Corporate/M&A: Romania

This long-standing firm joins the first tier this year, having impressed commentators with the complexity and number of its M&A instructions. “The group is certainly a premier league player,” they say. The 35-strong team stands out for its sizeable public sector projects and energy mandates. Highlights include acting for ENEL on the EUR820 million acquisition of Electrica Muntenia Sud, and advising it on its EUR4 billion Cernavoda nuclear plant development project. The group also assisted SABMiller with the acquisition of a majority stake in Bere Azuga via stock exchange. Catalin Baiculescu is the firm’s main corporate and M&A practitioner, respected for his constructive and exceptionally commercial approach: “He will do everything possible to break a deadlock.” Gheorghe Musat is well established and noted for his dedication to key clients on major M&A deals.

Until recently, this firm dominated the Romanian M&A market and Chambers' rankings: "It is the largest and most successful local firm, but now it has comparable competitors," sources report. Clients say the team consists of “thoroughbred professionals” and admire “the real culture of quality you get at an established operation like this.” The ten-strong team focuses on M&A, and its stand-out deals include assisting Unilever Group with its acquisition of Napoca Ice Cream from Friesland Group. The team was also instructed by Citibank on the cross-border merger of Citibank Romania and Citibank Ireland. Ion Nestor's legendary reputation is confirmed by commentators who dub him “the dean of the Bar,” while peers report that “it is always a tough but pleasant challenge to act on a deal with him.” Long-standing practitioner Manuela Nestor supervises the M&A practice. Adriana Gaspar is also noted by sources as a truly talented and hands-on M&A lawyer.

This large local firm enters the first tier having earned market recognition for its involvement in significant transactions. “In addition to its excellent expertise, the group stands out for its entrepreneurial aspiration and success," commentators agree. Interviewees single out mandates within the energy sector and large infrastructural projects as particular strengths of the firm, but it is frequently engaged by sellers and buyers from a variety of industry sectors. The 25-strong team’s recent highlights include advising Voestalpine on its planned EUR7 billion greenfield investment in Romania, and acting for CEZ on its EUR300 million acquisition of offshore wind farms. Market sources note Florentin Tuca's impressive track record on multiple complex transactions and his constructive and commercial approach: “He wants to close deals, not prove himself!” Interviewees applaud Cornel Popa as a technically proficient and skilled negotiator. 

This firm’s integration with Clifford Chance has naturally boosted its profile. The 30-strong M&A group also clearly benefits from the synergies provided by the firm's banking and finance engagements. Its M&A client roster includes such names as Morgan Stanley, Credit Suisse and several private equity houses. Market sources add that the group is particularly prominent in real estate M&A. Its highlights include advising Morgan Stanley and Goldman Sachs on the attempted acquisition of a minority shareholding in one of the largest Romanian telecoms companies. The team also acted for Enel on its joint venture project with a number of Romanian electricity distribution and supply companies. Daniel Badea divides his time between finance and M&A instructions. Nadia Badea is noted as a significant and hands-on player within the team.

Market sources confirm that this outfit “has been impressively successful in M&A.” Interviewees especially recommend the firm for private equity and cross-border assignments due to its established regional network. The team of 19 has recently focused on distressed assets work. Notable highlights include advising Cadbury on the acquisition of 93.32% of Kandia-Excelent, and acting for HSBC Specialist Investments on the EUR100 million acquisition of Expo Market Doraly SRL. Managing partner Todd Robinson is regarded as the office’s key player in complex M&A assignments.

In line with the firm's established reputation, this 20-strong team has been particularly active on transactions in the real estate sector. The firm has assisted Immoeast with projects of a combined value of EUR500 million. It has secured sizeable instructions in a range of sectors, including acting for ArcelorMittal on the EUR68 million acquisition of Comvex by a public takeover bid. Clients say the group is exceptionally responsive: “You will have your answers in hours, even on public holidays.” They also appreciate the firm's flexible pricing policies. Interviewees admire internationally minded Florian Nitu: “His user-friendly approach compares extremely well to that provided by global firms."

Market sources say this French firm is a solid player, particularly renowned for its corporate work with francophone clients. The group's notable instructions have included advising Groupama on the EUR350 million acquisition of Asiban, and acting for Iberdrola in relation to a joint venture company created to develop the Cernavoda Nuclear power plant. Sources agree the lawyers are creative and goal-oriented: "This team is dedicated to closing deals." Managing partner Bruno Leroy is the key contact for M&A work. 

This firm operates in association with Allen & Overy and continues to attract a growing recognition in the marketplace. The 16-strong team is popular among private equity players and blue-chip entities. Its notable engagements have included advising Enterprise Investors on its EUR55 million sale of Artima to Carrefour. It was also engaged by a PwC-headed consortium to advise the Romanian State on the privatisation of Electrica Muntenia Sud, valued at approximately EUR1 billion. Clients praise the lawyers’ responsiveness and dedication: “We have been happy with the group for a number of years and found nothing to improve.” They also note the benefit of the detailed knowledge of complex products offered by the firm's London office. In addition to his M&A credentials, Costin Taracila is appreciated by clients for his pragmatic approach and ability to translate legal issues into the language of business. Dragos Radu is regarded as one of the rainmakers at the firm, and Mihai Ristici is a prominent M&A adviser.

This 20-strong team maintains a broad client base but is particularly recognised by sources for its notable mandates in the energy and real estate sectors. Its highlight instructions have included advising Continental Wind Partners on the sale of a wind farm project to CEZ. It also acted for Electrabel GDF Suez on the acquisition of two coal-fired power plants, and assisted it with the development of the Cernavoda Nuclear Power Plant. Clients say the team produces documents that are impressively well organised and clear to non-lawyers. Managing partner Anda Todor heads the team. 

The Romanian outpost of this Austrian giant wins market recognition for its ever-growing visibility on M&A transactions, including regional deals. The firm has recently been engaged on a number of energy projects and advised EDP Renovaveis and Verbund on wind projects. It also assisted Vienna Insurance Group with the acquisition of an 88.5% stake in BCR Asigurari de Viata and BCR Asigurari. Clients appreciate the lawyers’ dedication: “This team really made the time and effort to explain all issues and facilitate our needs.” The firm's regional force Markus Piuk is praised by clients for clarifying problems and suggesting creative solutions. The firm also receives referrals via its ‘best friends’ agreement with firms such as Slaughter and May and Herbert Smith.

This relatively new Austrian arrival is strengthening its standing in the market. It was instructed by Deutsche Bahn on the acquisition of Romtrans, and also represented Romanian software developer Autodesk on its sale to an international player for EUR2.5 million. Clients praise the firm’s pragmatic approach, respect for deadlines and ability to structure deals with many stakeholders. They highlight managing partner Bryan Jardine's talent for explaining complicated issues in layman’s terms: “We really appreciate his detailed debriefs.” Ancuta Leach is praised by clients for her ability to take a firm hand when necessary.

This local firm is popular with both domestic and international clients. Recent highlights include advising Tender on the complex acquisition of an air transport company valued at EUR40 million. It also continued to represent Vimetco on its development of a EUR1.5 billion greenfield wind farm project. “This group is a trustworthy business partner that offers tailored advice," clients report. Sources also recommend the firm's outstanding skill in related litigation. Prominent corporate lawyer Ioana Racoti is liked by clients for her ability to instil confidence and create an effective working environment: “We’re always confident our interests are safe," they enthuse. Anca Danilescu is praised as a rigorous planner and proactive thinker.

Interviewees say this team of seven is particularly visible in real estate M&A, and also "highly impressive" in tax, including M&A-related tax structuring. Highlights include advising the seller of Upground real estate development to RREEF and EFG for EUR340 million, and acting for a group of European investors on the sale of an office building in Bucharest for EUR40 million. Daniel Visoiu is the key contact for the practice.

This recent entrant to the market is strengthening its standing in M&A. The 12-strong team's client roster includes such names as Ascom Grup, A-Tec Industries and Kelag Warme. Its recent notable deals include advising ImWind Immobilien-Windkraft Verwaltungs- und Beteiligungs on the acquisition of a portfolio of energy projects with an aggregate value of EUR150 million. Clients say the lawyers are deal-focused and provide user-friendly advice. Managing partner Adrian-Catalin Bulboaca is the key contact for the practice.

Market sources recognise this local outfit for its long-standing position in this practice area. The eight-strong team attracts praise from its loyal clients: “The group is very quick and always delivers thorough results within agreed fees. It will leave no stone unturned." The firm provides corporate advice to such names as Coca-Cola Romania, Merrill Lynch Commodities and Gazprom Marketing & Trading. Key mandates have recently included an instruction from a leading Japanese multinational on the acquisition of the Romanian subsidiary of Freudenberg & Co. Qualified in both Romania and the USA, Peter Buzescu is an effective practitioner, highly appreciated for his outstanding client service.

This correspondent firm of PwC acts for both international buyers and local sellers, and earns praise for its impressive track record on due diligence projects. Highlights for the 12-strong group include advising Orange Participations on the acquisition of a telecommunication services retailer, and acting for Avrig 35 on the EUR147 million sale of Iris Shopping Center Titan Bucuresti to DEGI. In addition to his academic credentials, Sorin David is recognised as an established practitioner with an "even-handed approach."

The Romanian outpost of this German firm advises a mixture of German-speaking and international entities. Interviewees note the firm's solid client base and its high-quality general corporate advice. Highlight mandates have included representing UPS on the acquisition of a local company, and advising BauMax on its establishment in Romania. Clients appreciate the team's flexibility: “You get on the spot consultation over the phone if that is what you prefer." They also appreciate the outfit's flexible pricing arrangements. Market sources regard managing partner Jörg Menzer as the most active member of the team.

New to the rankings, this full-service medium-sized local outfit receives very positive feedback from its clients: “The group is remarkably effective and delivers excellent service.” Interviewees single out real estate-related M&A instructions as among its key strengths. Notable instructions have recently included advising Immoeast on several acquisitions, and acting for Tnuva Israel on the exit of the EBRD from the Romanian diary producer Tnuva. The firm is commended for its internationally minded approach. Laurentiu Pachiu is the key contact for the practice.

This boutique with an international reach is headed by the US-qualified Charles Vernon, who is recommended as an "impressive communicator and deal maker" by interviewees. The six-strong team advised Spearhead on the acquisition of five companies, and acted for Auchan Romania shareholders on the sale of shares to Auchan France. Clients say: “Given the firm's size, it consistently punches above its weight.”

This growing firm regularly advises both local and international entities. Recent highlights include acting for the shareholders of a major Romanian pensions fund on its sale to a leading multinational financial group. The team was also instructed by an international private equity player on the intra-group sale of the majority stake in two Romanian insurance companies. Market sources appreciate the outfit's work ethic and its "ability to focus on the important issues." Mugur Filipescu is the firm's leading lawyer.

This team of 12 corporate and M&A practitioners is recognised by interviewees as a reliable source of advice on corporate issues. Sources say the firm delivers workable solutions, takes clients' individual needs into account and has a flexible pricing policy. Recent highlights include advising Immoconsult on an intra-group merger between Immokik and Kika Development and the subsequent restructuring. The group's corporate client list includes Commerz Real, E.ON and KWS. Catalin Grigorescu is the contact for the practice.

Although this firm is no longer associated with PI Partners, its established working relationships with E&Y Romania remain intact. Five lawyers specialise in corporate and M&A. The team frequently provides corporate advice to large company groups. It has also recently received several instructions to act for private equity funds regarding due diligence of perspective targets. Notable highlights include acting for Ipnotic-Telecom on the disposal of its Romanian subsidiary, and advising on the Romanian aspects of the merger of Raiffeisen Housing Bank and HVB Housing Bank. Eirinikos Platis is the contact for corporate and M&A matters. 

This team of eight focuses on advising German-speaking clients. Its highlight instructions have recently included assisting Capexit Private Equity with its intended acquisition of KUBO Ice Cream, and handling corporate restructuring mandates for such names as Honeywell and Novomatic. Formerly relatively focused on real estate, the firm has recently concentrated increasingly on such areas as the development of agricultural projects. Clients appreciate the team's commitment and the benefits of the firm's international network. Ovidiu Valeanu is a contact for this practice.