CEE Legal Matters
In-depth coverage of the news and newsmakers that shape Europe's emerging markets
Stratulat Albulescu has advised GapMinder Venture Partners on its investment in Druid, a conversational technology company. The financing round which raised USD 2.5 million was led by GapMinder and included Early Game Ventures. Grigorescu, Crestincov & Associates advised Druid on the deal.
Biris Goran has advised Tubinox SA on the sale of a plot of land in Bucharest and related buildings to an unidentified buyer.
Radu si Asociatii has advised Ovidiu Andries and Daniel Imbre, founders of the Romanian gas station operator Smart Diesel, on the sale of the business to Germany’s DKV. Nestor Nestor Diculescu Kingston Petersen reportedly advised the buyer on the deal.
Since the Mining Law no. 85/2003 (“Mining Law”) entered into force on March 27, 2003, the economic and social environment in Romania has undergone a major evolution, marked by the increase of investments, especially with the accession to the European Union, in 2007. However, the legislation did not manage to keep up this fastened pace and the Romanian authorities are now trying to adjust the legal framework to the requirements of this continuously changing economic life. In this regard, after three years of debate in the Parliament, Law no. 275/2020 for amending and supplementing the Mining Law no. 85/2003 (“Law no. 275/2020”) entered into force on December 17, 2020.
Clifford Chance’s Bucharest office has advised Credit Agricole on its sale of Credit Agricole Bank Romania to Vista Bank Romania. David & Baias reportedly advised the buyer on the deal.
Glodeanu & Partners has advised ReneSola Energy on the sale of its two Romanian solar parks to Alternus Energy. Nestor Nestor Diculescu Kingston Petersen reportedly advised Alternus Energy on the deal.
DLA Piper has advised Wipro Limited on its acquisition of Metro-Nom in Germany and Metro Systems Romania.
At the end of December 2020, the Romanian Competition Council (the "RCC") published an updated iteration of the draft Emergency Government Ordinance implementing the FDI Regulation (the "FDI Draft Law"). While the FDI Draft Law is still undergoing the legislative process, it is expected to enter into force soon. As covered here, the new rules will tighten the existing FDI screening, once in force.
Law no. 296 of December 21, 2020 for the amendment and completion of Law no. 227/2015 regarding the Fiscal Code (the “Law no. 296/2020”) brought a series of beneficial changes to the business environment, applicable starting with January 1, 2021.
Schoenherr Romania has helped dairy producer Covalact SA annul a competition fine in litigation proceedings.
According to Romanian Official Gazette no. 262/31 December 2020, some tax amendments that were approved on 21 December 2020 have been changed as follows:
Over the course of our seven years, CEE Legal Matters has interviewed most of the British lawyers working on the ground in Central and Eastern Europe as part of our recurring “Expat on the Market” feature. We reached out to them recently and asked them to bring us up to speed on what they’re doing and/or share their thoughts on the ramifications of Brexit or the ongoing COVID-19 crisis.
Filip & Company, working with Linklaters, has advised the Ministry of Public Finance of Romania in a two-tranche Eurobond issue that drew over EUR 2.5 billion from the international markets.
CMS has advised Hidroelectrica, the Romanian majority state-owned hydropower producer, on the acquisition of an operational 108 MW wind farm located in the Constanta county of Romania from the German STEAG group.
CMS has advised the National Bank of Greece on the disposal of a Romanian-risk corporate non-performing and sub-performing loan portfolio with a total gross book value of circa EUR 174 million (EUR 102 million of allocated collateral value) to a consortium composed of Bain Capital Credit and APS.
Cristina Man and Octav Grigore Stan have been promoted to Partner at Stratulat Albulescu.
Suciu Popa has successfully assisted Gianni Versace S.r.l., the owner of the Versace trademarks, with a series of judiciary and extra-judiciary procedures involving the defense of Versace's trademarks against an unauthorized producer and distributor based in the European Union.
Filip & Company has helped RCS & RDS S.A. and the companies in its group, Digi Communications N.V., DIGI Tavkozlesi (RCS & RDS' Hungarian branch), Invitel Tavkozlesi Zrt, and DIGI Spain Telecom S.L.U. (RCS & RDS's Spanish branch) obtain two medium-term credit facilities worth a total of EUR 150 million and an incremental facility structure from a syndicate of Citigroup Europe plc - Dublin Romanian Branch, ING Bank N.V. Amsterdam Bucharest Branch, and Unicredit Bank S.A. Kinstellar and Allen & Overy advised the lenders.
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