Glitnir, the Icelandic banking group, has landed a dual mandate to advise and finance retail investment group Baugur's £351.4m (€518.5m) bid for UK retailer House of Fraser, which was accepted last night.

Glitnir advised the Highland Consortium, a group of private equity firms led by Iceland's Baugur, on the 148p per share deal, alongside Rothschild.