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PHJW Announces Role in Now-Closed Electrica IPO


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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