A multijurisdictional Clifford Chance team from Romania and Poland advised Polish group Green Factory, part of Green Holding, in the closing of its acquisition of Eisberg Romania, Eisberg Poland and Eisberg Hungary from Swiss-based Bell Food Group.
The move marks the Polish group’s entry in Romania and is aligned to Green Factory’s long-term goal to strengthen its leading position in the fresh convenience food production sector in Central and Eastern Europe.
Eisberg Romania is a pioneer and leader in the local fresh convenience production for modern retail and HoReCa, and a trusted supplier to all major retailers and food service providers in the country.
The Bucharest Clifford Chance team including Partner Nadia Badea, Counsels Radu Costin and Eleonora Udroiu, Senior Associates Maria Moga Ciulică, Diana Borcean and Carmen Buzenche, and Associates Persida Ciobanu and Roxana Bărboi advised Green Factory on all Romanian-related law aspects of the deal – due diligence, drafting of transaction documents, submission of the necessary documentation for the investment approval by Romania’s Commission for the Examination of Foreign Direct Investments (CEISD), and closing.
Clifford Chance Warsaw coordinated the multijurisdictional deal with a core team including Wojciech Polz (Partner), Arkadiusz Walkowicz (Attorney-at-Law) and Martyna Sieczka (Associate). Hungarian law firm Lakatos, Koves es Tarsai Ugyvedi Iroda advised on Hungarian aspects related to the deal.
Partner Nadia Badea says: “Cross-border transactions are a growing trend in the current M&A landscape, as dynamic companies seek to expand and consolidate their foothold in key markets. We are honored to bring our contribution to the successful entry of a new strategic investor in Romania, at the end of yet another highly intensive and complex project reflecting the strength of our Clifford Chance multi-jurisdictional practice.”
Radu Costin, Counsel, adds: “Our role was to ensure the client's interests throughout the process, from due diligence to signing, full compliance and closing. The outcome is a testament to the excellent collaboration between the legal, financial, and commercial teams involved, and adds to our premium portfolio of M&A deals impacting their respective markets both in Romania, and in the region."
The recent buy-side mandate adds to an important Clifford Chance Badea portfolio of landmark M&A deals involving both strategic investors and global investment funds.
Recent public projects include:
1. Advising Nofar Energy in relation to the sale of its 50% stake and shareholder loans in Rătești Solar SRL to project partner Econergy International Limited, in an EUR 45.6 million Euro deal;
2. Advising UniCredit in the closing of its merger with Alpha Bank Romania, resulting into the third largest banking group by assets in Romania;
3. Advising T2Y Capital, a financial investor specializing in growth capital with a focus on the energy sector and adjacent industries, in relation to its strategic partnership with Prime Batteries Energy Holding, an investment making it the second-largest shareholder of the Romanian battery producer;
4. Advising Alpha Bank and Alpha International Holdings in the sale of Alpha Leasing Romania IFN and Alpha Insurance Brokers to Vista Bank Romania;
5. Advising PPC Group in its EUR 700 million-acquisition of the Romanian renewable energy portfolio of Evryo Group, owned by Macquarie Asset Management, namely 629MW RES in operation and about 145MW in pipeline assets;
6. Advising Alpha Bank Group and Alpha Bank Romania S.A. on all Romanian law aspects of the sale of 90,1% of Alpha Bank Romania S.A. to UniCredit S.p.A, as well as with the subsequent merger following the transaction;
7. Advising Nala Renewables Limited in the acquisition from Monsson Group of a ready-to-build photovoltaic park in Caraș Severin, with a total installed power of approximately 61 MWp;
8. Advising Nofar Energy Romania in the signing of the acquisition agreement for 100% shares in Aviv Renewable Investment, the project company developing a 160 MW photovoltaic park in Giurgiu County;
9. Advising J.C. Flowers & Co. in the closing of the First Bank sale to Italian-based group Intesa, thus marking the exit of the American private equity fund from Romania. Clifford Chance Badea advised J.C. Flowers & Co. throughout its entire presence on the Romanian Banking market, starting with the takeover of Piraeus Bank (2017), J.C. Flowers & Co.-owned First Bank takeover of Leumi Bank Romania (2019) and other projects;
10. Advising PIB Group Europa, backed by global private equity firm Apax Funds and The Carlyle Group, in relation to the acquisition of Stein Bestasig Insurance Broker, which marks the debut of the UK-based company on the Romanian insurance market;
11. Advising Enel Group in the approx. EUR 1.24 billion sale of its Romanian assets to Greek-based Public Power Corporation (PPC), equivalent to an enterprise value of approx. EUR 1,9 billion (on a 100% basis);
12. Advising Actis, the global investment fund in sustainable infrastructure, in relation to the acquisition from UK-based investment company Low Carbon of the majority interest in two renewable energy projects under development in Romania, with an estimated installed capacity of around 1,000 MW;
13. Advising Rezolv Energy, the regional renewable energy platform of global investment fund Actis, in relation to the acquisition of the 1,044 MW solar plant in Arad County from Monsson Group;
14. Advising Credit Agricole S.A. in the sale of Credit Agricole Bank Romania to Vista Bank Romania;
15. Advising CVC Capital Partners, global leader in private equity, on the acquisition of the insurance business Ethniki active in Greece, Cyprus and Romania (and including Garanta Asigurari) from NBG;
16. Advising BNP Paribas Leasing in the acquisition of shares in two Romanian companies from German-based group IKB that exited the local market.
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About Clifford Chance Badea
Clifford Chance Badea is the local office of global law firm Clifford Chance LLP, which has been present in Romania since 2006. The Bucharest office is constantly involved in complex transactions of syndicated loans, project finance, restructurings, Eurobonds and shares issues on international capital markets, derivative financial instruments, acquisitions by strategic investors or private equity funds, infrastructure and highway projects, real estate investments, as well as domestic and international litigation and arbitration.
About Clifford Chance
Clifford Chance is a global law firm committed to creating advantage for its clients. The firm combines legal and commercial intelligence to grow, transform, protect and defend its clients’ business. Operating as a single, fully-integrated global partnership, Clifford Chance provides forward-thinking insights and tech-enabled solutions in the sectors and markets that matter most to its clients. The firm’s culture of collaboration and commitment to rigorous and ethical standards, ensures consistent, high-quality service worldwide.
For further information about Clifford Chance please access www.cliffordchance.com or www.linkedin.com/company/clifford-chance-llp
