June 2005

Financial Advisor for Ardegi in connection with the acquisition of Merlin

ATRIUM acted as financial advisor to the Icelandic Ardegi and two Icelandic co-investors in the consortium’s acquisition of Merlin from FDB.

Merlin is with 48 stores one of the largest retail chains in Denmark in consumer electronics and entertainment. Merlin had a turnover in 2004 of approx. DKK 800 m, but has in recent years experienced a considerable decline in earnings. FDB has for a longer period of time had a desire to sell Merlin to a buyer, who could develop the stores and exploit the chain’s opportunities in a highly competitive market.

Ardegi is an Icelandic investment company owned and managed by Sverrir Berg Steinarsson. He recently played a central role in the successful turnaround of BT, Iceland’s largest retailer of consumer electronics and entertainment.

ATRIUM acted as exclusive financial advisor to Ardegi and has through a closed dialogue with FDB ensured a successful takeover of Merlin.