The so-called outvasion entailed Icelandic financiers (sometimes styled útrásarvíkingar, 'outvasion Vikings') to purchase many foreign businesses, particularly in the retail sector.
The British retailers Debenhams, Woolworths, Hamleys, and others came into full or part-Icelandic possession, in addition to the Danish companies Magasin du Nord and Royal Unibrew.
Novator Partners acquired telecoms and other assets around Europe, including České Radiokomunikace, Elisa, Saunalahti, Bulgarian Telecommunications Company, P4 Spółka z o.o., Netia, and Forthnet.
[2][3] In 2005 a group of Danish journalists found that Thor Björgólfsson, his father Björgólfur Guðmundsson and friend Magnús Þorsteinsson all have background in Russia, where they ran beverage businesses in the 1990s before moving to Iceland.
[4][5] Icelandic links to Russia were also highlighted by The Guardian newspaper article "Next-generation Viking invasion - They've got the cash to buy big UK groups like M&S.