Sectors
April 10, 2016 08:23
Invia, the largest online travel agency in the Czech Republic, and one of the most notorious online travel deals providers in Central and Eastern Europe owned by MCI Tech Ventures, was purchased by Rockaway Capital SE, member of a private and risk ...more »
April 01, 2016 15:36
Potentially the largest online transaction to date was announced at the end of March 2016, Swiss group Ringier buying the majority stake in real estate portal Imobiliare.ro. The transaction value was not officially announced but is being estimated to exceed 15 million euro according to market sources. Ringier Romania bought the 87% stake in Realmedia Network from shareholders Broadhurst Investments Limited, Kurt Götz and the management of Imobiliare.ro. The current management team still holds a minority stake and will continue to operate the company.  ...more »
March 23, 2016 23:21
Aegon Societate de Administrare a unui Fond de Pensii Administrat Privat S.A. (AEGON) along with other managing companies of mandatory private pension funds (Pillar II) were sanctioned by the Council of Competition for an alleged allocation of customers. RTPR Allen & Overy, the representative law firm of AEGON in this situation, managed to obtain in court a reduction with over 80% of the fine imposed. In the first instance, The Bucharest Court of Appeal annulled the fine. ...more »
March 23, 2016 23:14
Carpatica Asig SA, the insurance company that now makes object to several intervention measures on the basis of insurants’ resolution and redressing law, was acquired by International Insurance Consortium, an investments company from the Netherlands, with a focus on the insurance companies from Eastern and South-Eastern Europe. IIC was represented by Wolf Theiss in this transaction. The team of lawyers led by Ileana Glodeanu claims the transaction to have been a true challenge, considering the suspensive conditions, certain criminal law ramifications, the changes in the legislation in the past months and, finally, regulations on the way to be enacted. The seller was advised by a team of lawyers led by Dumitru Rusu from Voicu Filipescu....more »
March 09, 2016 13:56
MedLife and other group entities were granted 56 million EUR from a syndicate of banks made up of Banca Comercială Română, as coordinator, BRD-Groupe Société Générale, ING Bank N.V Amsterdam – Bucharest Branch, and Raiffeisen Bank. MedLife will use the resources in order to develop its business and consolidate its position on the Romanian market.  The banks were provided legal assistance by the RTPR Allen & Overy team: Victor Pădurari (Partner), Andreea Burtoiu (Counsel), Poliana Naum (Senior Associate), Andreea-Ramona Chiriac (Associate) and Petru Ursache (Junior Associate), who declare to be “happy to assist local credit institutions  on every occasion, these institutions being one of the most important pillars in supporting and developing investments in Romania”. ...more »
March 08, 2016 14:22
bpv Grigorescu Ştefănică advised the Chinese company Ningbo Joyson Electronic Corporation (Joyson Electronics) in a transaction valued at $920 million, by which the company acquired Key Safety Systems. This is one of the largest transactions in the automotive sector of the early 2016. Joyson Electronics, one of the world’s leading suppliers of automotive components, has signed the agreement for the acquisition of the auto supplier Key Safety Systems. Key Safety Systems, a US manufacturer of security systems for the automotive industry, such as airbags, steering wheels, seat belts, is operating in 32 locations around the world, including Romania, where it is present with facilities in Arad and Hunedoara. ...more »
February 24, 2016 10:08
Biriș Goran law firm announces the successful closure of a new stage in the lawsuit between Farmec SA and ANAF. On 18 February 2016, the litigation team headed by Mihai Nusca obtained in court the annulment of the taxation decision issued by ANAF for Farmec SA, amounting to approximately EUR 13 million. The decision can be appealed. Previously, in the settlement phase of the tax appeal, Biris Goran team managed to partially annul the taxation, amounting to approximately EUR 2 million. In December 2014, ANAF decided to compel Farmec to pay approximately EUR 15 million, an amount which represented the recalculation of the payment of excise duties related to the alcohol used in the product networks included in the company’s portfolio. In the first phase, Biriș Goran team obtained in court the admission of the claim for suspension of the exercise of the taxation decision issued by ANAF until the settlement on the merits of the action requesting the annulment of the said decision....more »
February 23, 2016 16:21
Veranda shopping center, located in the Obor area in Bucharest, attracted funding of EUR 25.5 million from Raiffeisen Bank SA and Raiffeisen Bank International AG, that will be used fort the project development.  In this transaction, Veranda ...more »
February 17, 2016 11:24
After three years of delays, energy trader Alpiq Romindustries and aluminum producer Alro SA lose law suits in favor of Hidroelectrica. Alro and Alpiq were requesting damages worth of 146 million EUR for not being registered in the preliminary table of claims after Hidroelectrica entered insolvency.  From October 2011 to December 2012, Hidroelectrica faced extreme dryness and therefore, the low debits of the Danube could not provide the foreseen amount of energy to its creditors. At first, it tried to compensate by buying thermic energy and selling it for an even lower price. But, when the financial resources were exhausted, the company invoked force majeure, which allowed them to diminish the quantity of energy provided to its commercial partners. The Court entitled Hidroelectrica to the reimbursement of the trial expenses, approx. 28.600 EUR. Alro was represented by Tuca Zbarcea & Asociatii, and Alpiq by law fir, Schoenherr. ...more »
February 15, 2016 11:07
Alro, the biggest aluminum producer in Central and Eastern Europe finalized a 137 million dollar revolving loan approval with a bank syndicate consisting of Raiffeisen Bank International, Raiffeisen Bank România, UniCredit Bank, OTP Bank, Eximbank, Garanti Bank, Intesa Bank and Banca Transilvania. The measure was approved by the Alro Slatina shareholders in late 2015 in order to refinance a previous 120 million dollar loan, released by the European Bank for Reconstruction and Development (EBRD), in 2010. Alro ensures the loan with their immovables, mortgages for security of personal property, for their civil rights for damages caused by insurance policies, personal stocks and shares of Alum and Conef, also owned by Alro. Zamfirescu Racoti & Partners is the law firm that successfully assisted Alro into contracting the credit....more »
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