The Legal 500

Within Banking, finance and capital markets, Tuca Zbarcea & Asociatii is a second tier firm,

Tuca Zbarcea & Asociatii’s banking and finance practice is headed by partner Andreea Ionescu. In 2008, the firm continued to represent regional entity Erste Bank in connection with a broad range of matters arising from its acquisition of leading Romanian bank Banca Comerciala Romana. These included assisting the bank with the sale of its insurance operations to Vienna Insurance Group, across the bank’s divisions in Romania, Austria, Hungrary, Croatia, Slovakia, Serbia, Ukraine and the Czech Republic. The Romanian element of the deal alone was worth €224m. The firm also advised Standard Chartered on the Romanian legal issues relating to its $823m acquisition of American Express Bank. Deputy managing partner Stefan Damian heads the capital markets practice, which advises the Bucharest Stock Exchange on all legal matters and, in 2008, acted in a complex litigation against the Romanian National Securities Commission regarding the restructuring of the Rasdaq tier through the creation of an alternative trading system and a new shares category. The capital markets team also assisted Erste Bank in its listing on the Bucharest Stock Exchange, in accordance with the new EU regulations on cross-border listings. In the words of one client: ‘the lawyers give impeccable advice and understand the complexities of the financial world’. This is reflected in the growth of the practice, which acquired many significant new clients in 2008, including Société Générale, Alpha Bank and Astra-Uniqa Romania.

Within Corporate and M&A, Tuca Zbarcea & Asociatii is a first tier firm,

Tuca Zbarcea & Asociatii once regarded as a spin-off practice of Musat & Asociatii, now sits shoulder-to-shoulder with the two other leading domestic firms Musat & Asociatii and Nestor Nestor Diculescu Kingston Petersen in many practice areas. In corporate and M&A, the firm fields an impressive seven-partner team. Partner Razvan Gheorghiu-Testa heads corporate work and managing partner Gabriel Zbarcea and deputy managing partner Stefan Damian both lead the M&A team. In 2008, the headline transaction was the sale of a 100% capital share in Romanian company Asiban to French insurer Groupama. The firm advised the shareholders: Erste Bank/Banca Comerciala Romana; Societe Generale; Banca Transilvania and Casa de Economii and Consemnatiuni. This large and complex deal closed in April and was valued at €350m. On the corporate side, the team advised leading central European steel producer Voestalpine, Indian steel company Liberty House Group, and global steel company ArcelorMittal. Additionally, it acted as sole legal counsel for the Romanian Ministry of Economy and Commerce in connection with the strategy of restructuring the mineral water and the non-ferrous mining industries. According to clients, the practice ‘gives corporate advice that is trustworthy, effective and immediate’. Another client particularly recommends managing partner Florentin Tuca as being ‘a great legal mind and a master of the merger market’.

Within Dispute resolution, Tuca Zbarcea & Asociatii is a first tier firm,

Partners Robert Rosu and Ioana Hrisafi-Josan head up the litigation and arbitration department at Tuca Zbarcea & Asociatii, with partner Cornel Popa leading on international arbitration. Having successfully represented the Romanian state in a $447m claim brought before the International Centre for the Settlement of Investment Disputes by Noble Ventures Inc, the firm was mandated by the Ministry of Economy and Finances in a $110m claim against it by EDF Services, heard before the arbitral tribunal in Washington DC. On the state side, the firm is also in the process of assisting His Royal Highness Prince Paul Philippe of Romania in a series of real estate disputes, regarding assets with an aggregate value of €1.5-2bn; and it won an appeal before the High Court of Cassation and Justice relating to a discrimination charge brought against Traian Basescu, the Romanian president. A major private-sector client for the firm is OMV Group/Petrom, whom the firm is advising in relation to around 6,000 pending files concerning various labour disputes, with an aggregate value of €11m. Clients praise the firm for ‘an unrivalled service delivered by a team of real experts’.

Within Energy and natural resources, Tuca Zbarcea & Asociatii is a first tier firm,

‘Expert and terrific practitioner’ partner Sorin Vladescu heads the energy and natural resources practice at Tuca Zbarcea & Asociatii, supported by managing partner Gabriel Zbarcea. Major energy player CEZ is an important client. In 2008, the practice assisted the company on the acquisition of two wind farms in the Dobrogea region: Fantanele and Cogealac. With a combined capacity of 600MW and a value in excess of €250m, the two projects should comprise the largest onshore wind farm project in Europe, once completed. The team also advised CEZ in relation to its role as one of the investors in construction, commission and operation of Cernavoda nuclear power plant’s units three and four. Another key client is OMV Group/Petrom. In addition to a large caseload of labour disputes, Tuca Zbarcea & Asociatii acted for the company in the successful €9m sale of BOSS Campina Unit to US company Weatherford International. Other important clients have included Chevron Romania and domestic drilling and oilfield services company, Grup Servicii Petroliere.

Within IT, telecoms and media, Tuca Zbarcea & Asociatii is a first tier firm,

Tuca Zbarcea & Asociatii’s practice is headed by partner Sorin Vladescu. In addition to general corporate legal advice, it acted for Romtelecom in a successful €1.077m bid for a national mobile communication licence for broadband from the National Authority for the Regulation of Communications and Information Technology. The team acted for Cosmote Romanian Mobile Telecommunications, providing day-to-day legal advice. In media, it continued to advise the Romanian Football Federation in connection with the award procedure for TV broadcast rights for the Romanian national team’s matches during the 2010 FIFA World Cup Finals in South Africa. Other clients include leading Romanian cable company UPC; Wizrom Software, the local representative of WizSoft; and leading domestic publisher Sanoma Hearst Romania. The practice is praised for being ‘comprehensive, with real breadth across the industry’, yet ‘making you feel that your business really is its specialism’.

Within Legal market,

Romania has a relatively open legal market and, in recent years, has seen a steady, sustained influx of international firms. This trend continued in 2009. Some firms, such as White & Case, Shollenbarger attempt to open from a cold start. Others, such as Kinstellar, are built on the foundation of predecessor firms, in this instance some former Linklaters Miculiti, Mihai & Asociatii lawyers and office space, to help them hit the ground running. It is Allen & Overy LLP’s arrival that generated far and away the most interest, because it entered on the back of an association with an up-and-coming domestic firm Radu Taracila Padurari Retevoescu SCA in association with Allen & Overy LLP, meaning that it is immediately a force in the market. Of the domestic firms, Nestor Nestor Diculescu Kingston Petersen and Musat & Asociatii still dominate, with Tuca Zbarcea & Asociatii now joining them in the top echelon. Real estate specialists Popovici Nitu & Asociatii are not far behind. Of the established international firms, CMS Cameron McKenna SCA and Badea Clifford Chance are the strongest, although the latter’s current reliance on financing and real estate work may prove problematic going forward. French firm Gide Loyrette Nouel and Austrian firms Schönherr and Wolf Theiss are all active in the market and steadily increasing their presence.

Within Privatisation and PPP, Tuca Zbarcea & Asociatii is a second tier firm,

Privatisation at Tuca Zbarcea & Asociatii is led by managing partner Gabriel Zbarcea. Some privatisation work rumbles on in the energy sector, and in 2008, the firm acted for CEZ assisting in a successful bid to be the lead partner in the €4bn construction, commissioning and operation of units three and four of Cernavoda nuclear power plant. Although working in a joint venture with the state entity Nuclearelectrica, the company will function as an independent nuclear energy producer, effectively privatising the plant. On the state side, Tuca Zbarcea & Asociatii acted for the Authority for State Assets Recovery in connection with the restructuring and privatisation of the Romanian National Company of Salt; the privatisation of its major non-ferrous mining companies; and the restructuring and monopoly-breaking of the Romanian National Company of Mineral Waters. The dedicated PPP department is headed by Andreea Ionescu. Highlights of the year included advising the Ministry of Transport and the National Company of Motorways and National Roads on the €2bn Bucharest ring road project and the €15bn Ploiesti-Brasov motorway. For private-sector clients, the team advised J&P Avax on its €50m contract to build and operate an underground parking facility by Bucharest’s Gara de Nord. Tuca Zbarcea & Asociatii’s increasing prominence is noted by clients, one of whom remarks that ‘the practice is developing a reputation as the busiest and most effective firm for PPP work’.

Within Project finance, Tuca Zbarcea & Asociatii is a second tier firm,

‘Effective and efficient’ partner Andreea Ionescu heads the project finance practice at Tuca Zbarcea & Asociatii. In 2008, the practice assisted leading power generator and ancillary services provider Hidroelectrica in connection with a secured credit facility agreement of €50m; and advised CEZ on several financing deals, including providing initial advice on the €4bn project by SC EnergoNuclear – a joint venture of which CEZ is a part – to construct and operate two new units at the Cernavoda nuclear power plant. Clients believe that the firm is a ‘confident, wise practice, adept at advising both government and private companies’.

Within Real estate and construction, Tuca Zbarcea & Asociatii is a second tier firm,

Tuca Zbarcea & Asociatii was engaged in the real estate market in 2008, advising Deutsche Gesellschaft Fur Immobilienfonds on the €150m takeover of the Iris Shopping Centre in Bucharest, a ten-hectare plot incorporating the first Auchan hypermarket in Romania. The practice also acted for Rothschild Private Equity Management in the €104m acquisition of a 60% stake in several residential projects across the country, comprising around 8,000 housing units with a combined value of €1bn. Other clients included OMV Group/Petrom, Romania Invest and Greek real estate developer Raptis Kovouras. Clients comment that the practice offers ‘quality, value, and a professional approach’.