Suciu Popa assisted Enel Investment Holding B.V. in finalizing the acquisition of 13.6% of the share capital of E-Distributie Muntenia S.A. and Enel Energie Muntenia S.A., which increased Enel’s interest in the two companies to 78%.
The acquisition of the additional 13.6% share stake from SAPE SA, for a total consideration of about 400 million euros, is a consequence of the exercise of a put option in November 2012. With the exercise of the put option, SAPE had asked for a price of about 520 million euros, amount which was contested by Enel. After failing to reach an agreement, in 2014 SAPE began arbitration proceeding before the International Chamber of Commerce in Paris, in which it lodged a claim for the above price and about 60 million euros in interest. In its ruling of February 2017, the Arbitral Tribunal set the purchase price for the equity interests involved in the put option at about 400 million euros, reducing the amount requested by SAPE by more than 100 million euros and dismissing the request of interest.
Throughout this transaction, Enel was assisted by a Suciu Popa legal team coordinated by Miruna Suciu and Luminita Popa (Managing Partners), which also included Dan Ciobanu (Partner), Roxana Fercală, Bogdan Ghera and Mihai Cărăgui. The same key lawyers dealing with this project were initially involved in the privatization process started in 2005 and in the implementation of the unbundling rules (which led to Enel’s acquiring of the 64.4% controlling interest in E-Distributie Muntenia S.A. and Enel Energie Muntenia S.A.), as well as in the arbitration proceedings before the International Chamber of Commerce in Paris.
Founded in February 2016, Suciu Popa is recognized as leading firm in Legal 500 EMEA, IFLR 1000, Chambers & Partners – and five of its lawyers are ranked in top positions or recommended as specialists in Mergers & Acquisitions, Energy & Natural resources, Litigation, Capital Markets, Project Finance, Procurement and Infrastructure.
In terms of projects, Suciu Popa manage to complete several notable M&A deals during the past year, including advising SABMiller in the sale of its Romanian business, as part of a EUR 7.3 billion deal, assisting Petrofac regarding the sale of its Romanian business to Expert Petroleum and Petrofac’s exit from the 15-year production enhancement contract for nine mature oilfields concluded with OMV Petrom, advising Rompaper, a Romanian manufacturer and trader of household paper products, in relation to the sale of a majority stake to Vrancart, a Romanian company listed on the Bucharest Stock Exchange.