Press release
Bucharest, 24 July 2023
Musat & Asociatii advised Geely Holding Group and Geely Automobile Holdings Limited (collectively referred to above as “Geely”) on the Romanian legal aspects of a binding 50/50 joint venture agreement with Renault Group to launch a new powertrain technology company that aims to become the global leader in developing, manufacturing, and supplying best-in-class hybrid powertrains and highly efficient ICE powertrain.
Musat & Asociatii has assisted Geely in all work relating to Romania, from extensive due diligence, corporate, real estate, employment, and environmental aspects, to transaction structuring and consumation.
Musat & Asociatii team was led by Gheorghe Mușat (Senior Partner), Paul Buta (Managing Partner) and Răzvan Stoicescu (Deputy Managing Partner) with Iulian Popescu (Deputy Managing Partner), Mihai Popa (Deputy Managing Partner), Monia Dobrescu (Partner), Andrei Ormenean (Partner), Alina Man (Managing Associate), Mădălina Trifan (Managing Associate), Dragoș Lungu (Managing Associate), Ana Maria Abrudan (Managing Associate), Manuela Lupeanu (Managing Associate), Julieta Sfeclă (Managing Associate), Robert Ürmösi (Senior Associate), Gabriel Oprea (Senior Associate) and Camelia Stanciu (Associate) playing a key role in the process.
“We are very proud to have represented Geely in this project. The mandate was complex, involving multiple jurisdictions and sophisticated legal issues, highlighting once more Musat & Asociatii’s unmatched capabilities in unique international deals and landmark projects”, said Razvan Stoicescu, Deputy Managing Partner.
The joint venture will be jointly led by Renault Group and Geely, with equal board members to formulate and execute strategies and set the direction for the joint venture. The initial organization will secure the continuity of the business with two operational centers in charge of the respective operations: Madrid for Renault Group and Hangzhou for Geely. An executive team will be based in the headquarters of the new company, which is intended to be established in the UK, to consolidate operations, build on synergies, and define future plans.
At launch, the new company is expected to supply multiple industrial customers including Renault Group, Geely Auto, Volvo Cars, Proton, Nissan, Mitsubishi Motors Company, and PUNCH Torino. In the future, the joint venture will be capable of providing end to end solutions in powertrain technologies to third-party car brands and will welcome partners to further strengthen the value chain.
Subject to applicable laws and regulations, Geely Auto and Renault will enter into a long term procurement agreement from the joint venture for ICE, hybrid and plug-in hybrids powertrains (engine and transmissions) for passenger vehicles. In addition, Renault will procure powertrains from the joint venture for light commercial vehicles as well as the development of hybrid batteries.
About Musat & Asociatii
Mușat & Asociații stands for the highest level of expertise and commitment in assisting clients in their business. Mușat & Asociații provides consulting services in all business law areas, including Mergers & Acquisitions, Privatization, Real Estate, Banking, Energy & Natural Resources, Competition, Corporate, Telecommunications & IT, Labour, Tax, Capital Markets, Environmental Law, Litigation & Commercial Arbitration and Criminal Law.
Recognized as one of the pillars of Romania’s business law practice, Mușat & Asociații is constantly recommended by international specialized publications (Chambers & Partners, International Financial Law Review, Legal 500 etc.) as a leading law firm in Romania. Besides, many of its attorneys have been nominated by such publications among the elite of business law in Romania.
In 2022, Mușat & Asociații won the „Best Law Firm in M&A, Litigation and Pharma” awards, a distinction handed out by during the Romanian Legal Awards Gala, by “Legal Marketing”. This was the third time when Mușat & Asociații won the trophy for the Mergers & Acquisitions practice area after 2020 and 2019, the year when Musat & Asociatii was designated the Romanian Law Firm of the Year.
Also in 2022, Mușat & Asociații was the winner of the award “Eastern Europe Law Firm of the Year” during the gala organized in London by LMG Life Sciences, one of the most prestigious international guides which awards the law firms and lawyers behind some of the most innovative and challenging projects in the EMEA, USA and Canada, together with its sister companies International Financial Law Review, Benchmark Litigation, Managing IP, Expert Guides și ITR.
In 2019, Mușat & Asociații won the “Law Firm of the Year in Romania” award, a distinction handed out by the “The Times Legal Innovation, as well as awards for the areas of practice: Mergers and Acquisitions/Privatization, Infrastructure and PPP/Public Procurement and Criminal Law.
In 2018, Mușat & Asociații was awarded by prestigious magazine, CEE Legal Matters, for the largest M&A Pharma transaction in Romania (Dr. Max acquisition of A&D Pharma group). Also in 2018, The Times legal Innovation granted awards for the areas of practice: Mergers and Acquisitions/Privatization, Infrastructure and PPP/Public Procurement and Criminal Law.
In 2016, Mușat & Asociații received the award for the largest transaction in the energy field, for assistance granted to Sterling Resources in the process of sale of operations in Romania to Carlyle International Energy Partners, as well as the award for the largest HORECA transaction for assisting Premier Capital in purchasing McDonald’s in Romania (awards granted by Ziarul Financiar, during the Attorney Gala).
In 2015, Mușat & Asociații won the “Law Firm of the Year in Romania” award, a distinction handed out annually by the reputed British publisher “The Lawyer”, and in 2013, Mușat & Asociații was appointed “Law Firm of the Year in Romania” by International Financial Law Review (IFLR), and this was the second time when the firm was granted this prestigious award, after the distinction received in 2011 (when Romania was included for the first time on the list of countries nominated for the International Financial Law Review (IFLR) awards).
Moreover, in 2012 Mușat & Asociații won the Gold Award for the “Best Law Firm in Central and Eastern Europe”, an accolade awarded by the 2012 International Legal Alliance Summit & Awards, and in 2011, the renowned publication Chambers Europe awarded the “Romanian Law Firm of the Year” trophy to Mușat & Asociații, the law firm with the best performance in Romania, during the “Chambers Europe Awards for Excellence 2011” gala.