017/08/05
[Author Prev] [Author Next] [Thread Prev] [Thread Next] [Author Index] [Topic Index] [Home] [Search]Good for Iceland. National treasures should not be sold to overseas vultures. Cheers, Nathan Nathan Wajsman Alicante, Spain http://www.frozenlight.eu <http://www.frozenlight.eu/> http:// <http://www.greatpix.eu/>www.greatpix.eu PICTURE OF THE WEEK: http://www.fotocycle.dk/paws <http://www.fotocycle.dk/paws>Blog: http://nathansmusings.wordpress.com/ <http://nathansmusings.wordpress.com/> Cycling: http://www.crazyguyonabike.com/belgiangator <http://www.crazyguyonabike.com/belgiangator> YNWA > On 05 Aug 2017, at 16:05, Frank Filippone <red735i at verizon.net> wrote: > > Bid from US private equity firm Blackstone Group to buy Blue Lagoon > rejected > > > > The US private equity group Blackstone had hoped to acquire a major stake > in > one of Iceland's best known tourist attractions. The US private equity > group Blackstone had hoped to acquire a major stake in one of Iceland's > best > known tourist attractions. The US private equity group Blackstone had > hoped to acquire a major stake in one of Iceland's best known tourist > attractions. > > > > The Icelandic pension funds, who own a third of the poplar tourist > destination the Blue Lagoon, have vetoed a sale of a 30% stake in the > lagoon > to an investment fund managed by the US private equity firm Blackstone > Group. The 30% stake which Blackstone had hoped to buy was owned by the > local utility HS Orka. Blackstone had offered 11 billion ISK (106 million > USD/90 million EUR) for the stake. > > > > This is the second sale of a major tourist attraction which is thwarted at > the last minute. Earlier this year the Icelandic state used the power of > eminent domain to acquire J?kuls?rl?n glacial lagoon, making it a part of > Vatnaj?kull National Park. > > > > The utility HS Orka, which operates geothermal power plants and the > district > heating utility on Reykjanes peninsula, had put the 30% stake in the blue > lagoon up for sale in May. The highest bid came from a Blackstone Group > investment fund, run by one of Blackstone's top managers in Europe, Chad > Pike. Pike already has some connections to Iceland, as he owns a luxury > hotel in North Iceland, Deplar Farm. > > > > Before the sale could go through it had to be approved by the board of a > holding company Jar?varmi which owns HS Orka. The Icelandic pension funds > own a 33.4% stake in Jar?varmi, while a Canadian energy company Alterra > owns > 66.6%. While the Blackstone bid for the Blue Lagoon was significantly > higher > than HS Orka had hoped to get for the stake, the pension funds decided to > veto the sale. > > > > According to the sources of the local newspaper Fr?ttabla?i? the decision > by > the pension funds to veto the sale has been met with frustration from > Alterra. > > > > > > Frank Filippone > > > > Red735i at verizon.net > > > > > _______________________________________________ > Leica Users Group. > See http://leica-users.org/mailman/listinfo/lug for more information