Reff & Associates, the law firm representing Deloitte Legal in Romania, provided legal assistance to Damen, the largest shipbuilding group in the Netherlands and one of the leading builders of workboats and fast craft worldwide, in relation to the acquisition of participations from the investor DSME (Daewoo Shipbuilding & Marine Engineering Co Ltd), in the biggest Romanian shipyards (Daewoo Mangalia).
As communicated by the parties following the transaction, the yard, which will be renamed Damen Shipyards Mangalia, will be operated as a joint venture with the Romanian Government, while Damen will assume operational control.
“We trust that our client’s great experience and strong management will contribute to the site’s revitalization and the relaunch of its activity, thus contributing to the long-term direct and indirect economic development of the area and the prosperity of the community. We are honoured to have been part of such a complex and unique transaction” – says Georgiana Singurel, Partner and coordinator of the transaction.
Reff & Associates assistance involved:
- The due diligence exercise with respect of the target on corporate, real estate and environmental matters;
- Transaction assistance in the share purchase agreement between DSME and Damen Group;
- Assistance related to the notification of the economic concentration to the Romanian Competition Council;
- Assistance of Damen in relation to the closing formalities for the transfer of DSME’s participations to Damen.
A multidisciplinary team including lawyers from Reff & Associates and specialists from Deloitte Tax, Audit and Financial Advisory assisted in the due diligence, financial matters, accounting and collateral legal implications. In addition, Deloitte Legal Netherlands was also involved in legal assistance and negotiations, at different phases of the transaction.
The core team of Reff & Associates lawyers was led by Georgiana Singurel, Partner, and consisted of: Alexandru Reff, Partner, Cezara Szakacs, Managing Associate, Ilinca Iliescu, Senior Associate, Irina Dimitriu, Senior Managing Associate, Diana Ghintuiala, Senior Associate, Florentina Munteanu, Partner and Andrea Grigoraș, Managing Associate. They collaborated, in a joint collegial effort, with: Pieter Wessel, Partner Tax, Raluca Bâldea, Director Tax, Radu Dumitrescu, Partner Financial Advisory, Zeno Caprariu, Director Audit and Florian Sima, Manager Audit.