Suciu Popa has assisted Enel Investment Holding B.V. in finalizing its acquisition of 13.6% of the share capital of E-Distributie Muntenia S.A. and Enel Energie Muntenia S.A., which increased Enel’s interest in the two companies to 78%.
The acquisition of the additional 13.6% share stake from SAPE SA, for a total consideration of about EUR 400 million, is a consequence of the exercise of a put option in November 2012. With the exercise of the put option, SAPE had asked for a price of about EUR 520 million -- an amount which was contested by Enel. After failing to reach an agreement, in 2014 SAPE began arbitration proceeding before the International Chamber of Commerce in Paris, in which it lodged a claim for that price and an additional EUR 60 million in interest. In its ruling of February 2017, the Arbitral Tribunal set the purchase price for the equity interests involved in the put option at about EUR 400 million and dismissing the request for interest.
Throughout the transaction, Enel was assisted by a Suciu Popa legal team coordinated by Managing Partners Miruna Suciu and Luminita Popa, which included Partner Dan Ciobanu and lawyers Roxana Fercala, Bogdan Ghera, and Mihai Caragui.