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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 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, and 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 USD$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, and the EUR€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 2013 and Anheuser-Busch InBev’s USD$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 EUR€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

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 the 2012 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

  • Tier One in Banking & Finance
    Chambers Global: Romania, 2016
  • Tier One in Banking & Finance
    Chambers Europe: Romania, 2016
  • Tier One in Banking, Finance and Capital Markets
    Legal 500: Romania, 2016
  • Tier One in Banking
  • Tier One in Capital Markets
  • Tier One in Project Finance 
  • Tier One in M&A
    IFLR1000 - Financial & Corporate: Romania, 2015-2016

Client comments

  • "The firm is "extremely responsive, technically strong, commercially aware and mindful of giving advice in the manner that suits the client. Astute and sensitive to client issues beyond the legal sphere."
    IFLR1000 - Financial & Corporate, 2015-2016
  • "We always value the collaboration with Clifford Chance Badea, which has up to date provided high standard opinions, solutions and alternatives in legal matters. They do not spare any effort in providing legal advice, documented and elaborated alternative, they contribute mostly in a meaningful way to the client."
    IFLR1000 - Financial & Corporate, 2015-2016
  • "Daniel Badea remains a prominent figure in the Romanian finance market thanks to his expertise in the field, with notable experience of international transactions."
    Chambers Europe 2016
  • "Clifford Chance Badea has 'a full-service real estate offering, combining the firm’s finance, corporate, capital markets and litigation expertise'. Nadia Badea leads the team, which 'acts quickly and comprehensively while fully understanding the requirements of international entities'."
    Legal 500, 2016
  • "Responsive, knowledgeable, and good experience of the market. Strong with international clients."
    Chambers Europe, 2015
  • "Excellent work – it's rare to come across a team that is so good across all levels of lawyer."
    Chambers Europe, 2015
  • "This is an excellent law firm – the lawyers are willing to go the extra mile for clients."
    Chambers Europe, 2015