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PeliFilip and Clifford Chance Badea Advise on Digi IPO

PeliFilip and Clifford Chance Badea Advise on Digi IPO

Romania
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PeliFilip has assisted Digi Communications N.V., the majority shareholder of RCS & RDS S.A., regarding the initial public offering of shares conducted for listing RCS & RDS on the Bucharest Stock Exchange. Freshfields Bruckhaus Deringer advised Digi on U.S., UK, and Dutch elements of the issuance. Clifford Chance Badea advised the banks on Romanian law, while Cleary Gottlieb Steen & Hamilton and Houthoff Buruma offered legal assistance on U.S., UK, and Dutch law.

PeliFilip assisted Digi with its public offering of up to 21,744,108 shares at a bid price expected to be between RON 38 and RON 56 per share and the admission of the shares offered for trading on the Regulated Spot Market of the Bucharest Stock Exchange, International Category. The offer consists of a tranche addressed to the public in Romania and a tranche addressed to institutional investors in the the Member States of the European Economic Area and those of the United States of America, in so far as they are “Qualified Institutional Buyers” under Rule 144A of the Securities Act of 1933 of the United States of America. The bid will run from April 28 to May 10, 2017, with DIGI’s shares expected to be admitted to trading around May 16, 2017.

The offer mediation syndicate is composed of Citigroup Global Markets Limited and Deutsche Bank AG, London Branch (as Joint Global Coordinators), Raiffeisen Bank S.A., Societe Generale SA / BRD - Groupe Societe Generale S.A., WOOD & Company Financial Services, a.s., and BT Capital Partners S.A. (as Principal Manager).

PeliFilip Partner Alexandru Birsan was enthusiastic about the matter, describing it as “the project I am most proud of in my career." According to Birsan, "Digi is a special client for us, we have been working together for 10 years and they have always been for us (and for me, as an individual) an example of what a local business can do with honesty, a lot of hard work, talent, and customer orientation. I am glad that from now on, others can also benefit from their results and can be part of their story.”

Birsan coordinated the PeliFilip team, which also included Senior Associate Olga Nita, Senior Associates Ana Andreiana and Roxana Diaconu and Associate Dragos Ungureanu.

The Clifford Chance Badea team advising the banks was coordinated by Partner Madalina Rachieru and included Managing Partner Daniel Badea, Senior Associate Radu Ropota, and Associate Gabriela Oprea.

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). 

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