28
Thu, Mar
51 New Articles

TZA, Dentons, and Dinulescu & Maxim Advise on APS Holdings’ Acquisitions of Massive NPL Portfolios

Romania
Tools
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

Dentons structured the transaction and Tuca Zbarcea & Asociatii provided legal advice to APS Holdings on the acquisition of the first of two Romanian portfolios of non-performing loans (NPL) with a nominal value of EUR 1.33 billion, while Dentons, Dinulescu & Maxim, and Savin & Asociatii advised APS Holdings on the acquisition of the second.

According to APS, the first portfolio includes secured and unsecured corporate and SME loans, with the secured positions held against mostly residential, commercial and industrial property. The nominal value of the first portfolio exceeds EUR 1.07 million. The portfolio was acquired from an unnamed bank, described only as “a major international bank active on Romanian market.” Investors include the IFC, APS, and other global institutional investors. APS describes the transaction as "the largest ever of its type in the South Eastern Europe region.” 

The second portfolio — acquired from Intesa Sanpaolo Bank Romania — has a nominal value exceeding EUR 261 million. The portfolio includes secured and unsecured corporate loans and secured and unsecured retail loans, with the secured positions held against mostly residential, commercial, and industrial property. The investor is an APS Delta securitization vehicle representing APS Holding supported by other institutional investors, such as AnaCap Financial Partners.

Both portfolios will be serviced by APS with the help of Homeland Properties for Real Estates.

The acquisitions add to APS’s existing advised credit funds, which includes 75 NPL portfolios with a total nominal value above EUR 4.5 billion.

Martin Machon, CEO of APS Holding, commented that: “We are pleased to have successfully completed acquisitions of these landmark transactions and improved our outstanding position in the South Eastern Europe market. Our previous acquisitions in the region provided us with valuable experience in the segment of corporate and retail distressed debts. We also value cooperation with our long term investment partners across the region.”

The Tuca Zbarcea & Asociatii team consisted of Partner Mihai Dudoiu and Managing Associate Gabriela Anton.

The Dentons team included CEE-based Partner Takura Kawai, as the lead relationship partner, Partners Mathilde Lattard and Frederic Feyten from Luxembourg, who advised on structuring, and Partner Jiri Tomola from Prague, who advised on Czech legal aspects.

The Dinulescu & Maxim team consisted of Marius Maxim and Roxana Dinulescu. 

Savin & Asociatii did not reply to our inquiries on the matter.

Romanian Knowledge Partner

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). 

Firm's website.

Our Latest Issue