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Suciu Popa Assists Enel on Finalization of E-Distributie Muntenia and Enel Energie Muntenia Acquisition

Suciu Popa Assists Enel on Finalization of E-Distributie Muntenia and Enel Energie Muntenia Acquisition

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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. 

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Țuca Zbârcea & Asociații is a full-service independent law firm, employing cross-disciplinary teams of lawyers, insolvency practitioners, tax consultants, IP counsellors, economists and staff members. It also operates a secondary law office in Cluj-Napoca (Romania), and has a ‘best-friend’ agreement with a leading law firm in the Republic of Moldova. In addition, thanks to the firm’s dedicated Foreign Desks, the team provides the full range of services to international investors seeking to gain a foothold or expand their existing operations in Romania. Since 2019, the firm and its tax arm are collaborating with Andersen Global in Romania.

Țuca Zbârcea & Asociaţii is providing legal services in every aspect of business, covering all major areas of practice: corporate and M&A; litigation and international arbitration; corporate tax; public procurement; TMT; employment; insurance; banking and finance; capital markets; competition; healthcare and pharmaceutical; energy and natural resources; environmental; intellectual property; real estate; regulatory legal services.

Țuca Zbârcea & Asociaţii is a First-Tier law firm in all international legal directories and a multiple award-winning law firm both locally and internationally. It received the CEE Deal of the Year Award (DOTY Awards 2021) and the Law Firm of the Year Award: Romania (IFLR Europe Awards 2021). 

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