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PHJW Announces Role in Now-Closed Electrica IPO

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Paul Hastings Janofsky & Walker (PHJW) has announced that it advised Citigroup Global Markets Limited, Raiffeisen Bank, and Societe Generale on the EUR 444.3 million initial public offering of Electrica (initially reported by CEE Legal Matters on June 26).

The offering, which closed on July 4, is the largest ever Romanian IPO, valuing the company at EUR 900 million. 

According to PHJW, "the IPO comprised an offering of shares listed on the Bucharest Stock Exchange (BVB) and GDRs listed on the London Stock Exchange (LSE). The offer consists of 177 million new shares, representing 105 percent of the company’s total number of existing shares. The offering was a key requirement under a framework agreement between the Romanian State and the IMF and EU following their rescue loans totaling EUR 22 billion to the country."

As a result of the IPO, the Romanian State has cut its stake in the company to approximately 49 per cent. The offering included a sizable strategic investment by EBRD.

Paul Hastings advised the underwriters on US and English law, with Musat & Asociatii advising on Romanian law, and the firm took primary responsibility for drafting the prospectus.

The Paul Hastings team was led by London Partner James Cole, assisted by Partners Karl Balz and Ross McNaughton and Associates Matthew Poxon and Sam Holdsworth.

 

 

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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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