The secondary sale of a 15% stake package in Transelectrica was a long-awaited moment on the market, by both investors and international financial institutions. Musat & Asociatii was directly involved in this high-profile project, advising the Office of State Privatization and Industry (OPSPI) ever since the project’s commencement in March 2011. Our mandate included the selection of the underwriting consortium and supervising all activities, including negotiation of the underwriting contract, drafting the prospectus, structuring the transaction and providing legal assistance throughout the entire sale process.
“Structuring the offer in a manner which allows compliance with the tight timeframes agreed with International Monetary Fund, conducting discussions with regulation authorities, harmonizing the process of gathering information according to EU regulations were some of the key legal issues that required particular attention”, says Miruna Suciu, Partner and coordinator of Energy and Capital markets departments, who led the team of six lawyers involved in this project. “Our approach was inspired by SPOs successfully conducted on more mature markets, at European level”, adds Miruna Suciu.
Musat & Asociatii is also involved in two other major projects on the Bucharest Stock Exchange: the sale of a 15% stake package in Transgaz and the initial public offering to sell 20% of Tarom. The firm is recognized for its constant involvement in key transactions on the capital market, such as the takeover bid conducted by Rompetrol Group for Rompetrol Rafinare, the acquisition and delisting of Beer Azuga by SABMiller or assisting Sanofi-Aventis with respect to the takeover bid of Zentiva on the local market.
Musat & Asociatii’s expertise in capital markets is recognized by the prestigious international legal guides, IFLR 1000 and PLC Which Lawyer?, ranking the firm among the top law firms in Romania in this area of practice. Furthermore, the firm is also recommended as leading on the local market in Energy according to the rankings pulished by the reputed London legal directories Legal 500 and Chambers & Partners.
In addition, Musat & Asociatii’s portfolio in Energy includes numerous top scale projects, among the most notable ones on the Romanian market, such as the privatization of Electrica Muntenia Sud, the EUR 1.2 billion Termoelectrica’s debt restructuring, assisting Enel in the construction project of reactors 3 and 4 at Cernavoda, valued at 4 billion EUR, as well as the brownfield project for the refurbishment of the 800 MW power plant located in Braila, with an investment estimated at over one billion EUR. The firm is also rendering legal assistance to the Ministry of Economy and Hidroelectrica related to the Tarnita-Lapustesti pumped-storage hydropower plant, an investment in excess of EUR 1.3 billion.