Allen & Overy, Paul Hastings, Musat & Asociatii, and Clifford Chance were involved in Romania's state-owned electricity provider Electrica.
The share sale ran from June 16 to June 25 on the Bucharest Stock Exchange and in London. The state, which currently own the company fully, will cut its stake in the company to about 48.8 percent after the sale.
According to Bloomberg, the offer of a majority in the Black Sea EU state’s biggest power distributor has attracted 13,700 subscriptions from companies and individuals two days before its scheduled close, exceeding the record 12,000 in Romgaz SA’s share offering last year.
According to the Electrica Offering Prospectus, the joint global coordinators and joint bookrunners for the IPO were Citigroup Global Markets Limited, Raiffeisen Bank, and Societe Generale Corporate and Investment Banking, with BRD Group Societe Generale acting as the manager and SSIF Swiss Capital as the distribution agent.
According to the same prospectus, Electrica was advised by Allen & Overy on US and English law matters while the firm’s associated office in Romania, Radu Taracila Padurari Retevoescu (RTPR), provided Romanian law support. The managers were advised by Paul Hastings as to US and English law and by Musat & Asociatii as to Romanian law. Lastly, Clifford Chance and its Romanian office, Clifford Chance Badea provided legal assistance to the depositary.
Editor's Note: In a July 2 press release, Allen & Overy stated that its team on the deal was led by Frankfurt Partner Gernot Wagner and London Partner James Roe, and included Senior Associate Susanne Lenz and Associates Rebecca Emory, Oliver Reimers, Michael Snook, and Michael Hossack. Allen & Overy Partner Jack Heinberg and Associates Brian Schultz and Shira Selengut provided advice on US tax law.
The RTPR Allen & Overy team was led by Bucharest Partner Mihai Ristici and also included Senior Associates Loredana Boeru, Anca Rusu, and Victor Rusu, and Associates Ana Maria Eremia and Adrian Cristea.
