Firms To Watch: Commercial, corporate and M&A

act | Botezatu Estrade Partners has an increasingly active corporate team with a strong and growing stable of clients. Laura Estrade heads up the practice.
The team at Mitel & Asociatii has recently acted on significant deals for domestic and international clients operating in the technology, aerospace and financial services industries. Name partners Madalina Mitel and Sorin Mitel oversee the work.

Firms in the Spotlight Commercial, corporate and M&A

Ijdelea & Associates

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Ijdelea & Associates is an independent law firm, focusing on energy and natural resources, mergers and acquisitions, environmental law, regulatory and compliance, real estate and construction and dispute resolution.

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Commercial, corporate and M&A in Romania


CMS fields a large and specialised corporate team with a core of ‘very skilful lawyers who are experts in their areas‘. The firm’s wide-ranging international network makes it a popular choice for cross-border projects, while the Bucharest team can regularly be found advising on some of Romania’s largest corporate deals, including major asset and company acquisitions, equity capital markets transactions, and joint venture projects. The practice has recently seen high levels of activity in the automotive, IT, energy and real estate sectors. Managing partner Horea Popescu leads the team, supported by 'very tough negotiatorRodica Manea and recommended counsel Mircea Moraru.

Practice head(s):

Horea Popescu

Other key lawyers:

Rodica Manea; Mircea Moraru


‘The high number of jurisdictions involved in the project was a challenge in itself, but CMS was providing the same high quality legal advice and services. I also highly appreciated that, although the deadlines were tight, the deliverables were never late.’

‘Rodica Manea finds the best ways to solve problems, even in a short time frame.’

‘CMS Romania is part of one of the biggest pan-European legal networks and this comes very useful for our multijurisdictional projects.’

‘Rodica Manea is very experienced and efficient.’

‘We worked with CMS on an acquisition deal in Romania. The CMS team was hardworking, careful, committed, efficient and knowledgeable in their areas. The team consist of very skilful lawyers who are experts in their areas. They are very strong on meeting deadlines, even challenging ones. We are very pleased with the support we obtained. We are impressed with their devotion to protect the interest of the client.’

‘Rodica Manea is a very tough negotiator and a careful coordinator.’

‘Horea Popescu smoothly led the whole process with an understanding of the business needs.’

‘Very responsive. Always ready to help and knowledgeable.’

Key clients

Ford Otomotiv Sanayi

BitDefender Holding

Universe Software

Alten Europe

Integral Venture Partners

Element Invest Partners

Low Carbon Investment Management Limited

OCP Group

ALPLA Werke Alwin Lehner

Libra Internet Bank


Work highlights

  • Advised Ford Otomotiv Sanayi on the strategic €700m acquisition of Ford’s manufacturing plant Craiova in Romania.
  • Assisted Bitdefender with pre-IPO due diligence and subsequently advised on its IPO.
  • Assisting Element Invest Partners with establishing a joint venture in Romania for developing and renting out logistics and industrial real estate.

Filip & Company

The ‘swift and efficient‘ corporate practice at Filip & Company has an ‘excellent level of market knowledge and trends, both local and international‘, making it a top choice for major domestic and cross-border strategic and private equity takeovers. The Romanian telecoms and media giant RCS & RDS remains a longstanding client and source of work, as does Banca Transilvania for financial services-related deals. Strong cross-practice support in ancillary areas such as finance, tax, competition and employment adds further weight. ‘Outstanding Alexandru Bîrsan leads the team, which also includes highly regarded specialists Monica Statescu,  Alina Stancu Birsan, Ioan Dumitrascu and Cristina Filip.

Practice head(s):

Alexandru Bîrsan

Other key lawyers:

Cristina Filip; Alina Stancu Birsan; Ioan Dumitrascu; Eliza Baias; Monica Statescu; Olga Nita


‘Highly reliable team, swift and efficient. We were beyond impressed with the work they did.’

‘We worked with Alexandru Bîrsan and Olga Nita, and both of them were highly professional and efficient. Working with them was amazing.’

‘Highly skilled professionals covering all areas, focused on understanding the need and the risk and also the client’s culture and the way it operates, always providing highly qualitative adapted advice and solutions; transparency, trust, efficiency, excellent level of market knowledge and trends, both local and international. They have been constantly and proactively working with us for many years, preventing and mitigating important risks, providing the best approach, very pragmatic, very focused and effective.’

‘Clear visualisation of next steps and potential pitfalls; clear advice on what needs to be done. Extremely good knowledge of the subject. Responsive.’

‘Alexandru Bîrsan and his team always provide adequate, precise, rigorous answers and are able to see beyond the problem by mentioning different scenarios with their advantages and risks.’

‘ I am very pleased with the interactions I had with Alina Stancu Birsan. She is a high qualified specialist. I highly appreciate the simplicity and modesty she has in dealing with clients. Always available and very prompt and efficient in deliverables.’

‘Very professional, efficient and differentiated creative advice.’

‘Alexandru Bîrsan is an outstanding practitioner, who manages exceptionally the projects he is involved in. He coordinates a team of very bright, flexible and hard working lawyers in a manner that allows for all projects to be carried out and fulfilled in due time and to bring out the best outcome for their client.’

Key clients

Banca Transilvania

eMAG Ventures

Banca Comercială Română

Fondul Proprietatea

Planet First Partners


CEE Equity Partners

SoftwareOne Holding

Kameran Financial Limited

One United Properties

TIRIAC Group (Tiriac Holding Ltd, Tiriac Assets Holding Ltd, Tiriac Investment Holding Ltd.)


British American Tobacco (Romania) Trading

Auchan Romania

Total Soft

Farmavet and Pasteur Filiala Filipesti

Roca Investments

Magnet Developments

Amber Games

The Forge Crossfit and The Forge Association

Mozaik Investments

UiPath Foundation

Bristol Logistics

Delfingen Industry

Adrem Group

Synevo Central Lab Clinical Trials Romania

2Performant Network

Synergy Construct

Pandora Jewelry

Kone Corporation

Sterling Cruise

Alpha Bank

National Bank of Greece

Holcim Romania

Gedeon Richter

Medicover Group (ABC Medicover Holdings BV)

Eximprod Group

Teilor Holding

Tiriac International Foundation

Puma Foundation

Campofrío Food Group

Remarkt Magazine

Strauss Romania

Romanian Business Consult

BayWa r.e. Solar Projects

Trend Consult

Vicentiu Zorzolan


Universum Events

E-power Holding

Octavian Radu (TCE Group)

Anchor Group

Continental Wind Partners

Work highlights

  • Assisted Digi Communications and RCS & RDS with the sale of DIGI Távközlési Szolgáltató and its subsidiaries Invitel, I TV and DIGI Infrastructure to 4iG.
  • Advised Super Slam Limited, part of Tiriac Holdings, on the sale of the rights to the Madrid Tournament through a competitive tender procedure to IMG UK.
  • Advised Banca Transilvania on the acquisition of Idea Bank and Idea Leasing from Getin.

Nestor Nestor Diculescu Kingston Petersen

Nestor Nestor Diculescu Kingston Petersen has a comprehensive corporate and M&A practice that runs the gamut of relevant work. The firm has an excellent track record for acting on some of Romania’s largest corporate and private equity deals, both for sellers and buyers, and has continued to take on lead roles for major domestic and international clients, as demonstrated by its recent advice to Exxon Mobil on its sale of its interest in the Black Sea Neptun Project to Romgaz. The department’s extensive transactional offering is complemented by strong day-to-day capabilities, often involving close cross-practice co-ordination with the firm’s tax, employment, finance and regulatory departments. Key names at leadership level include Gabriela Cacerea, Ruxandra Bologa, Adina Chilim-Dumitriu and Adriana Ioana Gaspar; this quartet is backed by a deep bench of recommended practitioners, including Razvan Vlad and Corina Dumitru and counsel Mirela Preda.

Practice head(s):

Gabriela Cacerea; Ruxandra Maria Bologa; Adina Chilim-Dumitriu; Adriana Ioana Gaspar

Other key lawyers:

Corina Dumitru; Razvan Vlad; Mirela Preda

Key clients


International Game Technology PLC (IGT)

Smithfield Foods



Tech Mahindra


Medicover Group

Safety Broker

DKV Group





Tofane Group

Daikin Europe


Work highlights

  • Assisted Exxon Mobil with the sale of its stake in the Neptun Black Sea offshore block to Romgaz.
  • Advising Pepsico on its acquisition of a minority shareholding in Aqua Carpatica, a premium Romanian spring water brand owned by Carpathian Springs.
  • Advising Purolite on its sale to Ecolab, a global leader in water, hygiene and energy technologies and services.

Popovici Nitu Stoica & Asociatii

Popovici Nitu Stoica & Asociatii has established a stellar reputation for its advice on corporate and private equity transactional mandates; testament to this is the steady flow of instructions it receives from major domestic and international companies and funds, including Orange and Auchan. The firm’s expertise covers multiple key industries, including telecoms, IT, pharmaceuticals and financial services, and clients benefit from strong support in ancillary areas such as capital markets, competition and tax. Florian Niţu, Bogdan C. StoicaSilviu Stoica and Irina Ivanciu are all key senior contacts.

Practice head(s):

Florian Nițu; Bogdan C. Stoica; Silviu Stoica

Other key lawyers:

Irina Ivanciu

Key clients





Duraziv Group

Content Speed

Augsburg International


Verdino Green Foods

Fondul Proprietatea/Franklin Templeton Investment Management

Work highlights

  • Advised Orange France on the €500m acquisition of the telecoms landline business from Telekom.
  • Advised Paval Holding on the €50m forward purchase of the Dacia One office building project developed by Atenor Group.
  • Advised Duraziv Group on its €35m sale to Saint-Gobain.

RTPR | Radu Taracila Padurari Retevoescu SCA

RTPR | Radu Taracila Padurari Retevoescu SCA‘s large team is singled out as ‘one of the most experienced in Romania‘. The firm is regularly involved in landmark strategic corporate acquisitions and leveraged buyouts, and is particularly popular with private equity investors, with Abris Capital Partners, Innova Capital and Morphosis Capital among the firm’s larger fund clients.  The group fields a deep bench of highly rated partners and senior associates. Managing partner Costin Tărăcilă, praised for his ‘creativity in structuring complex deals‘, leads the team alongside Mihai Ristici. Alina Stăvaru is praised for her ‘creativity, hard work and prompt communication‘, while Roxana Ionescu is ‘an absolute rock star‘ whose ‘equanimity during times of pressure is second to none‘. Counsel Ianita Tui and senior associate Vlad Stamatescu is another name to note.

Practice head(s):

Costin Tărăcilă; Mihai Ristici

Other key lawyers:

Alina Stăvaru; Roxana Ionescu; Ianita Tui; Vlad Stamatescu


‘Alina Stăvaru – for creativity, hard work and prompt communication of issues. Costin Tărăcilă – for his creativity in structuring complex deals.’

‘The RTPR team successfully completed several M&A processes on our behalf and we are very pleased with the collaboration. The team is formed by highly professional employees and they always steered us in the right direction, giving us the best legal advice. They respond quickly to all our requests. They already know our company very well, the process is very smooth and they have a lot of knowledge in the M&A area.’

‘The uniqueness of RTPR is given by the collaboration of the whole team and the involvement at any time it is needed or finding solutions on any issue. The success of any RTPR lawyer is the success of the group which makes them very strong.’

‘Willingness to provide very detailed explanations of the whole process, without omitting things that could work to the disadvantage of the client, in the period prior to the signing of the representation contract, and then availability without time limit, in any moment of the whole process, and understanding of the client’s business are qualities with which Alina Stăvaru has distinguished herself. Besides professionalism, empathy and trust, the relationship built throughout the collaboration period was invaluable to me.’

‘In-depth knowledge of local and international legislation. Huge M&A track record makes the team one of the most experienced in Romania. Extremely efficient (time and budget) in delivering projects.’

‘Dedicated, attentive, available and highly committed team. Superb M&A skills overall.’

‘The team around Alina Stăvaru is absolutely “Champions League” on a global scale. She is absolutely client-centric and does everything to bring the projects she and her team are running to a success.’

‘Roxana Ionescu is an absolute rock star. Her equanimity during times of pressure is second to none. Mihai Ristici was incredibly reassuring and constantly had our best interests at heart (even when we didn’t realize it).’

Key clients

Meridiam SAS

Innova Capital

Morphosis Capital

Sarmis Capital

Abris Capital Partners

Autonom Services

Berg Software


LKE Group

AROBS Transilvania Software

Regina Maria

African Industries Group

Arval Service Lease Romania (BNP Paribas Group)


Catalyst Romania

Enterprise Investors

Work highlights

  • Advised Meridiam SAS on its investment into Netcity Telecom’s shareholding.
  • Advised African Industries Group on the acquisition of World Class Romania, a major health and fitness network in Romania.
  • Advised Jean Valvis on the strategic agreement between AQUA Carpatica and the American corporation PepsiCo for the sale of a 20% equity stake in AQUA Carpatica.

Schoenherr si Asociatii SCA

Schoenherr si Asociatii SCA has established itself as a top destination for major cross-border deals, with clients benefiting from the firm’s strong regional presence across the CEE region; the team’s advice to the Polish insurance broker Unilink on the acquisition of a majority stake in the Romanian online broker, Safety Broker de Asigurare, stands out as a recent illustration of the firm's capabilities for such work. Cross-practice support on day-to-day and transactional issues, including competition, real estate, compliance and tax, add further value to the overall offering. Bucharest-based Madalina Neagu 'always finds creative solutions to the negotiation issues’. Other key practitioners include Monica Cojocaru and Markus Piuk, who splits his time between Bucharest and Vienna.

Practice head(s):

Markus Piuk; Madalina Neagu; Monica Cojocaru


‘Lots of experience in M&A makes them easy to work with and good value for money.’

‘Madalina Neagu is very experienced in M&A and always finds creative solutions to the negotiation issues.’

Key clients


Nofar Energy

Software Mind


Work highlights

  • Advised the Polish insurance broker Unilink on the acquisition of a majority stake in Safety Broker de Asigurare, a major online insurance broker in Romania.
  • Advised Ringier on the acquisition by its member company Imobiliare of DSA Advisor, a major mortgage broker in Romania.
  • Advised Samsung C&T Corporation on the sale of its participation in LJG Green Source Energy Alpha, a solar photovoltaic project with an installed capacity of 45MW, located in Giurgiu county.

Tuca Zbârcea & Asociatii

Tuca Zbârcea & Asociatii has ‘a stellar team when it comes to corporate advice‘ and is described by one client as the ‘best and most reliable team for complex M&A transactions in Romania‘. The scale of the commercial group enables a comprehensive service that includes related compliance, competition, real estate and tax issues. Coupled with this is a strong track record across a wide variety of key industries, from consumer goods, TMT and retail, through to private equity. Clients benefit from a deep bench of senior and junior partners, including Cătălin Băiculescu, who is noted as 'a go-to lawyer for transactional work'; 'excellent M&A practitionerStefan DamianGabriel Zbarcea, who is ‘an excellent project manager, negotiator and has outstanding people skills‘; and the ‘very efficient and hardworkingHoria Ispas. Razvan Gheorghiu-Testa and Dragos Apostol are also ‘lawyers whom you want to have by your side‘. 

Practice head(s):

Stefan Damian; Florentin Tuca; Gabriel Zbarcea; Cătălin Băiculescu

Other key lawyers:

Horia Ispas; Razvan Gheorghiu-Testa; Dragos Apostol


‘A stellar team when it comes to corporate advice or assistance in relation to M&A. They are professional, highly experienced and have all the key capabilities to manage from the simplest matters to the most difficult or sensitive ones. To me, Tuca Zbarcea & Asociatii is the best law firm in Romania.’

‘Stefan Damian is an excellent M&A practitioner with a solid corporate and commercial background, he is always available, prompt and a perfect project manager. His negotiation technique is also admirable. Stefan has an enormous drive to get the deal done unlike lawyers from other firms who are not necessarily deal makers.’

‘Cătălin Băiculescu is a go-to lawyer for transactional work or corporate and commercial assignments. He is confident, dependable and a pleasure to work with. Gabriel Zbarcea should also be mentioned here, as one of the most successful M&A lawyers in the country. Throughout his career, he has managed numerous deals, joint ventures, greenfield investments as well as privatisations. He is an excellent project manager, negotiator and has outstanding people skills. I strongly recommend Gabriel Zbarcea.’

‘Horia Ispas is a young lawyer, but very efficient and hardworking. Horia is the kind of lawyer who offers advice, guidance and direction to help clients run their day-to-day operations more efficiently and truly advance their business interests.’

‘Best and most reliable team for complex M&A transactions in Romania.’

‘Razvan Gheorghiu-Testa and Dragos Apostol are the lawyers whom you want to have by your side if you are doing a transaction in Romania. Razvan’s knowledge and expertise is outstanding.’

‘The TZA team is incredibly thorough, responsive, and clear. Our experience has been wonderful since day one; they truly wish to build a partnership with their clients and be an extension of their service locally.’

‘Cătălin Băiculescu is our main point of contact and his guidance and knowledge have been pivotal for our operations in Romania. He is willing to connect with us and brainstorm different compliant ways to provide the best possible service and solve any issues we face.’

Key clients

Abris Capital

Amethyst Group


Bain Capital

Booking Holdings

Bruni Glass

Carrefour Romania




Electrogroup/E-Infra/Direct One

Element Industrial/D Craig Real Estate

Erste Bank Group / Banca Comerciala Romana (BCR)

Morgan Stanley Real Estate Investment Management

Orange Romania Communications (formerly Telekom Romania)


The Estée Lauder Companies

Revetas Capital

Sonae Sierra

The Rohatyn Group

Telekom Romania Mobile

Velocity Global

Work highlights

  • Advising The Estée Lauder Companies on various corporate and commercial issues relating to its newest technology centre in Romania.
  • Advising Autonet Group Holding, part of the Swiss Automotive Group, on the acquisition of a 51% stake in Augsburg International Impex.
  • Advising Revetas Capital on the sale of the Vitantis Shopping Center to Praktiker Real Estate Romania.

Bondoc si Asociatii SCA

Bondoc si Asociatii SCA provides ‘deep knowledge of the law and practice‘ alongside the ‘ability to provide solutions rather than merely advice‘. The firm is particularly noted for its expertise in the highly regulated sectors, including life sciences, healthcare and energy. Cross-border work remains a key focus. Managing partner Lucian Bondoc leads the team, which also includes Mihaela Bondoc, Monica Iancu and Bogdan Bunrău. Cosmin Stavaru and senior associate Daniela Gladunea are singled out by one client as ‘great negotiators‘.

Practice head(s):

Lucian Bondoc

Other key lawyers:

Mihaela Bondoc; Bogdan Bunrău; Monica Iancu; Cosmin Stavaru; Daniela Gladunea


‘Great experience and deep knowledge of the law and practice in the field. Great capability to meet short deadlines.’

‘Cosmin Stavaru and Daniela Gladunea are valuable partners in any M&A/commercial project, great negotiators, able to focus on the practical implications and the best solution applicable in the light of the client’s interest.’

‘The team has been helpful throughout the whole process that we, as a foreign investor, had to go through to establish our activities. One-stop-shop and caring as to the details.’

‘Always available for the client, proactive, very good level of English, problem solving and very deep understanding of the market.’

‘Expertise, ability to provide solutions rather than merely advice. Always ready to support in the best possible way.’

‘They are one of the very few law firms in the market that can assist professionally on complex projects in highly regulated sectors, such as the one in which we operate. Tenacious. Very solid experience. They are also very strong in complementary areas. Business oriented. Very well articulated, multidisciplinary approach.’

Key clients


A&M Capital Europe


Bollore Logistics


Dante International (Emag)


Engie Romania

Eviva Energy


Fondul Proprietatea

Franklin Templeton

Merck Sharp & Dohme

Mid Europa


Nod Network


Procter & Gamble

Profi Retail

Pronetis Romania

Restart Energy


Sanofi Group

Sykes Enterprises

Tecar Family

Tiger Of Sweden

Verumex Data Services

Work highlights

  • Advised A&M Capital Europe on its acquisition of Pet Network International from The Rohatyn Group.
  • Advised a major private courier services providers in Romania – CARGUS – on the acquisition of the QeOPS and Nemo services companies.
  • Advised CVC Capital Partners VIII on its acquisition from Hartenberg Holding of a significant stake in FutureLife, a majoe pan-European provider of IVF and related genetics services.

Clifford Chance Badea

At Clifford Chance Badea, the Bucharest team’s close connections to their London-based colleagues, plus the firm’s wider global network, ensures an extremely strong, seamless service for high-value multijurisdictional corporate M&A and private equity buyouts. The firm has lately seen considerable activity in the pharmaceuticals, energy and financial services sectors. Practice head and founding partner Nadia Badea is an advisor of choice for major private equity funds. With over 25 years’ market experience, counsel Loredana Ralea is another noteworthy name.

Practice head(s):

Nadia Badea

Other key lawyers:

Loredana Ralea


‘They are one of the best law firms I have ever worked with, being defined by capabilities like: different areas of expertise, good knowledge of the client, market and industry, legal advice tailored specifically to the business needs, good balance between value and services fees.’

Key clients

Enel Green Power Romania

OMV Petrom



Actis Infrastructure


MND Drilling

Work highlights

  • Advised Farmacia Tei and Bebe Tei on Dedeman/Paval Group’s 30% investment in the clients.
  • Advised a global investor in energy infrastructure on the acquisition of a majority participation in a group of companies developing several renewable energy projects in Romania with a capacity of around 1000MW.
  • Advised Enel Green Power Romania on the acquisition of two solar farms in Romania: a 63MW ready-to-build solar farm and a 26MW under-development solar farm from Mytilineos group.


Dentons is commended for combining the ‘depth of a global leader with the detailed knowledge of a team present in Romania‘, a quality which clients consider ‘indispensable for multijurisdictional M&A deals‘. The multifaceted practice has extensive experience across key industries, including real estate, and conventional and renewable energy. Life sciences and venture technology are areas of particular focus for Cristina Daianu. The team is led by managing partner Perry Zizzi, whose 'ability to manage teams and issues is second to none'. Counsel Doru Postelnicu is also recommended.

Practice head(s):

Perry Zizzi

Other key lawyers:

Cristina Daianu; Cristian Popescu; Doru Postelnicu


‘The Dentons practice taps into a global network, but is highly specialised in hands-on work in Romania as a local jurisdiction, so you get the depth of a global leader with the detailed knowledge of a team present in Romania as well, which is indispensable for multijurisdictional M&A deals.’

‘Perry Zizzi has a vast knowledge and experience in Romania, and a well-rounded background as a US lawyer. His ability to manage teams and issues is second to none. As a result, he has a well-trained staff of several dozen lawyers that are able to cover a wide range of client needs, from banking, finance, real estate, litigation, agriculture and numerous industries in between.’

‘The people, their expertise and accessibility, client-oriented approach, stand out.’

‘Highly qualified professionals, with a client-orientated approach, strong expertise and sufficient flexibility to accommodate clients needs and a friendly attitude.’

‘We have used Dentons for several years in various commercial and corporate matters. It is my firm of choice for complex international matters. They also have specific industry knowledge, so speak our language, are approachable and business-oriented.’

‘We have worked with Cristina Daianu, a top-notch professional: she understands the client’s business and is our trusted advisor, extremely knowledgeable and friendly, at the same time.’

‘Excellent expertise, strong network of experts, access to international network. Good value for money.’

‘Cristina Daianu has excellent expertise, a great network, and is highly available and willing to facilitate expert meetings and access to the international network.’

Key clients

Affidea Group



African Industries Group

Lucy Zodion





Brandl Industries



Work highlights

  • Advised private equity firm KKR and fund manager Global Infrastructure Partners on the $15bn acquisition of data centre operator CyrusOne.
  • Advised a major sovereign wealth fund on the €3bn acquisition of a pan-European logistics portfolio from EQT Exeter’s private real estate fund.
  • Advised Romgaz on its $1bn acquisition of the shares of ExxonMobil Exploration and Production Romania, which holds 50% of the rights and obligations for the Black Sea XIX Neptune offshore block.

DLA Piper Dinu SCA

The corporate team at DLA Piper Dinu SCA is particularly well regarded for its venture capital and start-up work, where it represents major investors and growth companies. The firm sees considerable activity in the technology sector, and has also recently been busy in the healthcare and renewables spaces. Managing partner Marian Dinu is backed by a strong team, which includes recently promoted partner Paula Corban-Pelin and counsel Cristina Bucur. Counsel Oana Dutu-Buzura also attracts praise from clients.

Practice head(s):

Marian Dinu

Other key lawyers:

Cristina Bucur; Oana Dutu-Buzura; Paula Corban-Pelin


‘Great people that don’t let you down, and whom you can trust.’

‘DLA’s advice is clear, pragmatic and the firm is very responsive.’

‘The corporate team that we work with are very responsive, friendly, professional and competent, irrespective of seniority.’

‘Great team, multidisciplinary focus and expertise.’

Key clients

Hydro Extruded Solutions


Engie Romania

Publicis Groupe

Adservio Social Inovation

Green Horse Games

R+P Ropeco

Elisa Oyj

Agrii Romania

Deepstash Srl

Polhem Infra

Early Game Partners

Dante International (Emag)


Roboself Technology

Intelligent IY

Bright Spaces

Asmodee Group

Bank Leumi Israel

Green Group

Abris Cee Mid-Market Fund III


London Stock Exchange Group

Work highlights

  • Advised Publicis Groupe on the acquisition of Tremend Software Consulting from Marius Hanganu, Ioan Cocan and Bogdan Nitulescu.
  • Advising Engie Romania on its acquisition of two operational solar power plants with a 5.572MWp capacity.
  • Advising Early Game Ventures on 12 financing rounds.


Projects run seamlessly‘ for Kinstellar clients, who appreciate the firm’s ‘strong coverage in Eastern Europe and CIS countries across all areas‘. This enables the Bucharest corporate team to be particularly strong on the Romanian aspects of multijurisdictional M&A, both for strategic investors and private equity funds. The firm has a strong track record in the TMT sector, and its advice to ATI Studios on the sale of its Mondly language learning platform to Pearson is demonstrative of its cradle-to-grave service. The practice is led by Zsuzsa Csiki, who is ably assisted in this by senior associate Mădălina Perțe.

Practice head(s):

Zsuzsa Csiki

Other key lawyers:

Mădălina Perțe


‘The firm is quick to answer and smooth to work with. They gather the right experts in the team from the start, ensuring projects run seamlessly.’

‘The team is pragmatic, with a flexible approach to supporting clients. Zsuzsa Csiki is very committed and involved in the success of client projects.’

‘Zsuzsa Csiki and her team have been very proactive and helpful in dealing with the project.’

‘Zsuzsa Csiki: very good communication and structure.’

‘Strong coverage in Eastern Europe and CIS countries across all areas.’

‘Professional, pragmatic, problem-solving.’

‘Kinstellar is a great choice for clients looking for the best possible legal representation. The team is experienced, knowledgeable, and committed to getting the best results for their clients.’

‘First, they are all very intelligent and have a strong work ethic. They are also very creative and have a lot of innovative ideas. Additionally, they are all very passionate about their work. Finally, they are all very friendly and easy to work with.’

Key clients


Group Bruxelles Lambert


American Securities


Court Square Capital Partners


GTT Communications

NAGA Global


Key Way Group Limited –

Inteva Products

Inter Cars

Adecco Group AG

United Petfood

Eleven Ventures

Agroind and Promat


Black Sea Fund I

Dura Automotive

Amundi Asset Management

Cerner Corporation

Fujitsu Technologies

Modis Competence Center

Origindata SAS

Varicent Software

Verizon Media

Visma Romania

One Rock Capital Partners

Work highlights

  • Advised the owners of Mondly, a language learning platform developed by the Romanian start-up ATi Studios, on its sale to the British group Pearson.
  • Advised Group Bruxelles Lambert, a listed investment holding company, on the Romanian law implications of its planned acquisition of Affidea Group, a European provider of advanced diagnostic imaging, outpatient, and cancer care services.
  • Advising PwC on the agreement under which CD&R funds has acquired PwC’s Global Mobility Tax and Immigration Services business.

Musat & Asociatii

Musat & Asociatii continues to retain a strong presence in the Romanian market, built around a longstanding reputation for high-end advice and a solid portfolio of high-profile corporate clients. The team’s scale and cross-practice approach enables a broad range of transactional and day-to-day work for clients such as Ecolab, Sony and Google. This includes close collaboration with colleagues on related tax, real estate, employment and competition issues. Practice head and founder Gheorghe Musat has over 35 years’ market experience. Other key practitioners include Razvan Stoicescu, Iulian Popescu, and Monia Dobrescu.

Practice head(s):

Gheorghe Musat

Other key lawyers:

Razvan Stoicescu; Iulian Popescu; Paul Buta; Monia Dobrescu

Key clients

S.P.E.E.H. Hidroelectrica


Engie Romania

Premier Capital





Hili Properties

Work highlights

  • Advised Ecolab on the acquisition of Purolite Corporation, a transaction involving around 20 jurisdictions over six continents.
  • Advised Hili Properties on the €60m acquisition of a real estate company which owns a major office building in Bucharest.
  • Advised Sony on the cross-border merger of Sony Europe Limited into Sony Europe B.V, as well as the transfer of its Romanian branch to Sony Europe.


Noerr fields a well regarded transactional practice which is instructed by a broad range of strategic and private equity investors. In addition to M&A, the team provides support on major divestments, company reorganisations and corporate-structured real estate deals. Multiijurisdictional mandates feature prominently on the agenda, and the Bucharest teams work closely with colleagues throughout Central and Eastern Europe on such mandates. Rusandra Sandu heads the firm’s corporate and M&A, and competition departments. Managing partner Jörg Menzer and counsel Gabriel Popa are also heavily involved in corporate matters.

Practice head(s):

Rusandra Sandu

Other key lawyers:

Jörg Menzer; Gabriel Popa

Key clients

Stada Group

ISS Facility Services

Bauer Media Group

Bristol-Myer Squibb

Harman International Industries

Samsung Electronics

Messer Group



Work highlights

  • Advised Stada Group on a business restructuring following the acquisition by Stada of Walmark.
  • Advised CLAAS Group on all legal matters regarding the acquisition of its major dealer, Serv Class.
  • Advised Andritz on the acquisition of the entire package of shares in the Romanian target, Andritz SRL.

Reff & Associates SCA

The corporate team at Reff & Associates SCA advises major domestic and international corporates, as well as several active investment funds. The recent period has been characterised by a high level of activity, including a large volume of complex M&A transactions and group reorganisations. Further support is provided on corporate governance and regulatory issues, as well as broader day-to-day issues and contractual agreements. Practice head Georgiana Singurel brings almost 25 years’ market experience to her role. Diana Fejer‘s importance to the team was recognised with her recent promotion to partner.

Practice head(s):

Georgiana Singurel

Other key lawyers:

Diana Fejer


‘Very good professionals, offering the full package.’

Key clients

ROCA Investments


Knauf Insulation Holding

Capital Financial Services

ELKOTech Romania

Uzina Termoelectrica Midia




HS Timber Group (former Holzindustrie Schweighofer)

Agro-Est Muntenia

Drager Group

Bluehouse Investitii

Work highlights

  • Assisted the seller, Roca Investments, with the sale of Frigotehnica to Vinci Energies.
  • Advised Gympass on the acquisition of the health and fitness company Benefit Seven from Sodexo Group.
  • Advised Knauf Insulation on the transfer of business operations for the acquisition of a glass mineral wool production line.

Wolf Theiss

Wolf Theiss has established an increasingly good market reputation for high-end corporate advice and M&A. In terms of deal volume, the firm is among the most active in the domestic and wider regional market, a position facilitated by its integrated 13-office network throughout Central and Eastern Europe. In addition to major blue-chip corporate clients such as GlaxoSmithKline and Merck, the firm is popular with leading private equity funds, including KKR. Highly regarded practice head Ileana Glodeanu has built a strong market profile, and is ably supported by a deep bench of practitioners, including managing partner Bryan Jardine, counsel Mircea Ciocîrlea and senior associate Luciana Tache.

Practice head(s):

Ileana Glodeanu

Other key lawyers:

Bryan Jardine; Bogdan Bibicu; Mircea Ciocîrlea; Luciana Tache


‘Ileana Glodeanu – for her creativity, experience and exposure to transactions, hard work and constant communication, with fair level of fees for the quality provided.’

Key clients

Arobs Transilvania Software

Blantyre Capital



Dacia Plant

Dr Max (Penta Capital)


Emona Capital

Enery Development

Elvaston Capital

Ergo Group




Greater Sum Ventures

Holmbergs Safety Systems Holding

House of HR

Ingka Investments BV (Ikea group)

Johnson Controls International



Merck & Co

Main Capital Partners

MHC Software

Novalpina Capital LLP

Razor Group

Revetas Capital Advisors LLP

Snyk Limited

Total Specific Solution

Trillium corporate

Vienna Insurance Group


Vodafone Group

Work highlights

  • Advised Glovoapp23 on the multijurisdictional acquisition of the operations of Food Panda in Romania, Croatia, Serbia, Bulgaria, Montenegro, and Bosnia and Herzegovina.
  • Advised Letter One, together with the private equity fund Blantyre Capital, on the acquisition of the Romanian subsidiary of the South African private equity fund Ascendis Health through a debt swap for a 100% stake in Ascendis’ European business arm, Remedica and Sun Wave Pharma.
  • Advised Emona Capital on the acquisition of a minority participation share in Amber Studio.

Bancila, Diaconu si Asociatii SPRL

Băncilă, Diaconu și Asociații SPRL has an ‘efficient, talented, well organised and responsive‘ corporate and M&A team, which regularly handles complex international transactions. The firm has established longstanding commercial relationships with several leading corporates, including Honeywell and Roka Industry, and private equity groups, including BlackPeak Southeast Europe Growth Equity Fund. Managing partner Radu Diaconu and director Stefan Mantea are both brilliant lawyers with unique business understanding‘. Director Andrei Ștefanovici is also recommended.

Practice head(s):

Radu Diaconu; Stefan Mantea

Other key lawyers:

Andrei Ștefanovici


‘We have worked with the team for a long time and we must note that they always provide high quality legal work. They have capabilities to assist us on a broad range of matters. They reply quickly and accurately. Very strong legal knowledge always translated into easy understandable language.’

‘Radu Diaconu and Ștefan Mantea make a great team together. They are both brilliant lawyers with unique business understanding.’

‘They do very good work in various areas – corporate/M&A is their flagship practice. Very responsive and commercially-oriented.’

‘Ștefan Mantea is our main contact. He has great leadership and technical skills, very results-oriented. He always delivers top quality legal advice. One of the best M&A lawyers in Romania.’

‘The firm helped bring our international transaction to a successful close. There were several key moments when the entire deal depended on the staff of this law firm going the extra mile and they performed admirably.’

‘The team has accurate legal knowledge, they are efficient, talented, well organised and responsive. They supported us in a flawless manner throughout our project. They understand our needs and react fast. We are very happy to work with them.’

‘The team that assists us is lead by Ștefan Mantea – an exceptional lawyer, with a great business understanding. He has strong legal knowledge, but more importantly he provided outstanding leadership abilities, such as strategic thinking for solving major business challenges. Ștefan Mantea remained calm, committed and focused on our objectives during some of the most tough and long negotiations that we experienced in over 25 years. Communication skills are one of his strongest points.’

‘We have been working with the same legal team for years. The partner in charge, Andrei Ștefanovici, knows our several businesses inside out. He and his team give us the most appropriate advice whenever we ask, even if I catch him on the phone during holidays.’

Key clients

Roca Industry

BlackPeak Southeast Europe Growth Equity Fund

Vastint Romania SRL (IKEA’s real estate division)

SN Nuclearelectrica

Honeywell Corporation

DAAS Impex

CNMX Cinema Company

Interoil Agritrading  (part of Bunge Group)

Work highlights

  • Advising ROCA Industry on the acquisition of a 70% stake in Eco Euro Doors.
  • Assistance BlackPeak Capital with its investment into Verdino Green Foods.
  • Assisting the shareholders of a major agribusiness company with the €40m sale of their Romanian entity.

Biris Goran SPARL

Biris Goran SPARL‘s clients operate across multiple industries, including retail, fashion, hospitality, energy, financial services, telecoms and private equity. The firm’s strong tax and regulatory capabilities regularly come to the fore when structuring multijurisdictional transactions. Ana Frațian jointly leads the team with Teodora Moțatu, who ‘has a lot of experience in cross-border deals and understands the specifics of the Romanian market‘. Clients also single out founding partner Gelu Goran, who is particularly strong on the competition side.

Practice head(s):

Teodora Moțatu; Ana Frațian

Other key lawyers:

Gelu Goran


‘The corporate and M&A practice group of Biris Goran delivers concise legal advice, always on time and they understand the Romanian market and our clients’ business needs. They are quick, reliable and pay attention to details as well.’

‘Gelu Goran is very business minded and provides clear legal advice. Teodora Moțatu has a lot of experience in cross-border deals and understands the specifics of the Romanian market.’

Key clients

Zeus International

Leeds Equity Partners


Green Ideas

Renergy Power Plants


Norwegian Refugee Council|Danish Refugee Council|Médecins Du Monde

Martin Roman

One United Properties

Inditex Group

Work highlights

  • Assisted Leeds Equity Partners with the acquisition of Archive 360 and its Romanian subsidiary.
  • Assisted MaxBau with the acquisition of a major DIY retailer and construction materials wholesaler.
  • Assisting One United Properties, a major residential real estate developer, with all day-to-day corporate matters.

Boanta, Gidei & Asociatii SCP (in association with CEE Attorneys)

Boanta, Gidei & Asociatii SCP (in association with CEE Attorneys) has ‘a great capacity for providing the legal solutions in an easy to understand and pragmatic manner’. The firm has established an increasingly prominent M&A practice with a strong grounding in mid-market transactions, which builds upon its strong reputation for assisting venture capital funds and start-up companies from inception through to exit. Name partner Sergiu Gidei is praised for his ‘strong industry knowledge and insights‘, while practice head Nicoale Ursu is 'assertive during negotiations'.

Practice head(s):

Nicolae Ursu; Sergiu Gidei


‘I have been working with this firm for over 8 years and I am particularly impressed by their industry know-how, in addition to their responsiveness and flexibility. We have been working on regulatory, contract matters, and e-commerce matters, as well as GDPR aspects and they are one-of-a-kind when it comes to legal knowledge and business acumen. They also have a great capacity for providing the legal solutions in an easy to understand and pragmatic manner, which makes it a very efficient team to work with.’

‘They are always there when we need them with specific and very knowledgeable advice, while their approach is really unique in terms of how we communicate, the resources they allocate and their industry know-how.’

‘Very good industry knowledge, highly dedicated team, result oriented and flexible towards meeting deadlines. Strong client orientation and creativity in finding solutions in negotiations.’

Key clients

Romania Hypermarche SA (Cora Romania)

Flip Technologies

Sparking Capital Venture Fund

Seven X Ventures

7X Partners

Holde Agri Group


MReady Solutions

Fagura Finance

Olympian Park Group

OLX Online Services


Ingram Romania

EMSA (Aplast Wood)

Work highlights

  • Assisted the local legal team of Romania Hypermarche, an affiliated entity of the French group Louis Delhaize Group, with the sale and leaseback of six commercial centres located in Romania to the Austrian company Supernova Invest.
  • Advised Flip Technologies on the acquisition by eMAG of a significant stake and an additional investment in the client.
  • Assisted the investment fund Sparking Capital with a fund raising from investors and implementation of financing into certain Romanian start-ups, including KFactory, Eco-Tree, Product Lead, Sypher and HyperHuman.

bpv Grigorescu Stefanica

bpv Grigorescu Stefanica provides 'pragmatic advice even in highly complex matters‘; the firm has a very good reputation for its advice to companies and venture capital funds operating in Romania’s burgeoning technology sector. This includes companies at every level, from domestic start-ups through to global market leaders. Alexandru Rusu leads the team, with significant input from Catalin Grigorescu, who 'understands both the founders and the VC side', and Anca Albulescu.

Practice head(s):

Catalin Grigorescu; Alexandru Rusu

Other key lawyers:

Anca Albulescu


‘Excellent availability, great market knowledge, and pragmatic advice even in highly complex matters.’

‘Anca Albulescu and Catalin Grigurescu are always available and on the point.’

‘One thing that really stands out is that they pay a lot of attention to their clients and are very focused on the task at hand. Additionally, their assistance goes beyond legal advice, they show a very practical approach and are very good at seeing the big picture. I believe they are keen on making their clients feel they are in good hands and indeed this was the feeling I had when working with them.’

‘I value Catalin Grigorescu for being hardworking, curious, solution oriented and mindful of deadlines. He is also very good at expressing himself and providing well-structured arguments. Additionally, his lively and practical nature is a great asset in negotiations.’

‘They have a strong team focused on the start-up tech scene.’

‘Catalin Grigorescu has big experience in tech and understands both the founders and the VC side.’

‘I love the constant communication and how the entire team was focused on solving my problems effectively and without any fluff. It’s a breath of fresh air to see a modern team approach any issues with a clear-cut attitude aimed at solving the problem.’

‘They are particularly valuable in complex negotiations where a strong and confident presence is an advantage because their experience in industry enables them to put forward strong arguments which often lead to favorable outcomes because the counterparty is unable to fault their assertions.’

Key clients


Smart ID


Black Sea Fund

Happy Tour

Petruzalek COM

Product Lead

Draper Esprit VC

FSN Capital


Work highlights

  • Advised Supernova, a major Austrian real estate company operating in the CEE, on the acquisition of six shopping centres in Romania from Delhaize Group and Galimmo Group.
  • Advised Smart ID Dynamics, an automation company, on the acquisition of Spectrum, a prominent Romanian integrated software solutions provider.
  • Advised Massachusetts Mutual Life Insurance Company, a US-based insurance and financial services group, on its investment in Low Carbon Group, a developer, owner and operator of renewable energy projects.

D&B David si Baias SCA

The corporate lawyers at D&B David si Baias SCA have ‘a great capacity to anticipate the concerns and the hot topics relevant for the other parties‘. The firm has a strong track record for transactional matters, and is particularly adept at assisting companies with post-merger integrations. Added to this is a strong proficiency in day-to-day commercial matters, business launches, and related regulatory and administrative issues, bolstered by a leading competition offering. Anda Rojanschi leads the team, which also includes recommended practitioners Sorin David and managing associate Adina Oprea.

Practice head(s):

Anda Rojanschi; Sorin David

Other key lawyers:

Adina Oprea


‘Anda Rojanschi, as coordinating lawyer, is a professional with a high level of understanding regarding the client’s concerns and has a solution oriented approach in any context.’

‘D&B’s team was a great match for me in our last M&A project. They have a real can-do attitude in relation to the client’s needs and they have a great capacity to anticipate the concerns and the hot topics relevant for the other parties.’

‘Sorin David – great ability and willingness to listen, very good legal knowledge, passionate, and very good communication skills, always finishing in advance, and never postponing meetings and contracts.’

‘Very competent team, with good understanding of the client’s needs and business objectives, able to manage complex matters and projects, organised, responsive and reliable.’

‘High expertise, clear and precise communication and document drafting, constructive and pragmatic attitude, availability and constant effort to have the client’s interests protected to the best possible extent.’

Key clients



Gemini Cad Systems

Iveco Romania Group

Ruris Impex


Signal Iduna

Sigma CVM Romania (Saracakis Group)

Shell Romania



Donalam (Group Beltrame)

Eli Lilly


OMV Petrom


Oracle (Romania)

Abbvie (Romania)

TE Connectivity Sensor Solutions

BP Group


Hach Lange (Danaher Group)


Toros Agroport Romania

Domeniile Viticole Tohani

EUROPA Investment Fund, managed by Hodler Asset Management

Work highlights

  • Advised Donalam on the acquisition of the functional assets of COS Târgoviște – currently under judicial reorganisation – by means of a transfer of assets, in accordance with the company’s reorganisation plan.
  • Advising Orange on the integration process of Telekom Romania Communications into Orange.
  • Advising Shell Romania on the operation of its fuel card business in Romania.

Eversheds Sutherland Romania

Eversheds Sutherland Romania is seen by its longstanding clients as a ‘constant external support‘. The team, jointly led by co-managing partners Mihai Guia and Cristian Lina, fields an experienced cadre of corporate lawyers who are ‘always aiming for the best solution together‘. Oana Dobre, who also co-heads the employment team, is praised for her ‘perfect intelligence and straight to the point solutions‘. The practice is well versed in major cross-border M&A, where it regularly works alongside international colleagues in the firm’s wider network. The firm also has an excellent track record for day-to-day commercial and compliance advice.

Practice head(s):

Mihai Guia; Cristian Lina

Other key lawyers:

Oana Dobre


‘For me, first place is the professional approach to the topics and calibration of the teams to fit the client’s demands. Secondly, but not less importantly, is the proactiveness during the project development and guidance for the clients. Always aiming for the best solution together and raising the flags on each deviation right away to support the client during all phases of the project.’

‘The team at Eversheds in Romania has been a constant external support for us in legal matters related to acquisitions, competition and vulnerable points of law. They have always met our expectations, at times coming above in terms of engagement, responsiveness and closeness to the business needed to fully understand and respond to unique professional requests.’

‘Oana Dobre – there are not enough words to describe her availability, professionalism, grace in dealing with crises, also perfect intelligence and straight to the point solutions, strategic thinking, accurate legal knowledge.’

Key clients


Rockwell Automation


Future Life

Inform Lykos

Primavera Development

Quest Global Engineering Service


Telekom Romania

Vodafone Romania

Work highlights

  • Assisting Las Vegas Sands with entering the Romanian market through the acquisition of a prominent IT company in the gaming industry.
  • Advising OTE Group on the sale of its stake in Telekom Romania Communications to Orange Romania.
  • Advising Unilever on consolidating its local shareholding in Good People, a leading healthy food and beverages company.


Volciuc-Ionescu has a ‘superb M&A team‘, with extensive experience handling international deals. The firm has established an extremely good reputation for assisting clients operating in the energy industry, but also has a strong grounding in other sectors, including financial services, manufacturing, logistics and retail. Cross-border private equity transactions also feature regularly in the firm’s workload. Practice head Ramona Volciuc-Ionescu has ‘a strong track record in very complex transactions‘. Sabin Volciuc-Ionescu is singled out as ‘a very well-rounded negotiator‘, while the ‘very smartAna-Maria Sandu is noted for her ‘excellent technical skills‘.

Practice head(s):

Ramona Volciuc-Ionescu

Other key lawyers:

Sabin Volciuc-Ionescu; Ana-Maria Sandu


‘Volciuc-Ionescu has a superb M&A team, always performing above expectations. They have wide experience in cross-border and international deals and really know the market, trends, what can be negotiated, how to guide the client throughout the whole process and achieve a successful transaction. All of them are top class in terms of competencies and really pleasant people.’

‘Ramona Volciuc-Ionescu has a strong track record in very complex transactions, is extremely knowledgeable, constructive and always there for us.’

‘Ana-Maria Sandu is very smart, good at coordinating projects, with excellent technical skills. We have also worked on some M&A deals with Sabin Volciuc-Ionescu, who is a very well-rounded negotiator, great soft skills and getting the deal done attitude.’

Key clients

Schmid Industrieholding Group

Mytilineos Group

Varroc Group

Energia de Portugal Group

Delivery Hero Group

Electrica Group

Xperi Group

Montana Energy


Western Union

Work highlights

  • Advised Mytilineos Group on the sale of Sun Challenge and Solar Renewables, companies holding an approximately 90MW solar portfolio in Romania, to Enel Green Power.
  • Advised Energia de Portugal on the acquisition of Beta Wind, the owner of a 151MW wind farm project.
  • Advised the UK private equity firm Ventiga Capital Partners on the acquisition of the airline cost management and route profitability business, FuelPlus Group.

Buzescu Ca

At Buzescu Ca, the team’s notable client portfolio consists of several major international and domestic companies working across multiple industries, including Danfoss, Travelport and Wizz Air. The firm sees a steady stream of cross-border transactional work, in addition to day-to-day commercial and regulatory support. The team has a wide spread of experience, with name partner Peter Buzescu, Adrian Tomescu and senior associate Corina Papuzu all providing ‘expert advice that can be relied on‘.

Practice head(s):

Peter Buzescu

Other key lawyers:

Adrian Tomescu; Corina Papuzu


‘The strength of the team is that they respond very quickly, are to the point and handle everything in a very professional manner. They run processes such as corporate matters and company law matters with great efficiency and always with the same mindset that we have as a company.’

‘I would like to mention Corina Papuzu and Peter Buzescu, both are really professional and very good collaboration partners to our firm.’

‘Peter Buzescu, Adrian Tomescu, and Corina Papuzu are highly qualified professionals who can provide you with expert advice that can be relied on. The above-mentioned individuals handled all cases presented to them in an exceptional way and addressed all issues in a well-thought and structured way that led the company to achieve its objectives.’

Key clients




Wizz Air

EDF Trading

Kautex Textron






Canam Steel

Central European Drilling


Production Solutions International



Work highlights

  • Advised Travelport on the transfer of a business enterprise from Wipro, a major outsourcing company, which will be merged into one of Travelport’s Romanian subsidiaries.
  • Advised Danfoss on its takeover of Sondex and the related transfer of shares between Danfoss subsidiaries.
  • Advised Naviglobe on the purchase of a minority shareholding in the company by a Belgian investor.

Leroy si Asociatii

Leroy si Asociatii has built a reputation for all aspects of corporate work, where it takes ‘a very sharp and pragmatic approach in delivering very good solutions‘. The firm is a regular favourite for many leading international manufacturers, energy, and consumer goods companies, including Louis Vuitton and Vinci Energies, and is particularly popular within the French market. M&A, joint ventures, company reorganisations and divestments have all featured in the firm’s workload recently. Andreea Toma and founding partner Bruno Leroy are the key contacts.

Practice head(s):

Bruno Leroy; Andreea Toma


‘A very sharp and pragmatic approach in delivering very good solutions. Also very efficient in delivering the end result at very good value for money.’

‘Highly recommend Andreea Toma for M&A and corporate.’

Key clients

Vinci Energies

Louis Vuitton

Expert Petroleum



Ceva Logistics



Work highlights

  • Advised EMI Equipement, a major manufacturer of metal casting solutions, on the sale of its majority stake held in a Romanian company specialised in design, manufacture, installation, maintenance and service for the partition of industrial spaces.
  • Advising ETI European Food Industries, a Turkish food products manufacturer, on its day-to-day corporate, employment, data protection and intellectual property matters.
  • Advised Vinci Energies, part of The Vinci Group, on its acquisition of a Romanian refrigeration systems company.

MPR Partners

MPR Partners has established strong credentials for cross-border transactions, and is consequently instructed by a broad range of international companies, alongside notable local names. Lately, highlights have included advice to major aviation companies, as well as key players operating in the healthcare, leasing, manufacturing, transport, and financial services industries. Gelu Maravela and Dana Rădulescu are the lead partners in Bucharest, while Alina Popescu is a key contact based in London.

Practice head(s):

Gelu Maravela; Alina Popescu; Dana Rădulescu


‘Extremely responsive, meet all deadlines and are very transparent and flexible in terms of fees and billing.’

‘Alina Popescu is recommended for coordination skills and her expertise in competition law, while Dana Rădulescu is recommended for her great expertise in M&A, and banking and finance transactional work.’

Key clients

Aegean Airlines

Air France – KLM


BBraun Avitum




Autotechnica Fleet Services

Work highlights

  • Advising Air France and KLM on various Romanian legal matters, including customer claims and debt collection, commercial and contract law, advertising law, employment matters, and competition and GDPR compliance.

Peli Partners

Peli Partners is ‘extremely knowledgeable in a number of areas‘, and the firm stands out for its expertise in corporate-structured commercial property deals. Real estate is an area where the firm is particularly recognised, but it also has a strong track record advising on broader corporate matters concerning other industries, as demonstrated by its advice to the construction products manufacturer, Saint-Gobain Group, on its acquisition of Duraziv. The firm has also seen plenty of recent transactional activity in the renewables sector. Founding partners Carmen Peli and Francisc Peli are ‘really outstanding in their competence and lucidity‘. At the associate level, Andreea Carare is recommended.

Practice head(s):

Carmen Peli

Other key lawyers:

Oana Bădărău; Andreea Carare; Francisc Peli


‘Extremely knowledgeable in a number of areas; they have in their team people who are definitely considered the best in their fields.’

‘We have been advised by them in a merger/acquisition case and they were tip-top.’

‘I have specifically worked with Francisc Peli, Carmen Peli and Andreea Carare – they have all been very good.’

‘Francisc Peli and Carmen Peli are really outstanding in their competence and lucidity.’

Key clients

Saint-Gobain Group

Portland Trust

Adventum Quartum Central Europe SICAV

Complet Electro Serv (Altex Group)


Jones Lang LaSalle Services

Acarta Construct

Niro Investment

Scallier Investment

Transcenda Ltd.

Jupiter Residential

Work highlights

  • Assisting Saint-Gobain with the acquisition of the Duraziv companies.
  • Assisting Portland Truston with the sale of a photovoltaic project under development, with an approved capacity of 153MW, to Econergy and OY Nofar Energy.
  • Assisting Portland Trust with the corporate-structured sale of a Bucharest office project consisting of three buildings with an approximate area of 39,000 square metres to S Immo.

STALFORT Legal. Tax. Audit.

STALFORT Legal. Tax. Audit.'s ‘super team‘ offers clients a strong international focus; the firm is particularly well connected to the German market, with clients praising the practitioners' language skills and ‘necessary background and knowledge of German business culture‘. Clients include household names from the food and drinks industries, as well as major energy, manufacturing and technology companies. Recent work has included business transfers, company reorganisations, M&A, and day-to-day commercial and regulatory support. Raluca Oprisiu heads up the practice.

Practice head(s):

Raluca Oprisiu

Other key lawyers:

Carmen Lupsan


‘They react fast and work very diligently.’

‘Well prepared and with an international focus.’

‘Super team – always available when needed. Excellent skills and expertise.’

‘The STALFORT team provides a wide range of specialised legal advice. More than 25 years expercience in Romania means reliable consulting competence for us. STALFORT is specialised in German which simplifies communication in many cases.’

‘The involved lawyers are very skilled both from a legal and a language point of view. Especially, they have the necessary background and knowledge of German business culture, which enables them to explain local problems to our shareholders in the best way. This intercultural ability is a strong advantage in the relationship with foreign investors.’

‘Raluca Oprisiu – perfect language skills in English and German, and very competent and polite.’

‘Every member of staff, whether partner, associate or secretary, stood out for their friendliness, solution-orientation and high level of competence. We also appreciated the proactive communication and flexibility.’

‘Fast answering. Good understanding of German and Romanian law.’

Key clients

Dr. Oetker Group

Sunflower (Luxembourg) Light Energy Science & Technology Co.


Swoboda Group

J. u. A Frischeis

Kraftanlagen München Group

GETEC heat & power GmbH

TEDi Betriebs GmbH/ Tengelmann group

KiK Textilien und Non-Food / Tengelmann group

Dr. August Wolff GmbH & Co. KG Arzneimittel

MB Well Services


Claritas Group

Hoffmann Industrial Tools


BR Electronic Systems


UnitCargo Speditionsges


Messingschlager Real Estate Verwaltungs

Work highlights

  • Assisted the seller, J. u. A Frischeis, with the sale of a veneer production facility to the Belgium-based flooring manufacturer Unilin, a subsidiary of Mohawk Industries.
  • Advised Diconium on the incorporation of its Romanian legal entity and its integration into the wider group.
  • Assisted the Dalli Group on issues linked to its exit from the Romanian market.

Stratulat Albulescu Attorneys at Law

The team at Stratulat Albulescu Attorneys at Law is commended for its ability to 'excellent solutions'; the firm offers a comprehensive service on the full range of transactional, regulatory and day-to-day commercial issues. The group is especially strong in the technology sector, with ‘vast experience in all areas needed for start-ups‘, including funding rounds and later stage M&A. Venture capital and private equity funds also regularly instruct the firm on their investments into the market. Managing partner Silviu Stratulat and Octav Stan understand the client’s needs from the very first moment, have in-depth legal knowledge and great expertise‘. Cristina Man is also highly recommended.

Practice head(s):

Silviu Stratulat; Cristina Man; Octav Stan


‘All the members of the Stratulat team whom I came into contact with have had great capacity of understanding our exact needs in each transaction and have managed to reflect the clauses and warranties in a balanced way, while providing constant support in a timely manner.’

‘I have worked directly with Silviu Stratulat and Cristina Man and both have showed professionalism and have been reliable partners throughout the investment process. I have been impressed by their multisector approach and understanding of the needs of our fund.’

‘The team has vast experience in all areas needed for start-ups. We used their services and guidance for a seed investment round and we are extremely happy with the results, as we feel confident we are protected.’

‘They do a lot of work for private equity and venture capital clients, so they’ve seen a lot of different legal structures. This means they have a good grasp of what constitutes “market standard” and can provide creative solutions when negotiations bog down on specific legal or commercial terms. It also means they have already thought about and implemented (under Romanian law) various legal constructs that are common in an investment context under English or US law but don’t easily translate under Romanian law.

‘Silviu Stratulat is a hands-on attorney who understands both legal and commercial aspects and does not shy away from giving well-argued recommendations on specific topics, when asked. He is very knowledgeable when it comes to private equity-related legal topics. He came across as thoughtful and action-oriented at the same time (took the time at the beginning to understand the entire deal structure we had in mind and structure a comprehensive contract package for it, while generally also pushing his team to move at speed and resolve issues quickly).’

‘Cristina Man came across as highly knowledgeable and was able to successfully manage multiple workstreams on the same project under a tight schedule.’

‘Very supportive team, excellent solutions, great capacity and reasonable allocation of work, with a very good knowledge of the market.’

‘Silviu Stratulat and Octav Stan are able to understand the client’s needs from the very first moment, have in-depth legal knowledge and great expertise.’

Key clients

Resource Partners

Indotek Group

Metagame Studios

Cyscale Cloud Security


Catalyst Romania

GapMinder Venture Partners

Global Resourse Experts (GRX)




Work highlights

  • Advised Resource Partners, an independent partner-owned private equity investor, on the sale of the fitness company World Class to African Industries Group.
  • Advised DRUID, an AI-driven intelligent virtual assistant company, on its $15m Series A financing.
  • Advised Indotek Group on its takeover of One Dorobanti Properties SRL, which owns One Victoriei Center, a premium office building in Bucharest.

Bohalteanu şi Asociaţii

Bohalteanu şi Asociaţii is noted for being ‘prompt and eager to find solutions‘. The energy industry remains a core area, where it advises a notable mix of domestic and international clients. Recent work highlights have also included transactional support to technology, industrial and financial services companies, as well as advice on day-to-day commercial issues.  Managing partner Ionut Bohalteanu and Daniela Milculescu are 'dedicated to finding the best solutions‘.

Practice head(s):

Ionuț Bohalteanu; Daniela Milculescu


‘The firm has been providing legal assistance to our company since 2020 on various commercial and corporate matters. Client focus and innovative solutions are all key factors in their work. A very dedicated and involved team, competitive and even surpassing other larger firms we collaborated with.’

‘Ionut Bohalteanu and Daniela Milculescu have provided advice and input that has at all times been highly professional and dedicated to finding the best solutions for our particular requirements.’

‘Very good corporate experience, prompt and eager to find solutions to our corporate-related queries.’

Key clients

Premier Energy

NoBug Holding

Work highlights

  • Assisted Premier Energy with its acquisition of a 51% stake in Alive Capital.
  • Advised Premier Energy, a Romanian gas distributor and supplier, on the acquisition of a 99MW renewable wind project.
  • Advised the shareholders of NoBug on the sale of their participation in their Romanian and Serbian companies to Infineon.

Bulboaca & Asociatii

Bulboaca & Asociatii has strong credentials for corporate M&A, restructurings, and internal company reorganisations. Clients come from across a broad range of industries, including chemicals, manufacturing, financial services, and logistics. The firm also offers strong regulatory support in niche areas, including online gambling, where it is particularly active. Key contacts within the practice include managing partner Adrian-Catalin Bulboaca and Catalin Petrea.

Practice head(s):

Adrian-Catalin Bulboaca

Other key lawyers:

Catalin Petrea

Key clients

Armstrong Fluid Technology

D Moonshots

Banca de Export Import a României EximBank


FTF Columbus




Can Pack


Work highlights

  • Assisting D Craig Holding, the owner of Superbet, with its expansion into the brokerage market.
  • Assisting Tecvivo and its other group companies with an investment to help further expand and develop its slot machine production business and an online gaming platform.
  • Assisting D Craig Holding, the owner of Superbet, with its real estate investments, including a logistics and real estate project to develop 500,000 square metres of industrial space throughout the country.

KPMG Legal - Toncescu & Partners SPRL

KPMG Legal - Toncescu & Partners SPRL fields a well honed corporate practice which supports clients with day-to-day commercial matters as well as bespoke transactions and projects. Clients highlight the firm’s ‘ability to get to the bottom of the client’s real needs'. The group has an increasingly busy M&A workload, which typically has a strong cross-border element. The firm assists companies operating across a wide spread of industries. Managing partner Laura Toncescu and senior managing associate Dragos Iamandoiu  are praised for their ‘around the clock availability and creativity’.

Practice head(s):

Laura Toncescu

Other key lawyers:

Dragos Iamandoiu


‘I would stress their ability to get to the bottom of the client’s real needs and really try to accommodate via innovative structures.’

‘Around the clock availability and creativity from Laura Toncescu and Dragos Iamandoiu.’

Key clients

Flowbird Group


Med Life

Marcom R.M.C. 94

Tellence Technologies

Europastry Group

Affinity Ship LLP

Keywords International

Danone Group

EDP Renewables Group

Green Group

Messer Group

Optical Investment Group

Last Mile Distribution

Private Romanian Investors and  GoldieLab Tech

IFactor Brokerage

Complex Brintex

Work highlights

  • Advised Flowbird Group, through its subsidiary Yellowbrick International, on acquiring a majority stake in Piconet, a major Romanian provider of parking and mobility services.
  • Advising Dentstore, a major local distributor of dental materials and equipment in Romania and Bulgaria, on its sale to private equity fund Abris Capital Partners.
  • Advising Med Life on its takeover of NeoLife, a major healthcare services provider in the Romanian oncology market.

Popescu & Asociatii

Popescu & Asociatii has a multifaceted practice with expertise across a range of corporate and regulatory matters. Loredana Popescu  is the main contact for M&A work, and has recently led the team on several significant acquisitions and share transfers in the healthcare, energy, financial services and transport industries. The firm also has a strong track record on internal company reorganisations, with Anca Simeria highly experienced in related finance and restructuring matters. Name partner Octavian Popescu is also active in this area.

Practice head(s):

Loredana Popescu; Anca Simeria; Octavian Popescu

Key clients

CFR – Compania Nationala De Cai Ferate

Banca Transilvania

Mytilineos Holding

Mega Image/Ahold Delhaize Group

Generali/Assicurazioni Generali Group


National Federation Of The Trade Unions In The Electricity Industry “Univers”

Eco Sud



Mediplus Company

Electrica Furnizare

UTI Netcity Investments

Romanian State

Teamnet International


Theliton Limited

Eastern Securities

CNS Communications East Europe

Allsys Energy

Campeador Group

Vagabond Group

2na Farm

Work highlights

  • Advised CFR – Compania Nationala De Cai Ferate on its acquisition of Informatica Feroviara and Tipografica Filaret.
  • Advised Mediplus Company on the transfer of a majority stake to ABC Medicover Holdings, part of the Medicover Group.
  • Advised Vagabond Group on an internal company restructuring involving the transfer of a 50% share stake to one of the majority shareholders.

Vernon | David

Vernon | David has a strong track record for transactional and day-to-day corporate advice, and is a popular choice with several major international clients. The firm also offers a strong gateway to the Moldovan market through its well regarded office in Chisinau. Maria Nica heads the team, with founding partner Charles Vernon also heavily involved.

Practice head(s):

Maria Nica

Other key lawyers:

Charles Vernon


‘In-depth legal knowledge oriented towards optimal solutions and best standard practices.’

‘Close personal approach, the individuals I worked with showed genuine interest in understanding in detail the situations at hand.’

Zamfirescu Racoti Vasile & Partners

Zamfirescu Racoti Vasile & Partners is well placed to handle a broad roster of complex mandates, including M&A, internal company reorganisations, joint venture agreements, privatisations and divestments. Clients operate within many of Romania’s key industries, including energy, oil and gas, aviation, banking, and infrastructure. Practice head Anca Danilescu is an ‘excellent team player‘ noted for her ‘availability, professionalism and positive attitude‘. Founding partner Ioana Racoti also remains very active.

Practice head(s):

Anca Danilescu

Other key lawyers:

Ioana Racoti


‘ZRVP is one of the oldest, most experienced Romanian law firms, covering a wide area of legal sectors, offering exceptional value for money, advice and support. Their experience helps them to offer support for the most complex transactions and to be able to master any local legal intricacy.’

‘Ioana Racoti is an exceptional practitioner, a hands-on manager, a very accurate adviser, very hard-working, she is able to deeply understand the client’s business and needs.’

‘Anca Danilescu – focused on the client’s needs rather than own ego, availability, professionalism and positive attitude, excellent team player.’

Key clients

Alro / Vimetco

Saint Gobain Group

Unicredit Bank

Transport Trade Services

CA Immo

Elpreco – CRH Group

CEECAT Capital

LMS Plastic Surgery Clinique (Clinica Zetta)

Jantzen Group

TLC Shutters

Work highlights

  • Advised CEECAT Capital, a European private equity and private credit investment firm, on acquiring a majority stake in the stone veneer wall cladding company, Modulo Decorative Solutions.
  • Assisted the shareholders of IT Smart Distribution, an IT product distributor, on selling 100% of their shares in the company to ELKO Group, a major regional distributor of IT and consumer electronic products.
  • Assisting CA Immo with merging two of its group companies, Europolis Sema Parc and Intermed Consulting & Management, as part of a larger restructuring of its Romanian portfolio.