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Badea Clifford Chance

18 CALEA DOROBANTILOR, SECTOR 1, BUCURESTI
Washington DC, Warsaw, Tokyo, Singapore, Shanghai, Sao Paulo , and 24 more

What we say about the firm's legal practice in Romania

Banking, finance and capital markets

Within Banking, finance and capital markets, Clifford Chance is a first tier firm,

Badea Clifford Chance’s banking practice is ‘sophisticated, experienced, able to handle complex, cross-border work; in a word, fantastic’. Romanian partner Daniel Badea heads the practice, supported by international capital markets expert and partner David Eatough. The practice works for the premier banking and financial entities active in Romania and the region, including Barclays, Deutsche Bank, Morgan Stanley, ING Bank and BNP Paribas. Primarily, the team represents the lender in transactions. Highlights of 2008 include acting for JPMorgan – as security trustee in relation to a £663m facility agreement – in connection with the corporate restructuring of the British Vita Group. The practice also advised Credit Suisse on a €270m restructuring and revolving facility and a €105m mezzanine facility made to the TMD Friction group of companies. In capital markets, the practice acts for major global players on debt and equity issues, including GDRs, mortgage-backed bonds and securitisation, as well as regulatory matters. In 2008 it was involved in four leading IPOs in the Romanian market. Examples of the team’s work include assisting Credit Suisse, EFG Eurobank and UBS Investment bank as joint lead managers in connection with a €750m sovereign bonds issue by the Romanian state. The firm also advised Morgan Stanley and UBS as underwriters on an attempted GDR issue by RCS & RDS, a major Romanian telecom company. One client stated unambiguously: ‘we chose Badea Clifford Chance because they were the best in the market, and I would do so again after my good experience with them’.

Corporate and M&A

Within Corporate and M&A, Clifford Chance is a second tier firm,

Badea Clifford Chance’s Nadia Badea leads on corporate work, and the team was strengthened in 2008 by the arrival of Andreas Gravenhorst, counsel from Clifford Chance’s Frankfurt office. The practice has particular experience advising foreign private equity funds and financial institutions on investment acquisitions in Romania. In 2008, the team acted for the Carlyle Group in its attempted acquisition of Rompetrol. In other sectors, the firm advised a global private equity fund on the acquisition of a major Romanian DIY retail company; and advised a private equity consortium on the attempted acquisition of Labormed, a leading Romanian pharmaceutical group. Clients appreciate the team’s ‘capacity to offer a truly world-class service’, and its general corporate and commercial client list includes leading European and global corporates including Carrefour, Mitsubishi, Coca-Cola, Hyundai, Honda and Pfizer.

Dispute resolution

Within Dispute resolution, Clifford Chance is a third tier firm,

Badea Clifford Chance advises global clients, such as Credit Suisse, ING, Oman Insurance and Banca Popolare – in litigation and pre-litigation matters, including white-collar crime, IP and enforcement.

Energy and natural resources

Within Energy and natural resources, Clifford Chance is a second tier firm,

The headline energy deal of the year for Badea Clifford Chance was advising the Carlyle Group on its attempted acquisition of Rompetrol. Additionally, the practice advised RWE Trading on electricity trading and licensing in Romania, and acted for Morgan Stanley in the structuring of green energy projects, primarily emission-trading-based financing. One client described the team as ‘reliable, with real depth of knowledge on the financing side’.

IT, telecoms and media

Within IT, telecoms and media, Clifford Chance is a second tier firm,

In 2008, Badea Clifford Chance advised Morgan Stanley and Goldman Sachs on the attempted acquisition of a minority shareholding in a leading Romanian telecoms company. The practice also assisted Morgan Stanley and UBS as underwriters in an attempted GDR issue by Romanian cable and telecoms company RCS & RDS. Clients appreciate the team’s ‘solid reputation and international brand’.

Legal market

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.

Privatisation and PPP

Within Privatisation and PPP, Clifford Chance is a third tier firm,

With its expertise in banking and finance, Badea Clifford Chance are frequently chosen by financial institutions for advice relating to financing under PPP structures. The team has acted for Barclays, ABN AMRO and Société Générale, amongst others, in this respect. In 2008, it also advised a consortium led by Bouygues in relation to a PPP for the construction of the Comarnic-Brasov Motorway. Additionally, the practice advised a large private equity fund on structuring a mezzanine facility for the construction of an airport in Romania. Clients praise the firm’s ‘professionalism and attention to detail’.

Project finance

Within Project finance, Clifford Chance is a second tier firm,

Badea Clifford Chance is a finance specialist and has been heavily engaged in advising financial institutions on the financing for real estate acquisitions and developments, as well as PPP and infrastructure deals. In 2008, the firm acted for Unicredit Tiriac Bank on a €124m development loan to the Iulius Group relating to the Palas residential and commercial development. The firm also assisted Eurohypo on a €8.29m extension to the Iulius Malls facility for a extension to Iasi Mall. David Eatough is described by clients as a ‘finance whiz and a great lawyer’.

Real estate and construction

Within Real estate and construction, Clifford Chance is a first tier firm,

Since joining the firm in 2007, former Salans partner Perry Zizzi has managed to build a practice at Badea Clifford Chance described by clients as ‘simply superb, with real expertise on both the financing and the nitty-gritty of real estate work’. Important transactions of 2008 included advising Morgan Stanley on the acquisition of a significant participation in Adama, a large portfolio of real estate assets in Romania, Ukraine and Moldova. The team also acted for Europa Capital in connection with the acquisition and development of a logistics centre and a residential project in Romania, and advised IGD on its €180m acquisition of Winmarket’s portfolio of 17 shopping centres. The standout transaction of the year, however, was advising Eurohypo on the massive €234m refinancing of Iulius Mall Group.

What we say worldwide

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Romania

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Russia

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South Korea

Taiwan

Thailand

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Tunisia

US

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