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Clifford Chance

Clifford Chance

People & Places


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 implementing complex deals

Local expertise and global reach

In 2006, we merged with a leading local firm to form Clifford Chance Badea and today a lean team of around 40 lawyers works in our Bucharest office. We're the only leading international law firm with a fully integrated office in Romania and we take a one firm approach to our clients' needs with integrated multi-practice and multi-region teams working together to deliver the best possible results. We are well known for our domestic work as we are for our complex cross-border transactions and the reach and resources of our international network.

Strategic understanding of the local market

Our senior lawyers have worked together for over 18 years and this close-knit team has seen, and has often been involved in, many changes in Romania’s legal and business landscape. We have a strategic understanding of the local market having worked together on most complex and high-profile transactions and flagship projects, in the public and private space. We have also had an active contribution to the drafting and alignment to international standards of the Romanian legislation in key areas (such as covered bonds, global depository receipts or 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-its-kind, deals.

Full-service law firm

Our multi-disciplinary teams can provide legal services at international standards on every legal issue related to our clients' operations and investments, across all practice areas, including: M&A, corporate and commercial law, antitrust, employment advice, real estate & construction, project development, public procurement, banking & finance, capital markets, restructuring & insolvency, litigation & dispute resolution, risk management.

Recent highlights

Awards and milestones

  • Romanian Firm of the Year
    IFLR Europe Awards 2020
  • Shortlisted for National Law Firm of the Year
    Chambers European Awards 2020
  • Award for advising on the largest deal in IT&C sector in Romania | Vitruvian’s acquisition of Bitdefender
    Ziarul Financiar Lawyers' Awards 2018
  • National Law Firm of the Year
    IFLR Europe Awards 2018

Recent assignments

Work examples include advising:

  • AEW in connection with the sale of its Romanian portfolio to the real estate investment division of Morgan Stanley and, respectively, Hungarian investment group Indotek.
  • Alpha Bank Romania in relation to the first covered bond programme established in Romania, for the amount of EUR 1 billion.
  • Citibank, ING Bank and UniCredit Bank in relation to the launch and listing on the Irish Stock Exchange of the EUR 850 million bonds issue, Guaranteed by Digi Communications NV and the Spain and Hungary subsidiaries of RCS&RDS – the first high yield bond issued by a Romanian entity.
  • German group REWE / Dertour with retail and tourism activities, in relation to the acquisition of the travel agency arm of Eurolines Romania.
  • US-based investment fund J.C. Flowers & Co. on the acquisition of Piraeus Bank Romania (now First Bank), followed by the acquisition of Bank Leumi Romania and merger with First Bank.
  • private equity fund Abris Capital Partners on various transactions, most recently on the acquisition of a majority stake in the leading Romanian security integrator Global Technical Group, and, respectively, on the sale of leading courier company Urgent Cargus to Mid Europa Partners.
  • CA Immo in relation to the acquisition of Campus 6.1, a premium office building developed in Bucharest by Skanska.
  • NE Property B.V. in relation with the implementation of the EUR 1.5 billion Guaranteed Euro Medium Term Programme guaranteed by NEPI Rockcastle plc.
  • Czech Media Invest (CMI) on the acquisition of the Central and Eastern European radio assets of multinational media conglomerate Lagardère Group.
  • Vitruvian Partners in relation to its acquisition of a significant minority stake in BitDefender, a leading global cyber security technology company based in Romania.
  • China Investment Corporation on the Romanian aspects of the €12.25bn acquisition of European warehouses and logistics business Logicor from Blackstone.
  • Globalworth on two separate listings of Eurobond issues worth EUR 550 million each on the Bucharest and the Irish stock exchanges;
  • NEPI in relation to the merger of NEPI and Rockcastle investment funds, which resulted into the largest real estate company in Central and Eastern Europe and one of the largest in Continental Europe;
  • BNP Paribas Leasing Solutions in the acquisition of shares in two Romanian companies from German-based group IKB.
  • Pfizer in an extraordinary appeal against the Bucharest Court of Appeal decision that cancelled the public procurement procedure. The extraordinary appeal was based on the jurisprudence of the European Court of Justice and established a new view concerning the bidders’ right of access.
  • the consortia of leading international banks on all the bonds issues launched by the Romanian state on external markets starting the 1990s, including Romania's Medium-Term Notes Program (in 2011) and all subsequent drawdowns.

Directory listings and client comments

Directory listings

  • Tier One in Banking & Finance
    Chambers Global: Romania, 2020
  • Tier One in Banking & Finance | Capital Markets
    Chambers Europe: Romania, 2020
  • Tier One in Banking & Finance | Capital Markets
    Legal 500: Romania, 2019
  • Tier One in Banking & Finance | Capital Markets: Debt | Capital Markets: Equity | Corporate and M&A
    IFLR1000 - Financial & Corporate: Romania, 2020

Client comments

  • "The firm is known as being perhaps the most sophisticated firm on the Romanian market and is generally involved in very complex matters."
    Chambers Global – Romania, 2020
  • "The matters were international and they have been very good at co-ordinating with the other countries. The project was managed by Clifford Chance globally and they have been perfectly synchronised."
    Chambers Global – Romania, 2020
  • One client enthuses that it is a "very good, high-class firm," and particularly highlights the "adaptability to new situations" and the team's communication skills.
    Chambers Europe – Romania, 2020
  • Another client describes the members of the team as "exceedingly knowledgeable, proactive and practical."
    Chambers Europe – Romania, 2020
  • "Clifford Chance Badea is one of the top law firms in Romania. They are very good, reliable and on top of any project, they are dealing with. It is always a pleasure to work with them."
    IFLR1000 EMEA – Romania, 2020
  • "Great responsiveness and excellent expert knowledge."
    IFLR1000 EMEA – Romania, 2020
  • "Exceptional quality, dedication, attention to detail and strict observance of deadlines."
    IFLR1000 EMEA – Romania, 2020