Reff & Associates has advised Damen, a shipbuilding group in the Netherlands, on taking over Daewoo Shipbuilding & Marine Engineering Co Ltd.'s participation in Romania's Daewoo Mangalia shipyard. DSME was advised by CMS.
As communicated by the parties following the transaction, “the yard, which will be renamed Damen Shipyards Mangalia, will be operated as a joint venture with the Romanian Government, while Damen will assume operational control.”
Reff & Associates Partner Georgiana Singurel, who coordinated the transaction, commented: “We trust that our client’s great experience and strong management will contribute to the site’s revitalization and the relaunch of its activity, thus contributing to the long-term direct and indirect economic development of the area and the prosperity of the community. We are honored to have been part of such a complex and unique transaction.”
Reff & Associates’s work included due diligence exercises with respect of the target on corporate, real estate, and environmental matters, transaction assistance in the share purchase agreement between DSME and the Damen Group, assistance related to the notification of the economic concentration to the Romanian Competition Council, as well assisting Damen in relation to the closing formalities for the transfer of DSME’s participations to the company.
A multidisciplinary team including lawyers from Reff & Associates -- the Romanian member of Deloitte Legal -- and specialists from Deloitte Tax, Audit and Financial Advisory assisted in the due diligence, financial matters, accounting, and collateral legal implications. In addition, Deloitte Legal Netherlands was also involved in legal assistance and negotiations at different phases of the transaction.
The core team of Reff & Associates lawyers was led by Partner Georgiana Singurel and included Partners Alexandru Reff and Florentina Munteanu, Managing Associate Cezara Szakacs, Senior Associate Ilinca Iliescu, Irina Dimitriu, and Diana Ghintuiala, and Managing Associate Andrea Grigoras.
The CMS team included Partners Horea Popescu and Rodica Manea and Senior Associate Mircea Moraru.