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Clifford Chance, Filip & Company, and Dentons Advise on Hidroelectrica RON 9.3 Billion IPO

Clifford Chance, Filip & Company, and Dentons Advise on Hidroelectrica RON 9.3 Billion IPO

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Clifford Chance has advised the underwriters of Hidroelectrica's RON 9.3 billion initial public offering. Filip & Company advised Fondul Proprietatea on the sale of its entire shareholding during the IPO. Dentons advised Hidroelectrica on the issuance and listing on the Bucharest Stock Exchange.

The underwriters included joint global coordinators Erste Group Bank, Citigroup Global Markets Europe, Jefferies, and Morgan Stanley Europe, joint bookrunners Banca Comerciala Romana, Barclays Bank Ireland, BofA Securities Europe, UBS Europe, UniCredit Bank, and Wood & Company Financial Services, and co-lead managers Auerbach Grayson, BRD – Groupe Societe Generale, S.S.I.F. BT Capital Partners, and S.S.I.F. Swiss Capital.

Hidroelectrica is the largest electricity producer in Romania, with the majority of its shares owned by the Romanian state. It focuses on hydropower generation and related services. Its Bucharest Stock Exchange symbol is H2O.

Hidroelectrica's Rule 144A/Regulation S initial public offering amounted to approximately EUR 1.9 billion. According to Filip & Company, this is the largest IPO in the history of offers held so far in Romania and the largest IPO in Europe this year. "The initial public offer for the listing of shares on the Main Market of the Bucharest Stock Exchange took place between June, 22 and July, 4. Hidroelectrica closed the IPO with an anticipated market capitalization of RON 46.8 billion (EUR 9.4 billion), becoming the highest-value company listed on the Bucharest Stock Exchange."

The Clifford Chance team included Bucharest-based Partner Madalina Rachieru-Postolache, Senior Associate Gabriel Toma, and Associate Nicolae Grasu, as well as further team members in London and Frankfurt.

The Filip & Company team included Partners Alexandru Birsan and Olga Nita and Associate Anca Badescu.

The Dentons team included Bucharest-based Partners Loredana Chitu, Claudiu Munteanu-Jipescu, Bogdan Papandopol, Simona Marin, Liviu Togan, and Raul Mihu, Senior Counsel Oana Voda, Counsels Elena Vlasceanu, Argentina Rafail, Cristina Marcu, Oana Ionascu, Maria Tomescu, Diana Ceparu, Alin Serea, and Bianca Isache, Senior Associates Angelica Pintilie, Andreea Predescu, Luiza Onofrei, Andrei Orbesteanu, Simona Moisa, and Isabela Gheorghe, Associates Alin Roca, Alin Dimache, Mihut Radu, and Iulia Titirisca, and Paralegal Andrei Marinescu, with further lawyers in London and San Francisco.

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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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