Popovici Nitu Stoica & Asociatii

Popovici Nitu Stoica & Asociatii

Romania

News and developments

Popovici Nitu Stoica & Asociatii is assisting PPC in the consolidation of its renewables businesses

Glad and thankful to PPC for retaining our support in the merger of all its Romanian renewables companies. The merger will bring all renewables operations in Romania under the umbrella of PPC Renewables Romania. All companies are controlled by PPC Public Power Corporation Romania, a PPC group company. The PNSA core team was composed of Florian Nițu (Managing Partner), Silviu Stoica (Partner) and Managing Associates Ana-Maria Popa and Ela Marin. Senior Associate Mihaela Jarca, as well as Associates Cristina Anderco, Ruxandra Pasarica, and Zahra Ammar also contributed to the team. Thankful also to PPC legal team led by Alina Dumitrașcu, PhD (Director of Legal and Corporate Affairs) for the continuing trust, as well as to our colleagues from Suciu Partners.

Popovici Nițu Stoica & Asociații alongside Unicool Group on the sale to SYCLEF

July 2026 Popovici Nițu Stoica & Asociații has assisted the founders of Unicool Group on the sale to SYCLEF, a European leader in commercial refrigeration, industrial refrigeration and HVAC. The transaction marks SYCLEF’s first direct presence in Romania and supports its expansion strategy across Central and Eastern Europe. Completion remains subject to customary regulatory approvals, including clearance from the Romanian Competition Council and the Commission for the Examination of Foreign Direct Investments. PNSA provided comprehensive legal assistance to the founders throughout the M&A process, including transaction structuring, transaction documents, negotiations and assistance to signing. The PNSA team was led by Silviu Stoica – Partner and Vlad Ambrozie – Managing Associate. Founded in 2011 and based in Cluj County, Unicool Group comprises Unicool Instalații Frig SRL and Acsa Coolteam SRL, companies active in commercial refrigeration solutions for retail, logistics, pharmaceutical, industrial and HoReCa clients. In 2025, Unicool Group reported consolidated turnover of approximately EUR 16 million and had more than 140 employees. *** Popovici Nițu Stoica & Asociații is a leading Romanian independent law firm and has been at the forefront of the market since its incorporation in 1995. Popovici Nițu Stoica & Asociații and PNSA Tax group today more than 80 lawyers and counsels, including 18 partners, largely acknowledged as top-notch commercial law experts, by clients and peers.

Popovici Nițu Stoica & Asociații welcomes three new partners in 2026

12 January 2026 Popovici Nițu Stoica & Asociații is pleased to announce the promotion to Partner of Bianca Chiurtu, Ioana Cazacu and Ramona Pentilescu, effective as of 1 January 2026. Bianca Chiurtu joins the partnership as a thought leader in dispute resolution. She brings over twenty years of outstanding experience in administrative and tax litigation, proven leadership in team and project management, and an unwavering commitment to fairness and professional excellence. Ioana Cazacu has played an important role in shaping the Firm’s Employment Practice Group, contributing nearly two decades of distinguished experience in labor relations and proven leadership in managing complex workplace matters, all guided by integrity and client-focused solutions. Ramona Pentilescu has been a valued member of the team since 2011 earning a superb reputation for top-notch expertise in public to private projects, public procurement processes, and regulatory matters. Her promotion to Partner recognizes exceptional skills but also her full allegiance to the Firm’s foundational values. “We are delighted to welcome Bianca, Ioana, and Ramona as partners. We share the core values in the workplace and are guided by same ethics. Over the past 30 years, PNSA has consistently pursued an organic expansion strategy of growing from within - and that remains the grand plan”, said Managing Partner Florian Niţu. Popovici Nițu Stoica & Asociații is a leading Romanian independent law firm and has been at the forefront of the market since its incorporation in 1995. Popovici Nițu Stoica & Asociații groups today more than 80 lawyers and other experts, including 19 partners, largely acknowledged as top-notch commercial specialists, by clients and peers.

PNSA alongside Mplus Group on the acquisition of Valoris Group

Popovici Nițu Stoica & Asociații (PNSA) has assisted M Plus Croatia d.o.o., a member of Mplus Group, the European outsourcing player, in the successful acquisition of Valoris Group, one of the prominent players in the field of outsourcing business in Romania and Serbia. PNSA provided legal assistance throughout the entire M&A process, from legal due diligence to closing. PNSA team advising on the deal was led by Bogdan C. Stoica (Partner), along with colleagues from the Corporate/M&A group - Claudia Salomia (Managing Associate), Crina Stan (Associate), Ramona Pentilescu (Counsel), Ioana Lazăr (Senior Associate), Diana Toma (Associate) and Alexia Trofin (Associate); Competition - Mihaela Ion (Partner), Laura Ambrozie (Managing Associate) and Vanessa Nistor (Managing Associate); Employment - Ioana Cazacu (Managing Associate) and Bianca Țărăscu (Senior Associate); Data Privacy - Luana Dragomirescu (Counsel); Dispute Resolution - Sorin Dincă (Managing Associate). Mplus is a European leader in business process and technology outsourcing (BPTO). It operates as part of the BOSQAR INVEST group, serving as its BPTO vertical, which includes the parent company, M Plus Croatia d.o.o, along with its subsidiaries. Mplus successfully integrates the dynamic industries of contact centers, information technology, and employment services to address global challenges in customer support. Through its innovative business model, Mplus has built a diverse portfolio of clients, including leading European and global telecommunications, financial, technology, energy, logistics, and consumer goods companies.

PNSA alongside La Fântâna Group on securing a €70m loan

Popovici Nițu Stoica & Asociații has assisted La Fântâna Group, one of the leading providers of water and coffee hydration solutions on the Romanian and Serbian markets, in refinancing the group’s existing debt and securing a loan in the amount of €70m from a syndicate of banks comprising ING Bank România, ING Bank N.V. and Raiffeisen Bank S.A. The loan was provided in the form of a Senior Facilities Agreement, contracted to support the group’s current operations and ongoing development. PNSA team that managed the legal aspects of this project was composed of Bogdan C. Stoica (Partner), Ioana Lazăr (Senior Associate), Crina Stan (Associate) and Alexia Trofin (Associate). La Fântâna Group is a key player in the market for hydration solutions and related services and products, offering both water and coffee options through a wide range of formats, such as classic watercooler systems (BWC and BFC), purification and treatment equipment, and more. The services provided by La Fântâna Group cater to both corporate clients (B2B) and the residential segment (B2C), positioning the company as a major player in Central and Eastern Europe.

Popovici Nițu Stoica & Asociații advised Hexagon on the acquisition of the CUG Platform in Cluj, in one of largest real estate projects of the year

November 2025 Popovici Nițu Stoica & Asociații (PNSA) has assisted Hexagon Group, one of Romania’s leading real estate developers, on the acquisition of approximately 23 hectares of land from the former Combinatul de Utilaj Greu (CUG) industrial platform in Cluj-Napoca. The property was purchased from German group Max Aicher in a record transaction exceeding €20 million. Following this acquisition, Hexagon Group plans to transform the site into a modern mixed-use development, continuing its commitment to large-scale urban regeneration projects. PNSA provided legal assistance throughout the entire acquisition process, including preliminary negotiations, due diligence, transaction structuring, drafting and negotiating transaction documents, and assistance through signing and closing. PNSA team advising Hexagon on this transaction was led by Managing Partner Florian Nițu with Ana Maria Popa (Managing Associate) and included Adrian Nica (Counsel), Cristina Anderco (Associate), Mihaela Ion (Partner), Laura Ambrozie (Managing Associate), Vanessa Nistor (Managing Associate) and Camelia Constantin (Managing Associate). Hexagon Group is a long-standing client of Popovici Nițu Stoica & Asociații, having advised them in numerous transactions in the recent past, including on the acquisition of the former Tehnofrig platform in Cluj-Napoca, in a transaction worth approximately €35 million; the development of the mixed-use project Hexagon District; as well as the development of ERA residential complex, a large-scale urban regeneration project financed with more than €18 million.

PNSA continues to support Stradivarius International Tour

Popovici Nițu Stoica & Asociații pledged once again its full support to Stradivarius International Tour, initiated and supported every year by the violinist Alexandru Tomescu. Stradivarius International Tour 2025 – “RHAPSODIES”, this year in its 18th edition, includes 22 concerts in which violinist Alexandru Tomescu, together with his guest, guitarist Dragoș Ilie, presents a unique program featuring George Enescu’s Rhapsodies, marking 70 years since the composer’s death, and Rhapsody in Blue by George Gershwin. The Stradivarius Tour will take place between June 10 and July 12, 2025. *** Since its establishment in 1995, Popovici Nițu Stoica & Asociații has been actively involved in numerous scientific, cultural and artistic projects, supporting Romanian researchers, contemporary artists and various programs aiming the recovery and protection of Romanian historic, cultural or natural heritage. In particular, the Firm understands the essential role of promoters and sponsors in initiating research and development projects and it is proud to assume it as an important responsibility to the community. Popovici Nițu Stoica & Asociații constantly supports Romanian artists, active in the multiple realms, from Alexandru Tomescu and his projects Balada or Stradivarius to Henri Mavrodin and the mission of recovering the cultural memory of the Pangratti Art Studios, Iacob Foundation, etc. The Firm also supports socio-anthropologic and ethnographic projects, such as Romania After 30 project, a field research under the coordination of Professor Mirel Bănică about Romanians three decades after the 1989 Revolution in 1989. After the extraordinary national and international acclaim of the documentary Untamed Romania (România Neîmblânzită), whose production and completion were proudly supported by Popovici Nițu Stoica & Asociații, the Firm has promoted Nora Anghelescu (aka Nora De Angelli) and Doru Anghelescu’s initiative – the photographic album titled Orchids of Romania. Popovici Nițu Stoica & Asociații thus continues a long tradition of Romanian law firms, through this initiative in support of the national natural heritage.

PNSA alongside ALD Automotive on the merger with LeasePlan into Ayvens

Popovici Nițu Stoica & Asociații has assisted ALD Automotive, the leasing division of Société Générale Group, on the merger between ALD Leasing and its formerly competitor, meanwhile acquired, LeasePlan, one of the world’s leading fleet management and mobility companies. Following the merger, the two companies have been united together under a single common identity and a new global mobility brand, i.e. Ayvens. PNSA provided legal assistance throughout the entire M&A process, from preliminary discussions, legal and tax due diligences, transaction structuring, up to transaction documents, negotiations and further assistance to signing and closing. PNSA team advising on the deal was composed of Irina Ivanciu (Partner), Bogdan C. Stoica (Deputy Managing Partner), Ioana Cazacu (Managing Associate), Bianca Țărăscu (Senior Associate) and Diana Toma (Associate). The tax assistance was provided by Raluca Rusu (Tax Partner) and Ileana Radu-Cernat (Tax Manager). Ayvens is a leading global sustainable mobility player providing full-service leasing, flexible subscription services, fleet management services and multi-mobility solutions to a client base of large corporates, SMEs, professionals and private individuals. With the broadest coverage in 42 countries through direct presence, Ayvens is leveraging its unique position to lead the way to net zero and further shape the digital transformation of the industry through innovation and technology-enabled services to enable the transformation towards large scale adoption of sustainable mobility.

PNSA advised Rex Concepts on securing two international credit facilities

November 2025 Popovici Nițu Stoica & Asociații (PNSA) has advised Rex Concepts, a quick-service restaurant franchisee operator of Burger King and Popeyes, on obtaining two term credit facilities in amount of PLN 64,350,000 and EUR 15,000,000. The credit facilities have been granted by Bank Polska Kasa Opieki S.A., one of the largest financial institutions in Poland, to the companies part of the Rex Concept’s group, inclusively to the Romanian subsidiaries, respectively Rex Concepts PLK Romania SRL and Rex Concepts BK Romania SRL. The PNSA team that managed the legal aspects of this project was formed by Silviu Stoica (Partner), Ioana Lazăr (Senior Associate) and Crina Stan (Associate).  

PNSA alongside Ameropa Group on full refinancing of its existing credit facilities

July 2025 Popovici Nițu Stoica & Asociații (PNSA) has advised Ameropa Group, together with Hogan Lovells, on the full refinancing of the existing credit facilities of the Group. The new credit facility is in amount of up to USD 1,350,000,000. The syndicate of banks includes Coöperatieve Rabobank U.A., Raiffeisen Bank International AG and UniCredit Bank GmbH. The loan is provided in the form of a two long-term revolving facilities, contracted for the refinancing of the existing credit facilities already contracted by Ameropa Group, as well as for general corporate purposes. PNSA team that managed the legal aspects of this project was led by Partner Bogdan C. Stoica, with the contribution of Ioana Lazăr (Senior Associate) and Crina Stan (Associate). Ameropa is a Swiss-based agri-business group founded in 1948 with world-wide activities that span the full supply chain, ranging from production, to logistics and merchandising, to distribution. A core activity of the group is the global merchandising and distribution of fertilizer and food & feed products, supported and enabled by complementary assets, such as silos, warehouses and port facilities, as well as upstream assets such as fertilizer production plants. Active in more than 30 countries, the group is the largest exporter of grains out of the Danube region and the largest independent global fertilizer trader, which selectively invests in logistical and processing assets.

PNSA alongside Romania Education Alliance on the acquisition of a majority stake in Little London International Academy

Popovici Nițu Stoica & Asociații has assisted Romania Education Alliance (REA), the national platform for excellence in private education, on the acquisition of a majority stake in Little London International Academy (LLIA), one of the most important private suppliers of education services. Romania Education Alliance was founded in 2024 by Anca and Dan Macovei Vlăsceanu, the founders of Mark Twain International School, together with Morphosis Capital investment fund. REA supports private schools in their expansion, modernization and accreditation processes. PNSA team was led by Silviu Stoica (Partner) along with Vlad Ambrozie (Managing Associate), with the support of Camelia Constantin (Managing Associate), Ioana Cazacu (Managing Associate) and Roxana Chiscop (Senior Associate). The tax assistance was provided by Raluca Rusu (Tax Partner) and Ileana Radu-Cernat (Tax Manager). PNSA provided legal assistance throughout the entire M&A process, from preliminary discussions, legal and tax due diligences, transaction structuring, up to transaction documents, negotiations and further assistance to signing and closing. *** Popovici Nițu Stoica & Asociații is a leading Romanian independent law firm and has been at the forefront of the market since its incorporation in 1995. Popovici Nițu Stoica & Asociații and PNSA Tax group today more than 80 lawyers and counsels, including 16 partners, largely acknowledged as top-notch commercial law experts, by clients and peers.

PNSA continues to support Stradivarius International Tour

June 2026 Popovici Nițu Stoica & Asociații pledged once again its full support to Stradivarius International Tour, initiated and supported every year by the violinist Alexandru Tomescu. The 2026 Stradivarius International Tour – “THE MUSES”, now in its 19th edition, will take place from June 13 to July 18, 2026, and will include 20 classical music concerts held in both traditional and innovative venues, across urban and rural settings. Violinist Alexandru Tomescu, performing on the Stradivarius Elder-Voicu violin — a National Heritage object, Treasure category — will be joined by classical guitarist Dragoș Ilie and Argentinian artist Omar Massa on bandoneon. The 2026 edition is dedicated to the great artist Constantin Brâncuși, marking the 150th anniversary of his birth, under the title “THE MUSES”. The programme features works inspired by the artistic and musical universe associated with Brâncuși, signed by Erik Satie, George Enescu, Béla Bartók, W.A. Mozart, Manuel de Falla, J.S. Bach, and Astor Piazzolla. *** Since its establishment in 1995, Popovici Nițu Stoica & Asociații has been actively involved in numerous scientific, cultural and artistic projects, supporting Romanian researchers, contemporary artists and various programs aiming the recovery and protection of Romanian historic, cultural or natural heritage. In particular, the Firm understands the essential role of promoters and sponsors in initiating research and development projects and it is proud to assume it as an important responsibility to the community. Popovici Nițu Stoica & Asociații constantly supports Romanian artists, active in the multiple realms, from Alexandru Tomescu and his projects Balada or Stradivarius to Henri Mavrodin and the mission of recovering the cultural memory of the Pangratti Art Studios, Iacob Foundation, etc. The Firm also supports socio-anthropologic and ethnographic projects, such as Romania After 30 project, a field research under the coordination of Professor Mirel Bănică about Romanians three decades after the 1989 Revolution in 1989. Most recently, PNSA supported Project 35/35, a national initiative promoting emerging Romanian artists under 35, in collaboration with the association Cred în România and the Catalyst of Beginnings programme. After the extraordinary national and international acclaim of the documentary Untamed Romania (România Neîmblânzită), whose production and completion were proudly supported by Popovici Nițu Stoica & Asociații, the Firm has promoted Nora Anghelescu (aka Nora De Angelli) and Doru Anghelescu’s initiative – the photographic album titled Orchids of Romania. Popovici Nițu Stoica & Asociații thus continues a long tradition of Romanian law firms, through this initiative in support of the national natural heritage.

New Managing Associates at Popovici Nițu Stoica & Asociații

Popovici Nițu Stoica & Asociații is pleased to announce the promotion of Justin Anghel (Energy & Natural Resources; Litigation; TMT), Sorin Dincă (Litigation; Public Procurement), Claudia-Alina Salomia (Corporate & Commercial; Mergers & Acquisitions; IP) and Ana Stoenescu (White-Collar Compliance & Defense; Corporate & Commercial) to Managing Associates. Justin Anghel joined the PNSA team in 2016 and has significant experience in litigation, especially in the energy and telecommunications sector, including commercial litigation. Justin combines the lawyering practice with academic activity, being a teaching assistant both at the Faculty of Law, University of Bucharest, where he teaches civil procedure, and Sorbonne Paris 1, where he teaches French corporate law (droit des sociétés) in Bucharest. Sorin Dincă joined the Firm in 2016 as well. Sorin has extensive experience in litigation, with a special emphasis on proprietary rights dispute resolution. He is also actively involved in corporate and real estate matters. Claudia-Alina Salomia specializes in corporate & commercial, mergers & acquisitions and intellectual property projects. She is also experienced in compliance/permitting and, generally, regulatory matters. Claudia joined the Firm in 2016. Ana Stoenescu has 8 years of experience in the PNSA White-Collar Compliance & Defense practice. Ana is a Certified Fraud Examiner and has been involved on all the main fronts of the white-collar projects, from implementing compliance programs, to conducting internal investigations and participating in criminal investigations. Managing Partner Florian Niţu states: ‘We are very proud of Ana, Claudia, Justin and Sorin and grateful for their excellent work. We wish them the very best in the new role!’ Popovici Nițu Stoica & Asociații is a leading Romanian independent law firm and has been at the forefront of the market since its incorporation in 1995. Popovici Nițu Stoica & Asociații and PNSA Tax group today more than 80 lawyers and counsels, including 16 partners, largely acknowledged as top-notch commercial law experts, by clients and peers.  

New Managers and Senior Associates at Popovici Nițu Stoica & Asociații

Popovici Nițu Stoica & Asociații is pleased to announce five promotions to Managing and Senior Associate. Further to the Firm’s annual performance assessment, Diana Dobra (Corporate & Commercial; Mergers & Acquisitions; Projects) and Vanessa Nistor (Competition & Antitrust; FDI; Consumer) became Managing Associates. The new Senior Associates are Elena Eftene (Corporate; Telecommunications, Media & Technology), Liviu Gabor (Litigation; White-Collar Compliance & Defense) and Bianca Manea (Litigation; Real Estate). Diana Dobra joined the PNSA team in 2017 and has significant experience in public projects, corporate M&A and regulatory matters. Vanessa Nistor joined the Firm in 2017 as well. Vanessa has a vast experience in all aspects of competition and trade regulations, including consumer protection legislation. Additionally, Vanessa consistently provides clients with assistance in FDI matters. Elena Eftene has extensive experience in a whole array of corporate and commercial matters pertaining mainly to formation of businesses and specific permitting and regulatory issues. Liviu Gabor is experienced in white-collar criminal defense, government investigations and internal corporate investigations. His practice includes assistance and representation both before courts and in pre-trial investigations. Bianca Manea specializes in civil and commercial litigations. Her practice covers real estate, and administrative law matters. All appointments are effective as of March 1, 2025. Managing Partner Florian Niţu states: ‘Congratulations! We are proud of your excellent work and grateful for your contribution and wish you the very best in the new role!’ Popovici Nițu Stoica & Asociații is a leading Romanian independent law firm and has been at the forefront of the market since its incorporation in 1995. Popovici Nițu Stoica & Asociații and PNSA Tax group today more than 80 lawyers and counsels, including 16 partners, largely acknowledged as top-notch commercial law experts, by clients and peers.

Popovici Nițu Stoica & Asociații alongside TehnoWorld on its sale to Romcim 

PNSA advised the owners of TehnoWorld, a provider in water infrastructure and utilities conveyance solutions for gas, telecom and electricity applications, on its sale to Romcim, a CRH company.  PNSA provided extensive legal assistance throughout the entire acquisition process, from preliminary discussions, legal and tax due diligence procedures, transaction structuring, up to transaction documents, negotiations and assistance to signing and closing.  PNSA team advising on the deal was led by M&A Partner Silviu Stoica, along with Managing Associate Vlad Ambrozie and Senior Associate Roxana Chiscop. Tax Partner Raluca Rusu, Competition Partner Mihaela Ion and Managing Associate Laura Ambrozie were also directly involved in the Project, teaming up with consulting firm EY led by Iulia Bratu. We had a very good collaboration with the buyer’s advisors, i.e., RTPR team led by Mihai Ristici on matters related to due diligence and transaction documentation and negotiation and Schoenherr on the regulatory aspects of the deal.   About Romcim  Romcim is part of CRH group of companies in Romania, the most dynamic in the local construction industry, employing over 2,500 employees across all business lines and operating over 50 units national wide managed through companies: Romcim, Elpreco, Ferrobeton, Baulemente, Sapphire and now TehnoWorld.   The building and construction solutions span aggregates, cement, ready-mix concrete, precast elements, building products for masonry and outdoor landscaping, alternative fuels and now water conveyance solutions. The combination of people, know-how, technology, assets, and innovation enables unrivaled offering of customized solutions for infrastructure, non-residential and residential market segments contributing to the way our world is built.   For more information: www.romcim.ro, www.elpreco.ro, www.ferrobeton.ro, www.baulemente.ro, www.sapphire-energy.ro, www.tehnoworld.ro    August 2024 

Popovici Nițu Stoica & Asociații advises AFI Europe on the acquisition of Bucharest Financial Plaza from IMMOFINANZ

PNSA advised AFI Europe, one of the leading real estate development, management and investment companies,operating in Central and Eastern Europe, on the acquisition of Bucharest Financial Plaza office building, known as “Bancorex” building, one of the most iconic office building projects in Bucharest and an architectural symbol, from Austrian real estate investment fund IMMOFINANZ. Completed in 1998, Bucharest Financial Plaza was the first modern office building in Bucharest and the tallest in the city center, with a built area of 38,703 square meters. AFI Europe aims to transform this iconic property into a modern Class A mixed-use project with the highest quality standards. PNSA provided extensive legal assistance throughout the entire acquisition process, from legal and tax due diligence up to transaction documents' drafting, negotiations, and completion. PNSA team advising on the deal was led by Florian Nițu (Managing Partner), along with colleagues Ioana Șampek (Partner), Ela Marin (Managing Associate), Ana Maria Popa (Managing Associate), Adrian Nica (Counsel), Mihaela Ion (Partner), Veronica Culcea (Senior Associate), Diana Dobra (Senior Associate), Bogdan Pîrvu (Associate) and Ruxandra Păsărică (Associate).  

Popovici Nițu Stoica & Asociații alongside Banque Banorient France SA Romania Branch on a new real estate acquisition financing

PNSA successfully advised its long-standing client Banque Banorient France SA Romania Branch on the financing granted to Solida Capital for the acquisition of Victoria Center office building, located on Calea Victoriei, one of the most iconic streets in Bucharest. PNSA team advising on the deal was led by Alexandru Ambrozie (Partner – Banking & Finance), along with colleagues from Real Estate group – Florian Nitu (Managing Partner), Ana Maria Popa (Managing Associate); Banking & Finance – Ioana Lazar (Senior Associate), Andra Vieriu (Senior Associate) and Crina Loredana Stan (Associate); as well as Dispute Resolution – Catinca Mihalcea (Managing Associate). PNSA advised Banque Banorient France SA Romania Branch throughout the entire process, from preliminary discussions on structuring and financing the transaction, up to negotiating the transaction documents and preparing for signing and closing. Banque Banorient France SA Romania Branch is a long-standing client ever since 2006, when PNSA advised on the incorporation of the branch in Romania.  

New promotions at Popovici Nițu Stoica & Asociații

March 2026 Popovici Nițu Stoica & Asociații is pleased to announce a new round of promotions within the Firm, following the annual performance appraisal. Veronica Culcea (Corporate & Commercial; Real Estate) and Ioana Lazăr (Banking & Finance; Corporate & Commercial; Mergers & Acquisitions) have been promoted to Managing Associates, while Diana Toma (Corporate & Commercial; Mergers & Acquisitions; Real Estate) became Senior Associate. Veronica Culcea advises clients on corporate, commercial, and real estate matters, with experience in lease and construction contracts for investment projects, as well as real estate development related issues. Ioana Lazăr’s practice focuses on corporate and commercial matters, as well as mergers and acquisitions. She is involved in all stages of M&A transactions and provides ongoing support in complex matters. She also brings notable experience in banking & finance. Diana Toma specializes in mergers and acquisitions and handles a wide range of corporate and commercial matters, with additional experience in real estate development related issues. All appointments are effective as of March 1, 2026. Popovici Nițu Stoica & Asociații is a leading Romanian independent law firm and has been at the forefront of the market since its incorporation in 1995. Popovici Nițu Stoica & Asociații groups today more than 80 lawyers and other experts, including 19 partners, largely acknowledged as top-notch commercial specialists, by clients and peers.

Pay Transparency Enters the Final Stretch in Romania

With the Romanian Government entering an interim period and losing its authority to approve draft laws, the draft law aimed at transposing Directive (EU) 2023/970 to strengthen the application of the principle of equal pay for equal work or work of equal value between men and women through pay transparency and enforcement mechanisms, published for public consultation at the end of March 2026, has also stalled in the legislative process. In this context, on June 17, 2026, a group of members of Parliament submitted a legislative proposal to the Romanian Senate under urgent procedure to transpose the Directive (https://www.senat.ro/legis/lista.aspx?nr_cls=L445&an_cls=2026), incorporating, with some amendments, the text of the draft law from earlier this spring – likely taking into account the fact that missing the deadline for transposing the Directive into national law (which expired on June 7, 2026) could expose the Romanian State to the risk of infringement proceedings being initiated against it. According to the information published by the Senate, the proposal is subject to a 45-day tacit approval period (calculated as of 29 June 2026). Given the parliamentary recess, the exact expiry date of this period will depend on when the Senate resumes its activity. Most likely, the tacit approval deadline will expire at the end of October 2026, after which the proposal will be forwarded to the Chamber of Deputies, acting as the decision-making chamber. It is worth noting at this point that the legislative proposal received a negative opinion from the Legislative Council (Opinions issued on June 26, 2026 Legislative Council), which raised several technical and legal criticisms regarding the text of the draft law. Since this opinion is merely advisory in nature, it does not prevent the legislative process from moving forward. However, it is expected that the nal text of the law will undergo signicant amendments, particularly during the proceedings in the Chamber of Deputies. For employers, our recommendations remain unchanged: preparations should not be postponed until the nal version of the law is adopted. Compliance with the forthcoming pay transparency legislation is a long-term process which, from a legal perspective, should begin with an inventory of existing positions, updating job descriptions to accurately reect employees' actual duties and thereby facilitate comparisons between employees performing work of equal value, aligning job titles across organisational charts, employment contracts and job descriptions, establishing clear evaluation criteria and remuneration policies, documenting pay decisions, ensuring recruitment processes comply with the new requirements, developing the capacity to respond promptly to employees' requests for information, and, last but not least, engaging in meaningful cooperation with social dialogue partners. We also remind employers that, for organisations employing at least 150 employees, the rst mandatory gender pay gap reporting obligation is expected, in line with the Directive, to fall due in June 2027, based on data relating to the 2026 calendar year.

Reset of the legislative framework governing the employment of foreigners. Significant new obligations for employers

Emergency Ordinance no. 32/2026 on the access of foreign nationals to the labour market in Romania, as well as amending and supplementing certain legislative acts ("GEO no. 32/2026"), adopted in April this year and expected to take full effect from August 2026, resets the legal framework governing the employment of foreign nationals in Romania.Summary of legislative changesEmergency Ordinance no. 32/2026 on the access of foreign nationals to the labour market in Romania, as well as amending and supplementing certain legislative acts ("GEO no. 32/2026"), adopted in April this year and expected to take full effect from August 2026, resets the legal framework governing the employment of foreign nationals in Romania.Essentially, it replaces the traditional employment authorisation procedure with a digital procedure based on a "single application", creates two types of work visa (D/AM1, for special categories, including highly skilled workers, and D/AM2, for permanent, seasonal and cross-border workers) and makes the recruitment of D/AM2 workers conditional upon the use of an authorised recruitment agency or direct authorisation of the employer, subject to the fulfilment of certain legal criteria.Furthermore, GEO no. 32/2026 introduces the concept of a List of Shortage Occupations, so that ordinary recruitment from third countries is, in principle, possible only for occupations included on this list, establishes the electronic platform WorkinRomania.gov.ro, introduces mandatory authorisation, financial guarantees and extended obligations for recruitment agencies, as well as a number of additional obligations for employers.At the same time, the mobility of foreign workers is restricted, particularly during the first 6 months, and for those recruited through an agency, during the first 2 years.Furthermore, financial guarantees and the recovery of repatriation costs are regulated, the rules governing the automatic termination of a foreign national's individual employment agreement are amended, the fee for a long-stay visa is increased to EUR 300, and a temporary regularisation procedure is introduced for certain foreign nationals in Romania without a valid right of residence.Last but not least, specific administrative offences and substantial penalties are regulated.GEO no. 32/2026 lays the foundations for the use of a special electronic system, accessible via the WorkinRomania.gov.ro platform, on which employers must register or obtain authorisation in order to employ foreign nationals. This system is due to be implemented, provided that the WorkinRomania.gov.ro electronic platform becomes available as estimated by the authorities, from August 8, 2026 (until that date, the platform has been/will be available for testing purposes only).The full implementation of the new legal framework depends on the adoption of subsequent legislation, Government Decisions and Ministerial Orders.1. Scope of the new legal frameworkEssentially, GEO no. 32/2026 applies to the employment of foreign nationals:highly skilled workers, persons carrying out activities requested by ministries /central authorities, teaching, scientific, specially qualified or artistic staff, professional sportspeople, and citizens of the Republic of Moldova, Ukraine and the Republic of Serbia employed on full-time employment contracts.For this category of workers, a long-stay work visa of type D/AM1 must be obtained.They may only be employed by a registered employer (who is required to register on the WorkinRomania.gov.ro electronic platform). To employ them, the registered employer does not need to enter into a standard service contract with an authorised foreign labour placement agency.permanent, seasonal and cross-border workers may be employed in Romania only if their occupation is included in the List of Shortage Occupations; shortage occupations are limited to those specified in major groups 3–9 of the Classification of Occupations in Romania.For this category of workers, a long-stay work visa of type D/AM2 is required.In order for a Romanian employer to hire these categories of foreign nationals, it must:be registered on the WorkinRomania.gov.ro online platform and enter into a standard service contract with an authorised foreign worker recruitment agency, which is listed in the Register of Foreign Worker Recruitment Agencies (available on the WorkinRomania.gov.ro online platform)orbe an authorised employer who posts firm job offers directly on the WorkinRomania.gov.ro platform (and therefore does not need to enter into a standard service contract with an authorised foreign recruitment agency).To obtain a long-stay visa for employment, the foreign recruitment agency or the authorised employer must fill in a single application on the WorkinRomania.gov.ro platform.It should be noted that, for the recruitment of permanent, seasonal and cross-border workers, employers are required to declare vacancies to the National Agency for Employment – a requirement that must be included in the firm job offer.According to the 2026 Methodology for drawing up and updating the List of Shortage Occupations, approved by Order 987/2026 of the Ministry of Labour, Family, Youth and Social Solidarity, the number of vacancies forms the basis for compiling the List of Shortage Occupations.Although the scope of this legislative act is intended to be very broad and applies to a wide range of foreign nationals, we would point out that Government Emergency Ordinance no. 32/2026 does not apply to the employment of foreign nationals falling within the categories set out in Article 132^1 para. (1), points a)-h) and (j)-m) of GEO no. 194/2002, namely:foreign nationals holding a long-term right of residence in Romania;sas family members of a Romanian citizen;foreign nationals holding a temporary right of residence for study purposes;foreign nationals holding a temporary right of residence granted in accordance with the provisions of art. 130 on the grounds that they are victims of criminal offences;foreign nationals holding a valid temporary residence permit, granted for the purpose of family reunification, who have previously benefited from a right of residence in Romania as family members of a Romanian citizen and who are in one of the situations provided for in Article 64 para. (2);foreign nationals who have been granted a form of protection in Romania;asylum seekers from the date on which they are entitled to access the labour market in accordance with the provisions of Law no. 122/2006 on asylum in Romania, provided they are still subject to the procedure for determining a form of protection;foreign nationals who have been granted tolerated stay;foreign nationals holding a temporary right of residence for religious activities who are to be employed within Romania in places of worship;foreign nationals holding a valid EU Blue Card, issued by a Member State of the European Union, who are due to carry out work-related activities in Romania as highly skilled workers under a mobility scheme;foreign nationals holding a valid EU Blue Card, following 12 months of lawful employment in Romania as a highly skilled worker;foreign nationals holding a right of long-term residence granted by another Member State of the European Union, who hold a long-term residence permit bearing the endorsement "Former holder of an EU Blue Card".2. Conditions for the registration and authorisation of employers on the WorkinRomania.gov.ro platform2.1. Conditions for registering an employer on the platform:The conditions for an employer to register on the WorkinRomania.gov.ro platform are:it has no outstanding debts to the consolidated general budget and does not pose a risk of money laundering or terrorist financing at national level,it actually carried out uninterrupted economic activity for at least one year prior to registration in fields of activity compatible with the occupation listed in the List of Shortage Occupations – this condition does not need to be met in the case of employing foreign nationals for whom a D/AM1 visa is required;in the past 6 months prior to the decision on the registration application, it has not been penalised for employing a foreign national residing illegally in Romania (with or without a written individual employment agreement), for employing one or more persons without concluding an individual employment agreement or without submitting the details of the individual employment agreement to the general register of employees no later than the day before the start of work, or for failing to submit the relevant data to Reges-online,in the past 12 months preceding the date of the application, it has not been finally convicted of offences:consisting of preventing, in any way, the competent authorities from entering, under the conditions laid down by law, the premises, sites, spaces, land or means of transport used by the employer in the course of its professional activities, in order to carry out checks regarding the application of general and specific regulations in the field of labour relations, health and safety at work,including the employment of a minor in breach of the statutory age requirements or the use of a minor to carry out activities in breach of the legal provisions relating to the employment of minors,consisting of employing a person residing illegally in Romania, knowing that they are a victim of human trafficking, and has not been finally convicted abroad of an offence involving the obstruction of the competent authorities in verifying compliance with regulations relating to labour relations or health and safety at work, for an offence relating to non-compliance with the rules on the employment of minors or for an offence relating to the employment of a person residing illegally who is a victim of human trafficking;has not been finally convicted (in Romania or abroad) of an intentional offence under the Criminal Code;the legal representatives of the registered employer, its directors, partners and shareholders have not been finally convicted of the offences referred to in points d) and e) above; they are not listed in the National Automated Register of Persons Who Have Committed Sexual Offences, Offences Involving the Exploitation of Persons or Offences Against Minors, nor are they reported as being involved in activities that constitute a threat to national security.2.2. Conditions for authorising an employer on the platform:In order to be authorised to employ foreign nationals, employers must upload an application to the platform for each firm job offer, accompanied by proof of a financial guarantee of EUR 1,000 / foreign national, as well as sworn statements and documents demonstrating that:it has no outstanding liabilities to the consolidated general budget, has no entries in its tax record for offences under tax, accounting, customs or financial discipline legislation, and does not pose a risk of money laundering or terrorist financing at national level,it has actually carried out uninterrupted economic activity for at least 24 months prior to submitting the application for authorisation in a field of activity compatible with the occupation listed in the List of Shortage Occupations;the average number of employees recorded in the year prior to the submission of the application for authorisation was at least 50 employees;in the year prior to submitting the application for authorisation, the company employed foreign nationals, and no more than 20% of them can be in a situation where they no longer have the right of residence due to the expiry of their permit or no longer hold a valid long-stay visa due to its cancellation or revocation;in the past 24 months preceding the date of submission of the application for authorisation or for the extension of the authorisation's validity, the employer has not been fined for breaches of health and safety at work regulations, has not been penalised for undeclared work, for obstructing IGI inspectors from carrying out checks, or for employing a foreign national residing illegally in Romania (whether or not they have a written individual employment agreement), for failing to fulfil the obligation to provide accommodation for seasonal workers or for automatically deducting rent from wages, for failing to comply with the prohibition on employing a foreign national under an individual employment agreement with another employer solely on a part-time basis, with a maximum working time of 4 hours/day, for breaching the obligation to notify the General Inspectorate for Immigration, within no more than 10 days of the date on which the foreign national commenced work in Romania, by sending a copy of the individual employment agreement, as well as documents certifying that the foreign national falls within one of the categories exempted by GEO no. 32/2026, or for the employer's failure to comply with the obligation regarding the foreign national's performance of work corresponding to the COR code specified in the individual employment contract;in the past 12 months prior to the date of submitting the application for authorisation or for the extension of the authorisation's validity, the employer has not been finally convicted of offences:consisting of preventing, in any way, the competent authorities from entering, under the conditions laid down by law, the premises, sites, spaces, land or means of transport used by the employer in the course of its professional activities, in order to carry out checks regarding the application of general and specific regulations in the field of labour relations, health and safety at work,consisting of employing a minor in breach of the statutory age requirements or using them to carry out activities in breach of the legal provisions relating to the employment of minors,consisting of employing a person residing illegally in Romania, knowing that they are a victim of human trafficking, and has not been finally convicted abroad of an offence involving the obstruction of the competent authorities in verifying compliance with regulations in the field of labour relations or occupational health and safety, for an offence relating to non-compliance with the rules on the employment of minors or for an offence relating to the employment of a person residing illegally who is a victim of human trafficking;has not been finally convicted (in Romania or abroad) of an intentional offence under the Criminal Code;its legal representatives, directors, partners and shareholders have not been finally convicted of the offences referred to in points f) and g) above, they are not listed in the National Automated Register of Persons Who Have Committed Sexual Offences, Offences Involving the Exploitation of Persons or Offences Against Minors, nor are they reported as being involved in activities that constitute a threat to national security.3. The obligations of registered and authorised employers in relation to foreign nationals whom they employ or wish to employ in RomaniaThe newly regulated obligations of a registered or authorised employer that employs foreign nationals towards these employees are, in essence, as follows:3.1. Obligations of a registered employer towards a foreign employee:3.1.1. Before the foreign worker's arrival or recruitment, the employer must:provide a firm, complete and genuine offer of employment, containing at least:the role/occupation and the requirements of the post, including the place of work;the duration of employment in months/days, the terms and conditions of employment, termination or re-employment, as well as the start date, if possible;the maximum working hours, the minimum duration of regular rest periods, and compensation for overtime;gross and net remuneration or gross and net monthly salary, as applicable, as well as the hourly rate, the methods of payment and the dates of payment of the salary or remuneration, as applicable;the national minimum gross wage guaranteed under Romanian law and the applicable collective labour agreement, where applicable;bonuses and other salary-related entitlements;the circumstances in which salary rights may be pursued;the minimum duration of paid annual leave, the manner in which it is granted and the financial entitlements relating to annual leave, as provided for by law and the applicable collective labour agreement, where applicable;working conditions and measures relating to health and safety at work, hygiene in the workplace and social security;the taxes, duties and contributions levied on foreign workers' income, ensuring, where applicable, that double taxation or the double levying of social security contributions is avoided;the provision of compensation in the event of occupational diseases, accidents at work or death;if accommodation is provided, the conditions of accommodation and the provision of meals must be specified, and the cost of rent may not exceed 25% of the net salary/remuneration;if transport is provided, the conditions for transport from the country of origin to Romania, transport from the accommodation to the place of work within Romania, and the conditions for transport and repatriation, including in the event of occupational diseases, accidents at work or death, must be specified;draw up the individual employment agreement in a bilingual format, in Romanian and the foreign national's native language or an internationally recognised language which they understand or can reasonably be expected to understand.Order no. 655/2026 on the approval of the model framework for contracts used in the placement of foreign workers, issued by the Ministry of Labour, Family, Youth and Social Solidarity, established, amongst other things, model frameworks for the firm job offer and for the foreign national's individual employment contract.3.1.2. Obligations during the term of the employment relationship:not charge the worker any recruitment or placement fees.comply fully with the conditions promised in the offer and in the placement contracts.pay remuneration or wages into a bank account in Romania (this obligation is linked to the ability of Romanian banks to open a bank account for the foreign national on the basis of a long-stay visa for work purposes, a residence permit or any other document attesting to the right of residence in Romania).ensure that working conditions are identical to those applicable to Romanian employees in comparable situations.provide health and safety training in a language understood by the worker and ensure the provision of personal protective equipment and safe and healthy working conditions.provide Romanian language and cultural/social integration courses for a minimum period of 6 months from the date of commencement of work in Romania, with a minimum duration of 6 hours/week.ensure that foreign nationals have access to procedures for lodging complaints and reporting abuse (this obligation is linked to the requirement that the tripartite placement contract must include the contact details of the Labour Inspectorate, the General Inspectorate for Immigration, the Romanian Police, the National Agency against Trafficking in Persons and the National Agency for Employment, where foreign nationals can report violations of their rights and freedoms).retain documents proving the legality of the worker's residence and employment at the registered office or place of business throughout the duration of the employment relationship and for a period of at least 5 years following its termination.notify the agency responsible for the placement of foreign nationals and the General Inspectorate for Immigration if the worker is absent without valid reason for more than 3 consecutive working days; if the contract is terminated; if there are suspicions that the foreign national is in danger, is being exploited, or if it is found that the conditions on which the right to work and reside in Romania was granted have not been met (this obligation also applies to the authorised employer, with slight modifications in accordance with point 3.2.2, paragraph 2, below).3.2. Obligations of the authorised employer towards the foreign employeeThe authorised employer has all the above obligations and, in addition, the following direct obligations towards the foreign worker:3.2.1. Prior to the foreign worker's arrival/recruitment, the authorised employer must:ensure that, prior to their arrival in Romania, the foreign workers they have employed hold all the documents required to enter the country and exercise their right to work in Romania,ensure that, at least 10 days prior to their arrival in Romania, the foreign nationals have information regarding:working conditions, including pay and measures to protect against dismissal or other unfavourable treatment by the employer, any outstanding payments to be made by employers in respect of any outstanding remuneration, as well as health and safety at work requirements;access to all forms and levels of education and vocational training, including the award of study grants; the equivalence of studies and the recognition of diplomas, certificates, certificates of competence and professional qualifications, in accordance with the regulations in force;social security;social assistance and social protection;public health care;deductions from total income tax and tax exemptions;access to public goods and services, including access to housing;the right to strike and to take collective action, freedom of association, affiliation and membership of a trade union or professional organisation, including in relation to the rights and benefits conferred by such organisations, linked to the exercise of the right to collective bargaining and the implementation of collective labour agreements concluded;services provided by employment agencies.provide transport from the point of entry into Romania to the place of work and/or accommodation, if required by law or contract;where the authorised employer discovers that one or more foreign employees are missing, it must immediately inform the General Inspectorate for Immigration;immediately report to the competent authorities any potential cases of human trafficking of which it has been informed by the foreign nationals employed;3.2.2. Obligations during the employment relationship:notify the National Agency for Employment, the General Inspectorate for Immigration and the Labour Inspectorate, as appropriate, within a maximum of 3 working days of discovering or being notified of any failure by the foreign employees to comply with the conditions on which their right of residence and work was granted;notify the National Agency for Employment, within 5 days of the date of discovery or the date of the report, of any situation involving the employed foreign national's unjustified absence from work exceeding 3 consecutive working days;3.2.3. Obligations upon termination of the employment relationship:in the event of the termination of the individual employment agreement before the term specified therein, to identify and put the foreign national in touch with an employment agency for foreign nationals with a view to concluding an individual employment agreement with another employer; the foreign national's refusal shall be recorded in writing, and the employer shall notify the General Inspectorate for Immigration and the National Agency for Employment;to bear the costs of return/repatriation where the foreign national, whose employment relationship has been terminated before the expiry of the term specified in the individual employment agreement, does not enter into an employment agreement with another employer;to bear the costs incurred in the procedure for the return or expulsion of foreign nationals, up to a limit of EUR 2,000 per each person, by enforcing the financial guarantee;not to employ foreign nationals on behalf of other employers within Romania.This document is intended for informational purposes only, does not represent legal advice and does not focus on particular cases.For further information or analysis on specific matters, please contact Ioana Cazacu.

Popovici Nițu Stoica & Asociații advised Ameropa on the sale of Azomureș to Romgaz

June 2026 Popovici Nițu Stoica & Asociații (PNSA) is pleased to announce that it has acted as legal counsel to longstanding client Ameropa Group in connection with the sale of Azomureș, Romania’s largest fertilizer producer, to S.N.G.N. Romgaz S.A. The transaction involves the transfer of all assets related to Azomureș’s production activities, as well as the assignment of key contracts and employees necessary to ensure business continuity, all under a transfer of business as a going concern structure. The deal marks a significant milestone for the Romanian energy and agricultural sectors, supporting the long-term sustainability of domestic fertilizer production and enabling the integration of Romania’s natural gas resources into value-added industrial processes. The transaction follows an extensive negotiation and due diligence process and remains subject to customary conditions precedent, including regulatory approvals. The transfer represents a new chapter for Azomureș, ensuring the continuation of its operations as a strategically important industrial platform and a key supplier to Romania’s agricultural sector. It also reflects broader market dynamics affecting the European fertilizer industry, including volatile energy markets and structural challenges in recent years. PNSA provided comprehensive legal assistance throughout the transaction, including structuring, due diligence, negotiation, drafting and execution support. The PNSA multidisciplinary team was led by Bogdan C. Stoica – Partner and included Ioana Lazăr – Managing Associate, Crina Stan – Associate, Raluca Rusu – Tax Partner, Ioana Cazacu – Employment Partner and Ștefania Dan – Consultant. Commenting on the transaction, Bogdan C. Stoica stated: “15 years after we have had the chance of advising Ameropa on the acquisition of Azomures, we are honored to have supported Ameropa in this landmark exit transaction, which has both strategic and economic significance for Romania. The agreement ensures a sustainable future for Azomureș and contributes to reinforcing the link between Romania’s natural resources and its agricultural sector.” Ameropa, a Swiss-based global agribusiness group, has been present in Romania for almost two decades and remains a key player in fertilizer distribution, grain trading and port operations, continuing its long-term commitment to the Romanian market following the transaction. PNSA is one of Romania’s leading independent law firms, widely recognized for its outstanding track record in M&A, Banking & Finance, Real Estate, Employment, Litigation and Arbitration, Tax and other areas of practice. With a team of over 80 lawyers and tax professionals, PNSA advises prominent international and domestic clients—including corporations, private equity funds, financial institutions and entrepreneurs—on complex, high-value transactions and strategic projects across multiple industries. The firm is consistently ranked as a top-tier law firm by major international legal directories such as Chambers & Partners, Legal 500 and IFLR1000, being particularly noted for its strong expertise in cross-border transactions and sophisticated legal structuring. PNSA’s M&A practice is widely regarded as one of the most experienced in Romania, having been involved in many of the country’s landmark transactions over the past two decades.

PNSA assisted Société Générale Group in the completion of the BRD Pensii sale

December 2025 Popovici Nițu Stoica & Asociații (PNSA) advised Société Générale Group on completion of the sale of BRD Societate de Administrare a Fondurilor de Pensii Private S.A. (BRD SAFPP), which manages Pillar II private pension business, to Banca Transilvania Group. This is the last step in a two-stage transaction, following the April 2025 sale of BRD Medio, the group’s facultative pension fund (Pillar III). PNSA offered full legal support, from initial discussions and due diligence to structuring, drafting and negotiation of transaction documents, and assistance through signing and closing. PNSA team was led by Silviu Stoica (Partner) along with Florian Nițu (Managing Partner), with the support of Diana Dobra (Managing Associate) and Raluca Rusu (Tax Partner). *** Popovici Nițu Stoica & Asociații is a leading Romanian independent law firm and has been at the forefront of the market since its incorporation in 1995. Popovici Nițu Stoica & Asociații and PNSA Tax group today more than 80 lawyers and counsels, including 16 partners, largely acknowledged as top-notch commercial law experts, by clients and peers.

PNSA alongside Bit Soft on its divesture in favour of Volaris Group

Popovici Nițu Stoica & Asociații (PNSA) has assisted the owners of Bit Soft, a leading IT Romanian player specializing in integrated software solutions for the hospitality industry, in respect of their divesture in favour of Volaris Group. PNSA provided legal assistance throughout the entire M&A process, from preliminary discussions, due diligence, transaction structuring, up to transaction documents, negotiations and further assistance to signing and closing. PNSA team advising on the deal was led by Partner Bogdan C. Stoica and comprised Ioana Lazăr (Senior Associate), Crina Stan (Associate) and Alexia Trofin (Associate), as well as Partner Mihaela Ion on competition matters and Managing Associate Camelia Constantin on IP related matters. Bit Soft is a Romania-based technology company specializing in integrated software solutions for the hospitality industry. With more than 30 years of experience, Bit Soft offers a full suite of modern tools for hotels, restaurants, and hospitality brands. The company serves customers across Romania and 9 other European countries, combining innovation with personalized service to help clients operate efficiently and deliver exceptional guest experiences. Volaris acquires, strengthens, and grows vertical market technology companies. As an operating group of Constellation Software Inc. (TSX: CSU), Volaris is committed to a buy-and-hold-forever philosophy, enabling acquired companies to grow and thrive over the long term.

PNSA alongside Société Générale Group on the sale of BRD Medio fund

Popovici Nițu Stoica & Asociații has assisted Société Générale Group on the successful completion of the first stage in the sale to Banca Transilvania Group of BRD Pensii, consisting in the transfer to Banca Transilvania of BRD Medio, the group’s facultative pension fund. The next stage in the process (the sale of BRD Pensii) is pending regulatory approval. PNSA team was led by Silviu Stoica (Partner) along with Florian Nițu (Managing Partner), with the support of Diana Dobra (Managing Associate) and Raluca Rusu (Tax Partner). Banca Transilvania has been assisted by Filip & Co.

PNSA alongside a syndicate of Romanian and international banks on the granting of an approximately $173 million credit facility

Popovici Nitu Stoica & Asociatii (PNSA) has advised, together with Latham and Watkins LLP, a syndicate of Romanian and international banks on the granting of a credit facility of approximately USD 173,000,000 to Black Sea Oil & Gas S.A. for the financing of ongoing projects and investments in the Midia Gas Development project in the Black Sea. The loan is provided in the form of a long-term revolving facility and represents one of the largest corporate financings in 2024 granted to a Romanian company. The PNSA team that managed the legal aspects of this project was composed of Bogdan C. Stoica (Partner), Ioana Lazăr (Senior Associate) and Crina Stan (Associate), while Black Sea Oil & Gas S.A. was assisted by a team from Ijdelea & Associates composed of Oana Ijdelea (Managing Partner), Siranus Hahamian (Partner), Andreea Tudor (Managing Associate) and Robert Niță (Senior Associate). Black Sea Oil & Gas SA is a company controlled by the investment fund Carlyle International Energy Partners, which holds a majority stake of approximately 90% of the shares issued by the company. The remaining 10% of the shares are held by the European Bank for Reconstruction and Development (EBRD). Black Sea Oil & Gas SA is the main investor in the Midia Gas Development project which consists of the onshore and offshore infrastructure and the two gas production licences at Ana and Doina gas fields in the XV Midia Shallow Concession in the Romanian Black Sea. Black Sea Oil & Gas holds a 70% interest in the offshore perimeter and being joined in this association by investors such as Petro Ventures with a 20% interest and the Italian company Gas Plus with 10%. *** Popovici Nițu Stoica & Asociații is a leading Romanian independent law firm and has been at the forefront of the market since its incorporation in 1995. Popovici Nițu Stoica & Asociații and PNSA Tax group today more than 80 lawyers and counsels, including 16 partners, largely acknowledged as top-notch commercial law experts, by clients and peers.

Popovici Nițu Stoica & Asociații advised BRD Asset Management S.A.I. on the acquisition of S.A.I. Patria Asset Management

Popovici Nițu Stoica & Asociații advised BRD Asset Management S.A.I. on the acquisition of a 99.9944% stake in S.A.I. Patria Asset Management, the administrator of the largest ETF in Romania, from Patria Bank, in a transaction valued at approximately EUR 5.5 million.Signed on 9 March 2026, the transaction was completed on 5 August 2026, following receipt of the relevant regulatory approvals. The acquisition extends BRD Asset Management’s product offering into the exchange-traded funds (ETF) segment and further consolidates its position as the largest fund manager in Romania.PNSA provided comprehensive legal assistance to BRD Asset Management throughout the M&A process, including transaction structuring, legal due diligence, drafting and negotiation of the transaction documents, assistance in obtaining the required regulatory approvals and support through to completion.The PNSA team was led by Silviu Stoica (Partner) and Vlad Ambrozie (Managing Associate), along with Roxana Chiscop (Senior Associate), Daniela Sitaru (Associate), Raluca Rusu (Tax Partner), Mihaela Ion (Competition Partner) and Laura Ambrozie (Managing Associate).***Popovici Nițu Stoica & Asociații is a leading Romanian independent law firm and has been at the forefront of the market since its incorporation in 1995.Popovici Nițu Stoica & Asociații and PNSA Tax group today more than 80 lawyers and counsels, including 18 partners, largely acknowledged as top-notch commercial law experts, by clients and peers.
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