Commercial, corporate and M&A in Romania

Tuca Zbârcea & Asociatii

Ţuca Zbârcea & Asociaţii advised a multinational telecommunications conglomerate on its multi-billion euro acquisition of another telecommunications company's operations in Germany, the Czech Republic, Hungary and Romania. In a further highlight, it assisted Keysight Technologies with a complex corporate reorganisation following the $1.6bn acquisition of the Romanian subsidiary of IXIA group. Stefan Damian, Cornel Popa and Catalin Baiculescu are the key members of the team, which covers acquisitions, dispositions, financing arrangements, joint ventures as well as corporate advisory work.


CMS possesses ‘excellent knowledge of legal issues’, ‘in-depth knowledge of commercial issues’ and has the ability to ‘solve complex transaction issues’. Practice head Horea Popescu is supported by recently promoted partner Rodica Manea, who receives praise from clients and is experienced on the transaction front, particularly in the financial institutions and services sectors. The team combines ‘detailed local knowledge with great co-operation across several countries’ and recently acted for Liberty Global on the Czech, Hungarian and Romanian aspects of the €18.4bn acquisition of its European assets by Vodafone. Popescu has particular expertise in the technology space and recently acted for Bitdefender in the sale of a 30% stake in the company to Vitruvian Partners.

Filip & Company

Filip & Company acted for UK-based Kingfisher in its acquisition of Praktiker Romania, advising on due diligence, structuring and preparation and negotiation of the transaction documentation. Practice head Alexandru Birsan led on the matter; Carmen Peli and Alina Stancu Birsan are also names to note. The pair recently assisted Banca Transilvania with its successful acquisition of 99.15% of shares in Bancpost and all shares in ERB Retail Services and ERB Leasing. Cristina Filip is also a key member of the team and has experience handling mergers and acquisitions, joint ventures and commercial contracts.

Nestor Nestor Diculescu Kingston Petersen

Nestor Nestor Diculescu Kingston Petersen receives praise for its ‘strong and recognised expertise in the commercial, corporate and M&A field’. Recent highlights include advising an international healthcare and diagnostic services provider on its acquisition of a Romanian medical network, including the structuring and negotiation of the transaction documentation. The team is noted for its ‘availability, deadline and timeline compliance and efficient co-operation’ and is jointly headed by Adriana Ioana Gaspar, Gabriela Cacerea, Ruxandra Bologa and Adina Chilim-Dumitriu. Areas of specialisation include acquisitions and divestures, joint ventures, corporate restructurings and multi-phase debt and equity deals.

Popovici Nitu Stoica & Asociatii

Popovici Nitu Stoica & Asociatii acts for domestic companies and entrepreneurs, private equity funds and blue-chip corporations with particular expertise in the IT, pharmaceuticals, retail and agribusiness industries. Florian Niţu and Bogdan Stoica lead the team, which advised Fondul Proprietatea on the sale of four electricity companies to Electrica, an entity owned by the Romanian state. The group is well regarded for healthcare M&A deals and notably assisted Medicover with its purchase of Academica Medical Centre. In addition to M&A transactions, the team handles the full range of corporate and commercial matters; it advised Orange Romania on all corporate governance monitoring.

RTPR Allen & Overy (Radu Taracila Padurari Retevoescu SCA in ass

RTPR Allen & Overy (Radu Tărăcilă Pădurari Retevoescu SCA in association with Allen & Overy LLP)’s team of ‘very high-class professionals’ is led by Costin Tărăcilă and Mihai Ristici. Tărăcilă is praised for finding ‘smart solutions’ and recently advised A&D Pharma's shareholders on the sale of the entire group to Dr. Max, owned by Penta Investments. Elsewhere, the team handled the sale of the Profi supermarket chain to Mid Europa Partners on behalf of Enterprise Investors. Alina Stăvaru, who was promoted to the partnership in 2019, handled both matters and is praised as a ‘top-class lawyer’. The practice covers the full range of corporate transactions with particular emphasis on cross-border matters.

Clifford Chance Badea

Clifford Chance Badea's client roster spans industries such as private equity, financial services, healthcare, pharmaceuticals, IT&C, energy and real estate. Nadia Badea's team covers the full spectrum of corporate and M&A mandates and is particularly well regarded for multi-jurisdictional deals. It advised China Investment Corporation on the acquisition of Logicor, which owns and operates over 630 warehouses and logistics assets across Europe. It also assisted Czech Media Invest with corporate structuring issues arising from the acquisition of Lagardère’s radio assets in the Czech Republic and three other jurisdictions. Counsel Loredana Ralea is also recommended.

Musat & Asociatii

Muşat & Asociaţii has a ‘strong local presence in Romania’ coupled with ‘an impressive ability to coordinate a cross-border deal’. In a recent highlight the team advised Spectrum Brands on the proposed $2bn sale of its international battery and portable lighting business to Energizer Holdings. The team handles corporate and commercial matters in addition to M&A transactions. It acts for Novares Automotive Romania, a Novares Group subsidiary, in respect to all matters falling under Romanian law including a recent rebranding process. Gheorghe Musat and Razvan Stoicescu, who ‘stands out for his understanding of business needs’, jointly head the practice.

Schoenherr si Asociatii SCA

Markus Piuk, Madalina Neagu and Monica Cojocaru head the practice at Schoenherr şi Asociaţii SCA. Recent work highlights include acting on a number of transactions in the banking industry such as Eurobank Athens' sale of shares held in Bancpost to Banca Transilvania and advising Piraeus Bank on the sale of its banking subsidiary in Romania to J.C. Flowers & Co. In addition, the team oversaw the €725m sale of Alpiq Group’s industrial business to Bouygues Construction.

Suciu Popa

Suciu Popa predominantly acts for international clients in the FMCG, energy, oil & gas and infrastructure industries. The practice excels at M&A transactions as well as corporate governance, business restructuring schemes, joint venture structuring and privatisation. On the transaction front, it advised Enel Investment on its €400m acquisition of 13.6% of the share capital of E-Distribuție Muntenia and Enel Energie Muntenia from SAPE. Black Sea Oil & Gas received advice on the European Bank for Reconstruction and Development becoming a minority shareholder of the client. Practice head Miruna Suciu is supported by Cleopatra Leahu, Dan Ciobanu and recently promoted partner Andrei Georgescu.

Wolf Theiss

Wolf Theiss ‘handles matters very smoothly and produces high-quality deliverables’. Practice head Ileana Glodeanu, an expert in the energy, TMT and pharmaceutical industries, is supported by Bryan Jardine. He is praised for his ‘experience-based assessments’ and, jointly with Glodeanu, advised Bain Capital Private Equity on acquiring Sealed Air’s Diversey Care division, a matter spanning six jurisdictions. General Electric instructed the team in the proposed $2.6bn sale of its industrial solutions business to ABB.

Bondoc si Asociatii SCA

Cosmin Stavaru joined Bondoc si Asociatii SCA in alliance with White & Case from Bulboaca & Asociatii and now heads the practice alongside Lucian Bondoc, Mihaela Bondoc and Monica Iancu. The team has a focus on the real estate, banking, chemicals, automotive and healthcare sectors and maintains an active M&A caseload. It advised Profi Rom Food and Fresenius Medical Care Romania on a range of corporate matters. Managing counsel Horațiu Dumitru is also recommended.

bpv Grigorescu Stefanica

bpv Grigorescu Ştefănică renders ongoing advice to Google on corporate and regulatory issues. Catalin Grigorescu and Alexandru Rusu head the practice, which had a busy year on the mergers and acquisitions front, acting for Food Union on its proposed €80m acquisition of Betty Ice. Voestalpine received advice on a range of corporate issues including management and headquarter changes. The team has particular expertise in transactional tax structuring issues.


Dentons' team is ‘responsive, creative in its approach and solution driven’. Practice head Anda G Todor is ‘extremely helpful and available’ and recently formed part of a global team advising KKR on its multibillion-euro offer to acquire Unilever's Spreads business. In another cross-border matter the team advised FMC on Romanian law relating to its partly acquisition of DuPont’s Crop Protection business. In addition to mergers and acquisitions, the team handles all aspects of corporate law and recently advised Sony in relation to its Romanian supply contracts.

DLA Piper Dinu SCA

DLA Piper Dinu SCA has particular expertise in the technology, energy, agribusiness and life sciences sectors. Marian Dinu leads the department, which includes counsel Cristina Bucur, praised for her ability to ‘recommend the best legal option’. She led on a matter for BT Capital Partners pertaining to its investment in Timesafe, the company behind the development of the application Pago. In another highlight, the team advised Webjet on its acquisition of B2B travel wholesaler JacTravel.


Kinstellar specialises in acting on complex sale structures and has particular agriculture industry knowledge. It advised Romania-based Promat Comimpex and Agroind Cauaceu on the sale of 40% of their shares to Ameropa. Nestlé received advice on post-closing local implementation matters following its joint venture with R&R Ice Cream. The team, headed by Razvan Popa, also has expertise in the retail, industrial, automotive and banking sectors.

Leroy si Asociatii

Leroy si Asociatii predominantly acts for international clients in a wide range of corporate and M&A matters. The team, headed by Bruno Leroy and the ‘outstandingAndreea Toma, receives praise for being ‘very dependable’ and ‘good commercially’. Recent highlights include advising Lactalis on the acquisition of 100% of Covalact's share capital and advising Air Total International on the winding up of its Romanian subsidiary. Clients span the automotive, banking, consumer products, insurance, energy, construction and agribusiness industries.


Rusandra Sandu’s team at Noerr acts for a client roster which includes multinational corporations, DAX-listed companies and financial investors. The practice is experienced in acting for Asia-based companies, with Samsung Electronics being a notable example. The group handles a broad range of instructions including M&A, joint ventures, greenfield investments, corporate investments and corporate governance and compliance.

Reff & Associates SCA

Reff & Associates SCA is well regarded for its work in the manufacturing, retail, health, energy and transportation industries. Its recent case load features a number of cross-border mandates including advising UK-listed investment fund Argo Group on the contemplated acquisition of the Romanian branch of Israel-based Leumi Bank. The practice is headed by Georgiana Singurel.

Biris Goran SPARL

Real estate-driven transactions are a core strength for Biriş Goran SPARL with the team acting for clients such as One United Properties and LeasePlan Romania. Recent highlights include acting for Coresi Business Park in the sale of its flagship office centre to real estate company Immochan. The practice acts for both domestic and overseas clients and regularly advises Greece-based Zeus International on its operations in Romania. Ana Frațian and Christian Mindru jointly lead the group.

D&B David si Baias SCA

D&B David si Baias SCA is headed by Anda Rojanschi and Sorin David  and handles a wide range of commercial and M&A mandates. The team is well regarded by Romanian entrepreneurs for its advice on business sales to strategic and financial investors and recently acted for Farmexim's shareholders in the sale of their shares to Phoenix Pharmahandel. On the acquisition front, Rojanschi assisted Voici La Mode with acquiring three Marks & Spencer stores, which saw the client becoming the new holder of the Romanian M&S franchise.

MPR Partners | Maravela, Popescu & Roman

The ‘highly recommended’ team at MPR Partners | Maravela, Popescu & Romanpossesses a wealth of knowledge’ and provides ‘prompt and to-the-point, valuable advice’. Gelu Titus Maravela and Alina Popescu are the names to note and are praised as ‘great leaders’ who ensure ‘any assignment is smoothly completed in due time with excellent results’. Recent work highlights include advising Betty Ice on its sale to Unilever and assisting Chimcomplex with its acquisition of chemical producer Oltchim. Sectors of expertise include real estate, energy and natural resources as well as pharmaceuticals and healthcare.

Radu si Asociatii SPRL

Recent highlights for Radu si Asociatii SPRL include advising Honeywell on a number of corporate and commercial matters as well as assisting with a cross-border merger in the auto and truck parts manufacturing industry. OTP Bank, Nordic Petfood Production and Ferco Capital also count among the team's clients. Joint practice heads Dragoș Radu and Radu Diaconu are the key names to note.

Voicu & Filipescu SCA

Voicu & Filipescu SCA handles the full spectrum of corporate and commercial issues including corporate restructuring and governance, commercial agreements and tax issues. The team also acts on a wide range of M&A mandates such as due diligence investigations, spin-offs, stock-for-stock acquisitions and private transactions. Daniel Voicu, Mugur Filipescu and Marta Elena Popa jointly head the practice.


Volciuc-Ionescu is praised as a ‘go-to firm for sophisticated work or complex multi-jurisdictional transactions’. The practice handles the full range of M&A transactions with particular expertise in the energy, mining, technology, healthcare and pharmaceutical, financial services, automotive and manufacturing industries. Recent highlights include advising on an acquisition in the energy industry, a purchase that marks the client's Romanian market entry. The practice, headed by Ramona Volciuc-Ionescu, is ‘very approachable and responsive, easy work with and prompt’.

Bohalteanu şi Asociaţii

Ionut Bohalteanu and Daniela Milculescu head the practice at Bohalteanu şi Asociaţii and have expertise in the FMCG, technology, real estate and manufacturing industries. The pair recently acted for Poland-based Aforti Holding on its establishment in the Romanian market and the incorporation of a local subsidiary, Aforti Exchange Romania. The team represents a large number of overseas clients and possesses experience advising on Romanian privatisations.

Buzescu Ca

Buzescu Ca handles instructions ‘in a highly competent manner’, displaying ‘exceptional business understanding’. The ‘prompt and straight-to-the-pointPeter Buzescu leads the practice, which predominantly acts on cross-border mandates. He assisted key client Danfoss with corporate governance and commercial matters as well as with its acquisition of Sondex. Clients single out senior associate Corina Papuzu for particular recommendation.

Eversheds Sutherland Romania

Mihai Guia leads the practice at Eversheds Sutherland Romania alongside Cristian Lina and recently advised Unilever Group on its acquisition of all shares in Betty Ice. He also assisted ZF Friedrichshafen with its proposed acquisition of Beespeed Automatizari. The automotive, insurance, food and drink, telecoms and financial services sectors count among the key areas of expertise.

Mitel & Asociatii

Mitel & Asociatii handles corporate and commercial work for Airbus Helicopters and recently assisted it with the launch of a new assembly line. The team is also adept at handling transactions and advised Quality Business Solutions on the sale of a 30% stake in S&T Romania. Sorin Mitel and Madalina Paisa head the practice.

STALFORT Legal. Tax. Audit.

STALFORT Legal. Tax. Audit. ‘goes the extra mile for the client’. The ‘excellent’ and ‘committed’ practice, headed by Raluca Oprisiu, predominantly acts for German and other foreign investors on the full range of cross-border M&A activities. Austria-based Verbund Group is a key client and received advice on a number of matters, including group restructuring and the merger of its Romanian subsidiaries.

Stratulat Albulescu Attorneys at Law

Stratulat Albulescu Attorneys at Law's team has been bolstered with Romona Iancu, who ‘amazes with her deep expertise in transactions’; she joined from Popovici Nitu Stoica & Asociatii. Practice head Silviu Stratulat advised First Property Group on its acquisition of the Maestro Business Center located in Cluj-Napoca, Romania. Managing associate Cristina Man is another name to note and is praised for her ‘tremendous work ethic and knowledge’.

Vernon | David

Maria Nica’s team at Vernon | David displays ‘attention to detail’ and a ‘personalised touch’. Recent work highlights include acting for Amring Holding on a pharmaceutical industry acquisition in Moldova and serving as general counsel to H&M on a range of corporate issues. Volksbank received advice on the restructuring of its work force.

Zamfirescu Racoti Vasile & Partners

Led by Anca Danilescu, the team at Zamfirescu Racoti Vasile & Partners recently advised Transport Trade Services on buying back 6% of its share capital from International Finance Competition. It also assisted Jantzen Group with its acquisition of the entire share capital of a Romania-based agricultural company. Sectors of expertise include energy, oil and gas, aviation, real estate and construction.