Alterra Power Announces Termination of Blue Lagoon Sales Process

Alterra Power (TSX:AXY) has announced that its subsidiary, HS Orka hf, has ended the process of the potential sale of HS Orka’s 30 percent interest in the Blue Lagoon tourist resort.
As quoted in the press release:

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, Jarðvarmi slhf, whose consent was required, decided against selling the stake at this time. HS Orka may revisit the process at a later date.

Click here to read the full press release.