[Leica] What would Blackstone do with the money from the sale of Leica stock?

[Nathan Wajsman]

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/>
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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 Jökulsárlón glacial lagoon, making it a part of
> Vatnajökull 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 Jarðvarmi which owns HS Orka. The Icelandic pension funds
> own a 33.4% stake in Jarðvarmi, 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 Fréttablaðið the decision by
> the pension funds to veto the sale has been met with frustration from
> Alterra.
> 
> 
> 
> 
> 
> Frank Filippone
> 
> 
> 
> Red735i at verizon.net
> 
> 
> 
> 
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