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Clifford Chance

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We've shaped important Romanian legislation, have created best market practices in many fields and have worked on ground-breaking domestic and international transactions. Our close-knit team knows the domestic and regional markets well and are used to complex cross-border deals.

Local expertise and global reach

In 2006 we merged with a leading local firm to form Clifford Chance Badea and today 45 lawyers work in our Bucharest office. We're a leading firm in the domestic market and regularly work on complex domestic and cross-border mandates, often in extended teams that include colleagues from our international network. Our full-service offering covers banking & finance, capital markets, corporate and M&A, real estate, and litigation; our practice areas are regularly ranked in Tier One in the legal directories.

An experienced team that delivers demanding transactions

Our senior lawyers have worked together for over 10 years and this close-knit team has seen, and has often been closely involved in,many changes in Romania’s legal and business landscape. We have worked together on a wide range of high-profile transactions and helped write national laws and regulations that govern capital markets, securitisations, insolvency, covered bonds, global depository receipts and the structuring of PPP projects.

Clients rely on this range and depth of experience when they turn to us for advice on demanding, often first-of-a-kind, deals. Two innovative examples from 2013 include the $517 million dual-listing IPO of Romgaz  shares on the Bucharest Stock Exchange and GDRs on the London Stock Exchange – the first time shares in a state-owned company have been sold on an international exchange; the €122 million bond-issue by UniCredit Țiriac, a Romanian retail bank,the largest ever in the Romanian market.

Recent high-profile regional and international deals include Aviva’s sale of its Romanian operations to US insurance giant MetLife in 2013and Anheuser-Busch InBev’s $2.2 billion sale of its Central European operations to CVC Capital Partners in 2009.

We have also worked on every Romanian sovereign-debt issue in the last 15 years, including the establishment of the €7 billion MTN Programme.

Clients value our international standards

We want to help clients reach their commercial goals. To do this we deliver pragmatic advice that is based on our experience and technical skills and backed up by extensive resources. However, clients tell us that it is our focus on service and the way we work to the highest international standards that sets us apart:

  • "A truly international firm that is able to deliver a crisp, commercially focused level of service."
  • "A quite great experience, extremely efficient, quick, punctual and correct... They applied international standards to local regulations. It was an innovative and creative deal, as it was the first of its kind."
  • "I appreciate the firm's capacity to identify solutions and its ability to apply international concepts to the local market."
  • "One of the best firms I’ve worked with anywhere on the globe."

Recent highlights

Awards and milestones

Award for Legal Advisory for Romgaz IPO - Capital Markets Awards: Romanian Brokers' Association, 2013

Recent assignments

Work examples include advising:

  • the consortium made up of Goldman Sachs, Erste Bank, Banca Comerciala Romana and Raiffeisen Capital & Investment in relation to the dual listing of shares and GDRs by Romgaz S.A., the largest natural gas producer in CEE, on the Bucharest and London stock exchanges in 2013.  This is the country’s largest initial public offering on the Bucharest Stock Exchange and one of the largest IPOs in Eastern Europe in recent years. This is also the first time that shares in a Romanian state-owned company have been listed in London
  • the International Finance Corporation and the Government of Moldova in relation to the structuring, documentation and implementation of two PPP projects in the healthcare sector in Moldova since 2010. These are the first PPPs in Moldova
  • UniCredit Tiriac on the €122 million domestic bond issue successfully closed and listed in 2013 on the Bucharest Stock Exchange - the largest ever domestic bond offer launched in Romania
  • Anheuser-Busch InBev on the sale of its Central European operations to CVC Capital Partners in 2009 With an enterprise value of approximately US$2.2 billion, this transaction represents one of the largest private equity transactions in Central Europe ever
  • in 2011 the Republic of Romania on its €7 billion MTN programme and acted on all the sovereign bonds in the last 15 years
  • Morgan Stanley and CA-IB on the successful 2007 US$515 million GDR issue by Vimetco, an international group having main assets (such as Alro Slatina) in Romania
  • Immofinanz AG in connection with the 2011 buyout of the remaining shareholders of Adama Holding, one of the largest real estate portfolios in the region, with projects in Romania, Moldova, Turkey, Ukraine and Croatia
  • Innova Capital in relation to the2012  acquisition of a majority stake in EnergoBit Group, a Romanian based electrical engineering company
  • Aviva in connection with the 2013 sale of its operations in Romania (Aviva Asigurari de Viata and Aviva Pensii Private) to MetLife in the context of a regional restructuring
  • Advent International and its portfolio company, LaborMed, in connection with the 2009 purchase of Ozone Laboratories brand and the entire portfolio of Ozone Laboratories' products.

We are also the only Romanian law firm involved in structuring a simultaneous tripling listing (on the Bucharest, Sofia and London stock exchanges) in relation the IPO of TechnomarketDomo (suspended due to financial crisis).

Directory listings and client comments

Directory listings

Chambers Global: Romania, 2013

  • Tier One in Banking & Finance

Chambers Europe: Romania, 2013

  • Tier One in Banking & Finance

Legal 500: Romania, 2013

  • Tier One in Banking, Finance and Capital Markets 

IFLR 1000: Romania, 2013

  • Tier One in Banking
  • Tier One in Capital Markets
  • Tier One in Project Finance 

Client comments

  • "A quite great experience, extremely efficient, quick, punctual and correct," says one client, adding: "They have a great understanding of the international framework. They applied international standards to local regulations. It was an innovative and creative deal, as it was the first of its kind."
    IFLR 1000, 2011 – 2012
  • Sources say: "Clifford Chance is among the most reliable firms in Romania. It is my first choice."
    Chambers Europe 2013
  • "One advantage a fully integrated firm like Clifford Chance Badea has on the market is the ability to follow a mandate the whole way through. Clifford Chance could have done the deal as one firm," one partner says.
    IFLR 1000, 2011 – 2012
  • "Clients have reported their satisfaction with the firm's service. "It is obvious from their approach they are part of a large, international-focused network, which is beneficial for the Romanian legal market," one client says. (...) In contrast to other firms with international representation, Clifford Chance Badea is integrated in the Romanian market. "It is more attractive to have one law firm," says one partner. The firm now represents all the major international and investment banks in Romania on a considerable number of cross-border finance transactions."
    IFLR 1000, 2011 – 2012
  • "It has excellent technical capabilities backed by strong client relationship skills which ensure a 'best in class' ranking on the local market in all capital markets and energy related matters."
    IFLR 1000, 2013-2014
  • Sources say: "I appreciate the firm's capacity to identify solutions and its ability to apply international concepts to the local market."
    Chambers Europe 2012
  • "Clifford Chance Badea is "a truly international firm that is able to deliver a crisp, commercially focused level of service"."
    Legal 500 2013
  • "Daniel Badea has been involved in all the top mandates last year. "He's very good, extremely good," one client says. "There are very few local lawyers familiar with international standards and local standards"."
    Chambers Global 2013
  • "There is little doubt of Clifford Chance Badea's credentials among competitors and clients. When asked which capital markets practice is the strongest on the market, one competitor states: "Well that is the million dollar question, Clifford Chance Badea." Such sentiments as to the capabilities of the firm remained unchallenged."I've met them on several transactions. They're very involved," another competitor says."
    IFLR 1000, 2011 – 2012
  • Sources say: "I have the highest respect for this team. The work is of the highest quality;". "I can't keep up with it. One of the best firms I've worked with anywhere on the globe."
    Chambers Europe 2012
  • "Clifford Chance is a worldwide name with the capacity and number of transactions to be in Tier One"; "Clifford Chance is in Tier One because they're great in finance law across Europe and there's nothing in the structure in Romania that prevents that."
    IFLR 1000, 2011 – 2012