Firm Profile > Tuca Zbârcea & Asociatii > Bucharest, Romania

Tuca Zbârcea & Asociatii

Banking and finance Tier 1

Tuca Zbârcea & Asociatii has a full-service banking practice that covers the full spectrum of issues for its clients, which include major banks, fintechs, multilateral lenders, and multinational borrowers. Recently the team has been involved in the high-profile acquisition of several large value non-performing loan portfolios. This is in addition to its expertise on regulatory issues, restructurings and a broad spectrum of loan products, including syndicated facilities, project finance and securitisations. Deputy managing partner Stefan Damian, Mihai Dudoiu, and Gabriela Anton lead the team, which also includes the highly experienced Cătălin Băiculescu. Managing associate Raluca Sanucean is also active in this space.

Practice head(s):

Mihai Dudoiu; Cătălin Băiculescu; Gabriela Anton

Other key lawyers:

Raluca Sanucean


‘Tuca Zbarcea & Asociatii has a seasoned team of banking and finance lawyers who are probably one of the best in the countries. They look beyond the short-term interest of their clients. Versatile in developing strategic options and problem solvers.’

‘A well tuned team, they can cover a broad range of legal topics pertaining to banking and finance. Very pragmatic approach, no-nonsense kind of advice, which make them valuable. ’

‘Stefan Damian – their partner, our partner. Excellent on strategic matters. Mihai Dudoiu is an excellent professional’


Key clients

Astaldi S.p.A.

Banca Comerciala Romana SA


The International Finance Corporation (IFC)

APS Holding SE

Apollo LP

The Rohatyn Group

Amethyst Radiotherapy Limited and its Group

Mogo IFN S.A.

Alka Co.

Commercial, corporate and M&A Tier 1

Tuca Zbârcea & Asociatii has a first-class corporate practice that provides clients with comprehensive transactional and day-to-day advisory support. The firm has recently been involved in several banner M&A deals for corporate clients such as Vodafone, as well as top investment funds. The team has a strong presence in the telecoms and IT sectors, and is also highly experienced in corporate real estate, energy, manufacturing and life sciences. Clients are quick to praise lead partners such as Cătălin Băiculescu, Gabriel Zbarcea, Sorin Vladescu, and Stefan Damian. Other key names include Cristian RaduCornel Popa  and Florentin Tuca.

Practice head(s):

Stefan Damian; Florentin Tuca; Gabriel Zbarcea; Catalin Baiculescu; Cornel Popa

Other key lawyers:

Florentin Tuca; Sorin Vladescu


‘Extremely focused on providing the best possible level of client service. Promptness and accuracy in delivering legal assistance services are amongst their strengths. It is not only about the quality of their work or the fact that they are accessible or responsive but also their team spirit and the personal attention that our company receives from each and every one of them. They have a good team from the top down.’

‘Catalin Baiculescu is a smart lawyer, extremely attentive to details, always hands-on on issues, deploying a reassuring can-do attitude and a rare human touch approach. He gives timely and consistent advice. When acting on a deal, he easily identifies sensitive issues or possible critical outcomes and immediately comes up with solutions.’

‘This firm is most certainly the go-to law firm for commercial, corporate or M&A work, for their expertise in this field is spectacular. The team is also very good at contract drafting and negotiation, corporate restructurings, joint ventures, selling / acquiring assets etc. They are very strong at dealing with multiple assignments at the same time and properly ensuring time management and project management for complex takeover deals. ‘

‘Gabriel Zbarcea: excellent negotiator, highly respected, outstanding client management skills.’

‘Sorin Vladescu: strong project management skills, extensive commercial, corporate and M&A expertise, solid knowledge and understanding of our line of work and particularly sensitive to our business and commercial interests.’

‘Irina Moinescu: very good corporate lawyer, also very effective.’

‘Amalia Dumitru (Managing Associate) – straight forward approach, always there when needed, very good understanding of the topics, good logic behind the advises. The things became much simple and clear with her support.’

Key clients

Vodafone Romania


Erste Bank Group / Banca Comerciala Romana (BCR)

Carrefour Romania

Morgan Stanley Real Estate Investment Management

Al Dahra Agriculture LLC

The Rohatyn Group

Amethyst Group, one of the largest operators of radiotherapy clinics in Europe

Peeraj Brands International

Ringier AG

ATTP Telecommunications S.R.L., part of Clever Media Network Group

Global Technical Group

Marchand, one of the leaders in the region for natural case

Holde Agri Invest S.A.

Dispute resolution Tier 1

Tuca Zbârcea & Asociatii stands out for its impressive record in high value and complex civil and administrative litigation, as well as being also strong on the international arbitration front, having represented claimants in high profile ICSID claims against the Romanian state. Clients come from across the private and public sector, and benefit from the team's deep bench of specialist lawyers, former prosecutors and judges. Key figures include Ioana Hrisafi, who heads the litigation and domestic arbitration practice group, and international arbitration head Levana Zigmund and Cornel PopaIonut Serban and Christina Vladescu are also building good names.

Practice head(s):

Florentin Tuca; Cornel Popa; Ioana Hrisafi; Levana Zigmund; Ionut Serban; Christina Vladescu; Ioana Gelepu; Anca Puscasu; Dan Cristea


‘The team I worked with, headed by Cornel Popa, were exceptional in attention to detail and coupled that with with excellent awareness and understanding of legal strengths and weaknesses of their client’s case. They ensured that the client’s case was well presented, both in writing and at the hearing.’

‘The team is very capable, friendly and diverse, it is a pleasure to work with them.’

‘Florentin Tuca is a star in the Romanian legal market — he is well connected and provides excellent guidance and reliable, on point legal analysis.  Levana Zigmund is a true legal scholar and a superior advocate. She is excellent.’

‘Cornel Popa: very experienced, calm, flexible.’

Key clients


Gabriel Resources LTD (Canada) and Gabriel Resources (Jersey) Ltd

First Bank (former Piraeus Bank)

Astaldi SpA

Carrefour Romania


Banca Comerciala Romana (BCR)/ Erste Bank and BCR – Banca pentru Locuinte (BCR Housing Bank)

Amethyst Radiotherapy

Vodafone Romania

Amromco Energy

Romanian Football Federation (FRF)

Société Générale

OMV Petrom

Astra Vagoane Calatori

Energy Financing Team Switzerland AG (“EFT”)

DAF Trucks NV


Retim Ecologic Service


Employment Tier 1

Tuca Zbârcea & Asociatii has established itself as a key player in the market, not only for the quality of its legal advice, but also through its contributions to the sector as a whole. Clients were quick to praise its COVID-19 podcast, as well as its general support throughout the pandemic. This came in addition to its usual range of contentious and non-contentious advice, including collective and individual agreements and dismissals, transfers of business, outsourcing, and pensions and benefits issues. Serban Pâslaru has an excellent reputation, and clients also appreciate the expertise of managing associate, Mihai Anghel.

Practice head(s):

Serban Paslaru

Other key lawyers:

Mihai Anghel


‘The employment team of Tuca Zbarcea & Asociatii deserves special recognition. They are excellent in terms of resources, speed and response time, and the quality of advice in this discipline is without rival. They are also first class in dealing with employment litigation cases.’

‘The COVID-19 related podcasts are quite unique. I’ve listened to the first two or three episodes and they were really instructive and inspiring.’

‘Serban Paslaru is a multi-talented analytical thinker, a lawyer one can always count on. Ever since the early days of the pandemic, he has been extremely supportive, working on short deadlines, addressing business and legal risks with creativity, helping us comply with the specific regulatory requirements regarding covid-19.’

‘Mihai Anghel is a conscientious, dependable, and dedicated attorney with a wealth of expertise as regards complicated and, at times, delicate employment issues. He is absolutely great and a pleasure to deal with.’

Key clients

Vodafone Romania

Microsoft Romania

Carrefour Romania


Telekom Romania

Ericsson Telecommunications Romania

Cameron Romania

Alstom Transport Romania


Kelong Electrical Appliances


Roca Obiecte Sanitare

Contitech Thermopol Romania

Ericsson Antenna Technology Romania

Generali Romania Asigurare-Reasigurare

Energy and natural resources Tier 1

Tuca Zbârcea & Asociatii has a first class team, equally experienced in conventional and renewables power as it is on oil and gas and natural resources matters. The firm's standing in the market is demonstrated through its work, such as advising CEZ on the divestment of its Romanian operations. Beyond transactional matters, the firm is also strong on infrastructure, regulatory and dispute resolution. Clients also praise the firm's deep bench strength: lead partners Sorin Vladescu, Cornel PopaGabriel Zbarcea, and Irina Moinescu have established excellent reputations and managing associate Nisa Jecu is also extremely well regarded.

Practice head(s):

Sorin Vladescu; Cornel Popa; Irina Moinescu

Other key lawyers:

Gabriel Zbarcea; Nisa Jecu


‘Tuca Zbarcea & Asociatii has a remarkable team of lawyers dealing with energy, oil and gas or mining issues. Their ability to deal with very large projects in these fields is remarkable as well. They have all the boxes covered and are quick to respond, meet tight deadlines and warn about potential issues. I have had a very good collaboration with them so far.’

‘They are creative, no doubt about that, and have a strong reputation for being one step ahead of the competition on several aspects. Nothing comes to my mind in particular, however this firm has had an incredibly proactive approach in the aftermath of the coronavirus pandemic as compared to some other law firms.’

‘TZA lawyers have in depth knowledge on market regulation and common practices, they can sense immediately the specifics of a legal issue and act proactively with advice and assistance on the matter raised by the client.’

‘In short: highly professional, with excellent technical abilities and efficient staffing. The energy team is one of the best in the country.’

‘Sorin Vladescu is the leader of the energy team. He is highly skilled, business savvy and very cerebral but very practical at the same time. To me, he is an authority in energy law.

‘Irina Moinescu has achieved a wealth of knowledge and expertise and delivers a consistent level of quality advice in matters relating to energy (electricity, renewables, gas etc). She explains issues in a clear language so that the client understands the risks.’

‘Cornel Popa is a sharp mind and an expert in the regulatory aspects of the oil and gas industry. He has an ability to look for win-win solutions which is particularly comforting.’

‘Gabriel Zbarcea: excellent negotiator, highly respected, outstanding client management skills.’

‘Nisa Jecu: She is a very competent lawyer, very efficient in manner and easy to work with. She demonstrated great intelligence, tenacity and commitment to client’s needs.’

Key clients

CEZ group of companies

NIS Petrol

Marubeni Corporation Japan

MOL Romania

AIK Energy

OMV Petrom

Rompetrol Rafinare

The State Oil Company of Azerbaijan Republic (SOCAR)

European Bank for Reconstruction and Development – EBRD

EU and competition Tier 1

Tuca Zbârcea & Asociatii has a top notch team led by the hugely impressive Raluca Vasilache, whose over two decades years of experience spans the full range of antitrust, merger control, state aid and compliance issues. While former managing associate Anca Jurcovan now leads the practice at Wolf Theiss, the team's deep bench, including highly-rated managing associate Andreea Oprisan, ensures no drop in quality for existing clients. The contentious side of the practice also regularly appears before the Competition Council and the courts, supporting clients on investigations and challenging fines if and when they occur.

Practice head(s):

Raluca Vasilache

Other key lawyers:

Andreea Oprisan


‘This is, undoubtedly, a very strong competition team, both as a team and individually. I am personally very pleased with their work and would not hesitate to give them complex legal matters to handle. Things go smoothly with them, as they seem to always have the rights answers for us.’

‘We have found their competition team extremely well-placed to advise on any antitrust, mergers and state aid issues, possessing a solid understanding of the local and EU laws and the ability to strategise towards desired outcomes.’

‘The Competition and Antitrust team fully compliments Tuca Zbarcea & Asociatii’s calibre and credentials and we would highly recommend their expert team to any partner/ company in Romania or abroad.’

‘Raluca Vasilache is our main contact for competition. She is already a star lawyer in the competition field. Very efficient and thorough. I consider her to be at the very top of her profession. Also, Andreea Oprisan is extremely diligent and hardworking. Very capable and trustworthy, too.’

‘I have been mostly working with Raluca Vasilache and Andreea Oprisan. Their advice is always first-hand and they both show excellent judgment and knowledge of the applicable laws and regulations, as well as a deep understanding of our business goals.’

Key clients

Vodafone Romania SA

Liberty Galati (former Arcelor Mittal Galati)

Girod Semnalizare Rutiera

Generali Romania

Carrefour Romania/ Carrefour Group


Coca-Cola HBC Romania

Novartis Pharma


Clever Media Group

BRD Sogelease IFN SA

RD Leasing IFN SA (former IKB Leasing Finance IFN SA)

Merck Romania

Romanian Association of Agricultural Machinery Manufacturers and Importers (APIMAR)

Eco Anvelope

Intellectual property Tier 1

Tuca Zbârcea & Asociatii has a first-class IP practice, capable of handling the full spectrum of related matters. The standalone team fields an impressive collection of certified IP counsel, including patent attorneys. The team's work spans trade mark, copyright and patent registrations, disputes and infringement claims, franchising agreements and critical support on major transactions in IP-heavy industries such as technology, manufacturing and telecoms. Ciprian Dragomir leads the advisory side of the practice, while Ioana Hrisafi manages the litigation function. The team has several well regarded associates, including Bogdan Halcu, Dana Blaer and Sergiu Cretu.

Practice head(s):

Ciprian Dragomir; Ioana Hrisafi

Other key lawyers:

Bogdan Halcu; Dana Blaer; Sergiu Cretu


‘We have been working with this law firm for the past few years and they haven’t let us down, proving their professionalism and fiery passion for law on a daily basis. They are everything we wanted in a law firm and more – integrity, professionalism, good communication skills, good judgement, perseverance and knowledgeable.’

‘A reliable and qualified firm, especially in the field of geographical indications.’

‘This law firm has been of tremendous help to us throughout these years, providing counselling on the full range of legal issues. They even represented us in court in a trademark infringement case. I personally believe this team is one of the best in the market and, irrespective of the legal matter we asked them to handle for us, they constantly lived up to our expectations. Their IP lawyers are well-versed attorneys, with the background and experience of a large firm and so they are able to bring a breath of capabilities to well serve their clients on a personalized level.’

‘Tuca Zbarcea law office is definitely delivering to the highest standards and this, combined with their exceptional business approach, makes them market leaders.’

‘Ciprian Dragomir – In our view, he is a super IP lawyer, one of the best in the market. Our experience with him as regards IP has been nothing short of professional and amazing.’

‘Bogdan Halcu – a brilliant lawyer truly dedicated to his profession. I’m impressed with the breadth of his knowledge, the level of care, attention, and professionalism in all he does.’

‘Dana Blaer is very hardworking, responsive and professional. A real team player and very dedicated to her clients.’

‘Sergiu Cretu is a young practitioner, who has amassed considerable experience in dealing with various IP and data privacy issues. I like that he is always proactive and straightforward, inspiring confidence and professionalism.’

Key clients

Vodafone Romania

Philip Morris

Carrefour Romania

Untold SRL, organiser of the “Untold Festival” and Neversea SRL, organiser of the “Neversea Festival”




Comite Interprofessionnel du Vin de Champagne

Atlassib SA and Transmixt SA

Romanian Football Federation

Telekom Romania and Telekom Romania Mobile

Radio Guerrila

Microsoft Romania

Holotech Studios

Ringier Romania

Netcity Telecom

Clever Media Network

PPP and procurement Tier 1

Tuca Zbârcea & Asociatii is a leading player in the market for procurement awards, major infrastructure projects and PPPs. The team is currently involved in over €3bn worth of infrastructure developments, including road and rail upgrades, and utilities and energy projects. The lawyers have good expertise advising on defence procurement contracts, backed by a strong grounding in contentious and non-contentious regulatory and administrative law. Partners Serban Pâslaru and Vlad Cercel are both notable figure sin the market, and clients also rate the firm's crop of associates, including Iuliana Leon.

Practice head(s):

Şerban Pâslaru; Vlad Cercel

Other key lawyers:

Iuliana Leon


‘Their team is excellent on all the parameters: availability, responsiveness, industry knowledge and understanding. They are deeply versed in the legal and commercial issues of infrastructure projects. As far as I know, Țuca Zbârcea & Asociații is one of the best for projects and procurement work in Romania, widely viewed as excellent across board.’

‘The PPP and public procurement team has a good combination of skills, offering excellent support in an array of projects in various sectors, including telecoms. The level of expertise that they have achieved in this area is exceptional. The team is instrumental in public procurement, concessions and PPPs: no academic discourse, no “one size fits all” approach, only practical and valuable input.’

‘Tuca Zbarcea law office is definitely delivering to the highest standards and this, combined with their exceptional business approach, makes them market leaders.’

‘Serban Paslaru is a highly reputed specialist in public procurement and concessions. He is pragmatic and robust, conducting useful discussions with the authorities. He is well versed in all aspects of public procurement law rules, including the relevant domestic and EU legal framework and case law.’

‘Vlad Cercel is an outstanding professional with a strong reputation who understands the requirements of our industry perfectly. The advice we get from him is always top-drawer. He excellently coordinates all aspects of a project with great technical abilities, is knowledgeable about what project sponsors, lenders, public authorities require and is able to harmonise parties’ interest so as to keep the project move forward.’

Key clients

Alstom Transport

Astaldi S.p.A.

Eurotransgaz SRL

Retim Ecologic Service


Nuctech Warsaw Company Limited Sp. Z o.o.

SECOL Romania




Astra Vagoane Calatori S.A.

Real estate and construction Tier 1

Tuca Zbârcea & Asociatii comes highly recommended for top-end commercial real estate and construction advice. Few firms can rival the depth and breadth of the team, which is led by the highly-rated Razvan Gheorghiu-Testa. He is backed by a strong team of partners and associates, including Dan Borbely, who has a strong focus on the residential, retail and office sectors, Oana Ureche who handles related corporate acquisitions and sales, and the versatile Dragos Apostol. The team's client base includes investors, retailers, banks, asset managers and property developers. Managing associates Amalia Dumitru and Alexandra Peres are well-regarded.

Practice head(s):

Răzvan Gheorghiu-Testa; Dan Borbely; Oana Ureche; Dragoş Apostol

Other key lawyers:

Raluca Misu; Amalia Dumitru; Alexandra Peres


‘Interdisciplinary team approach, responsive and business driven in all instances (and putting themselves in the client’s shoes)’

‘Raluca Misu – outstanding not only in terms of being professional in real estate and leasing but also from client and human relation perspective. A very proactive problem solver.’

‘Dragos Apostol is outstanding covering all corporate real estate and contracts. Very focused and business driven.’

‘Extensive and consolidated experience in all areas of real estate. Great capability for in-depth analysis and for tailored advice, by applying a reality filter on each situation (not just theoretical points of view).’

‘I have nothing but praise for the firm. Razvan Testa is a one of a kind real estate lawyer, with very practical business judgment. His commercial acumen and ability to properly assess the pros and cons in a real estate deal are unique. Razvan leads a first-class real estate team. Raluca Misu: very experienced and well-prepared, she grasps issues quickly and with insight Alexandra Peres: very hardworking, extremely thorough and professional ’

‘Their team has a vast knowledge and legal expertise for being involved in complex transactions. They are dedicated and promptly offer solutions in their clients best interests. ’

‘Razvan Testa is an excellent lead lawyer and built a truly exceptional team with Alexandra Peres, Ioana Marculet, Raluca Misu, on which you can rely in all circumstances. In case of difficult tasks and court cases Dan Cristea and Ionut Serban can offer solutions.

Key clients

Morgan Stanley Real Estate Investing

Carrefour Romania

Value Investor Expert

CEZ Romania

McDonald’s Romania

Al Dahra, the farming division of the largest UAE investment fund

Vodafone Group Services plc

Speedwell (Belgian real estate investment fund)

S+B Gruppe

Michael Kors US

Thames Farming Fund (part of Insight Investments – a member of BNY Mellon)

Astra Rail Management GmbH

Pipera Development Investment Group (Romanian Irish retail centres developers)

Coca-Cola HBC Romania

South Development Group (airport infrastructure developers)

Cinema City Romania

Deutsche Schule Bukarest (developers of the German school in Bucharest)

BT Building (real estate developers, part of Banca Transilvania group)

Complexul Multifunctional Victoria


BRD Société Générale (real estate finance)

Superbet Group, part of Blackstone

Restructuring and insolvency Tier 1

Tuca Zbârcea & Asociatii has established itself as a top provider of debtor and creditor advice. The firm offers administrator services through its specialist insolvency offshoot, TZA Insolventa, in which lead partner Ciprian Dragomir is a certified insolvency practitioners in addition to their legal practice. Dragomir also handles the restructuring and consultancy side, demonstrating the firm's ability to handle contentious and non-contentious issues for major banks and multinationals. Other key individuals include insolvency specialist Dorin Petcu, and disputes partners Ionut Serban, Ioana Hrisafi, Christina Vladescu, and recently promoted Dan Cristea.

Practice head(s):

Ciprian Dragomir

Other key lawyers:

Ionut Serban; Christina Vladescu; Ioana Gelepu; Dan Cristea; Dorin Petcu

Key clients

Société Générale

OMV Petrom


Omilos Oradea

BRD Groupe Société Générale

Carpatair and Mr. Nicolae Petrov, the current President and Chief Executive of Carpatair

Raiffeisen Leasing

Y.G. Proprietăți SRL

Banca Comerciala Romana (BCR)

ELMŰ-ÉMÁSZ Energiakereskedő Kft., Hungary

Astaldi SPA Italia Sucursala Romania București

Tax Tier 1

Tuca Zbârcea & Asociatii handles the full spectrum of contentious and non-contentious tax issues. The firm's market-leading corporate finance team ensures a strong flow of transactional support work, including tax advice and planning on cross-border commercial deals and restructurings. This includes advice on transfer pricing and customs related issues. The controversy side of the practice offers strong litigation and regulatory expertise, particularly to clients in heavily regulated sectors. Alexandru Cristea and Razvan Gheorghiu-Testa jointly lead the multidisciplinary team. The group has a deep bench of well regarded tax directors, including Ramona Chițu and Cristian Velcu.

Practice head(s):

Razvan Gheorghiu-Testa; Alexandru Cristea

Other key lawyers:

Ramona Chițu; Cristian Velcu


‘The team is well prepared, highly experienced and client oriented. Very professional, going into the detailed perspective, giving all the time a full control of the situation for both client and their team. ’

‘Alexandru Cristea and Razvan Testa are highly recommended.’

‘TZA TAX continues to be our trusted advisor. We appreciate TZA TAX for being flexible and proactive towards our needs. We also appreciate their integrated approach: they are able to offer a full range of legal and tax services.’

‘ From the tax team our main point of contact is Ramona Chitu, Tax Director. Ramona’s in-depth knowledge of the tax legislation has made our collaboration efficient and productive.’


Key clients

Vodafone Romania

CEZ Group Romania

Asset Portfolio Servicing Romania

Avant Garde Sisteme (Daikin)

Gewiss Romania

Total Romania

TMT Tier 1

Tuca Zbârcea & Asociatii covers the full gamut of TMT-related corporate, regulatory and litigation matters. Clients note the huge expertise of lead partner Vlad Cercel, a former head legal counsel with the Romanian National Regulatory Authority for Communications. His track record is complemented by Cătălin Băiculescu, who has over 20 years' experience in the market. Broader support on data protection and privacy issues comes from the recently promoted Ciprian Timofte, the firm's lead partner on data privacy matters. Recently the firm advised on several high profile, high value deals in the telecoms and media space.

Practice head(s):

Vlad Cercel; Catalin Baiculescu; Ciprian Timofte


‘Tuca Zbarcea & Asociatii is a big and very well respected firm. I like their breadth of specialisations which makes you feel that they will always cover all corners of the legal problems at hand. With reference to TMT, the firm is well versed in telecom and media law, backed-up by a strong offering in other areas, such as competition, corporate and commercial, M&A etc. ’

‘Tuca Zbarcea law office is definitely delivering to the highest standards and this, combined with their exceptional business approach, makes them market leaders.’

‘Tuca Zbarcea & Asociatii has a well-rounded team with strong background in data privacy and commercially minded lawyers. As far as we are concerned, Tuca Zbarcea & Asociatii are the best possible choice for this type of service. There are not so many data privacy experts in the Romanian market possessing a solid client portfolio and significant level of relevant expertise. ’

‘The TMT practice group is one of the most established and capable groups in the country. ’

‘Their service is irreproachable, up to the point and tailored to meet our needs. It really shows they have extensive expertise in media & audiovisual and are able to cover multi-faceted matters.’

‘Ciprian Timofte is a brilliant lawyer, with a wealth of expertise in data protection matters. He is very thorough in his advice, and equally reliable. He has overseen the key steps of the GDPR compliance process for us and kept us informed of every roadblock along the way.’

‘Catalin Baiculescu is a guru when it comes to specific telecom, media and advertising regulations. He has got knowledge at his fingertips while at the same time providing seamless management of the matters at hand. He is always on top of any developments and is passionate about what he does. Excellent hard skills and soft skills too.’

‘Catalin Baiculescu is what any TMT lawyer should be. And I mean well-prepared and experienced, knowledgeable of telecom regulations, concerned about potential regulatory threats for our company and, of course, readily available.’

‘Vlad Cercel, Catalin Baiculescu and Silvana Ivan: very well professionally educated lawyers who are genuinely preoccupied to understand client’s market and business to a superior level.’

Key clients

Vodafone Romania


Telekom Romania and Telekom Romania Mobile

Radio Guerrila

Microsoft Romania

Holotech Studios

Ringier Romania

Netcity Telecom

Clever Media Network Group

Ericsson Telecommunications Romania

Playtika Romania

Tarsago Romania S.R.L.

Avangate/ 2Checkout


Raiffeisen Bank



Creative Media Development SRL

Wings of Strength LLC

Edenred Romania S.R.L.

Accord Healthc

Capital markets Tier 2

Tuca Zbârcea & Asociatii stands out for its high-end regulatory and compliance advice, where practice head Silvana Ivan is especially well regarded. The firm's ongoing advice to the Bucharest Stock Exchange is testament to its reputation in this area. Other clients include major banks, investment funds, issuers, and clearing houses who use the firm on a wide range of regulatory and contentious issues. Recently promoted partner Ciprian Timofte is also well respected.

Practice head(s):

Silvana Ivan

Other key lawyers:

Ciprian Timofte


‘Always to the point and of practical use, not just distant legal advice. And also on time. Last but not least, excellent value for money. All in all, a perfect combo. Silvana Ivan-Hanganu and Ciprian Timofte cover so well our needs as regards capital markets that we don’t feel the need to look for other lawyers in the market.’

Key clients

Banca Comerciala Romana (BCR)

Bucharest Stock Exchange (BVB)

NN Insurance & NN Pensions









Saint Gobain


Societe Generale




Credit Agricole


TMT: gambling law Tier 2

Tuca Zbârcea & Asociatii's Dragos Apostol as part of a broader practice covers a range of disciplines, including regulatory, IP, tax, litigation, employment and commercial law in both the online and offline gambling markets. Cristian Radu, previously head of the practice, departed to become general counsel at Superbet.

Practice head(s):

Dragos Apostol


‘Very easy to work with, helpful, responsive and provide a very good service.’

‘Tuca Zbarcea & Asociatii is the law firm you want to have by your side when you are cutting your way through the gambling industry which, let’s face it, can sometimes be ambiguous and uncertain when it comes to legislative framework and operational do’s and don’ts. Highly experienced and knowledgeable, thorough, efficient and reliable comes to mind when one is talking about their gambling team. They are our first option when asked to recommend a super strong and experienced legal team to tackle the legal side (and not only) of the retail or online gambling operations one considers. ’

Key clients

Amaya Gaming Inc. (PokerStars and Full Tilt)

Amelco UK Ltd.

Apco Pay

Bet Zone, the local subsidiary of Fortuna Game a.s.

Fortuna Romania

Gaming Consulting

Global Collect Services (Ingenico)

Kambi Sports Solutions

Penta Investments

Sparkware Technologies

United Media

Pari Play

Match Group

Evolution Group


Realistic Gaming

DraftKings Inc.

White-collar crime Tier 2

Tuca Zbârcea & Asociatii brings a strong multi-disciplinary approach to its well-regarded white-collar crime practice. The team benefits greatly from the expertise of managing associate Manuela Gornoviceanu, a criminal lawyer with 30 years' experience. Clients come from the full range of sectors, seeking support on a broad suite of white collar crime concerns, including the mismanagement of public funds, money laundering, fraud and tax evasion. Internal investigations, risk mitigation and compliance training also form a key part of the overall offering.

Practice head(s):

Manuela Gornoviceanu


‘Tuca Zbarcea & Asociatii is outstanding in all respects, offers good solution, the lawyers are reliable and they really know the area of law.’

‘Very professional and well equipped to handle white-collar crimes. They are very professional and well aware of the laws and regulations.’

‘The team members we have interacted with were extremely responsive, well prepared and helpful, always flexible to provide extended amounts of information on our request. ’

‘The team’s strength and key capabilities are in the way they cooperate with each other, always showing high professionalism, always being able to be there for me, their client, to fulfill my needs when confronted with legal  situations. As a client, I’ve never felt neglected.’

‘They are high professionals and they really care about their client. Manuela Gornoviceanu is a magnificent lawyer, who is always innovative, finding the best legal ways for defending her client. She is very aware of the novelties coming from the European Court of Justice which she wisely implements in her cases. She also coordinates her team in a very good way. Constantin Matei is a very supportive lawyer, with very good ideas and works hard to fulfil his client’s legal needs.’

‘Manuela Gornoviceanu and Bianca Cercel are creative and they have practical problem solving abilities combined with rigorous attention to detail in arriving at the most efficient and satisfactory solution for the client.’

‘Constantine Matei deals with cases very diligently and communication with the client is very fluid. ’

Key clients

Ericsson Telecommunications

Philip Morris

The Romanian Football Federation (Federația Româna de Fotbal – FRF)

Teamnet International


Atos IT Solutions Services


Bergerat Monnoyeur

BRD Groupe Societe Generale


CEZ Romania

Coca-Cola HBC România

Depozitarul Central (the Central Depository)

Euroins Asigurare Reasigurare

Generali Romania Asigurare Reasigurare


Müller-Guttenbrunn Recycling

Municipality of Constanta

Schneider Electric Romania

Sony Pictures Entertainment


The firm: Tuca Zbârcea & Asociatii is one of the leading law firms in Romania and in the region, both in terms of the high-quality services it provides to its clients and the magnitude of the projects the firm has been involved in during recent years. The firm boasts a talented team of more than 120 lawyers in its Bucharest office. It also operates a secondary office in Cluj-Napoca (one of the most important cities in Romania), and has excellent national coverage based on correspondent law offices in major cities, including Iasi, Timisoara, Constanta etc. Tuca Zbârcea & Asociatii’s team comprises lawyers, insolvency practitioners, tax consultants, IP counselors, economists who provide comprehensive services to effectively meet clients’ needs. In addition, thanks to the firm’s dedicated foreign desks, the team is able to assist international investors seeking to gain a foothold or expand their existing operations in Romania with the full range of services in relation thereto.

The firm’s client portfolio includes international corporations, financial institutions, as well as ‘Fortune 500’ category companies. It also works with local public authorities and bodies.

In addition, in a highly innovative move for the Romanian market, Tuca Zbârcea & Asociatii and Tuca Zbârcea & Asociatii Tax team entered into a formal cooperation agreement with Andersen in March 2019. This is the first collaboration agreement in Romania, and continues Andersen Global’s expansion in Eastern Europe. “Tuca Zbârcea & Asociatii is one of the highest quality law firms in Romania, with an outstanding team and best-in-class service,” said Mark Vorsatz, Andersen Global Chairman and Andersen Tax LLC CEO. “We’re proud to bring them into the Andersen Global family.” Andersen Global® is an association of legally separate, independent member firms, comprised of more than 7,000 professionals worldwide, over 1,000 global partners, and a presence in over 263 locations worldwide.

Tuca Zbârcea & Asociatii undertakes a strong commitment to applying quality management principles, regarding information security, having obtained certifications in accordance with ISO 9001:2008 and ISO/IEC 27001:2013 standards. In addition, the firm has been pursuing a broad range of social responsibility activities throughout the years, with its initiatives mainly focusing on the following areas: education, culture, sports and charity. Several of the firm’s CSR and pro bono programs address the needs of the younger generations while engaging with the wider community of experts in various disciplines, including mathematics, physics and informatics, as well as architecture, medicine etc. From educational programmes designed for law school students, to programmes addressing the special needs of exceptional children, such as maths geniuses, we demonstrate our conviction that education is invaluable to individuals and societies. In addition, in line with Tuca Zbârcea and Asociatii’s ambition to nurture future generations by encouraging, supporting and promoting talent, the firm has deployed a range of initiatives aimed at establishing higher standards in arts/culture and sports.

Areas of practice: Tuca Zbârcea & Asociatii provide legal services in every aspect of business, covering all major areas of practice: aviation and aerospace; banking and finance; capital markets and securities; competition; corporate and commercial; criminal law and corporate crime; data protection; electronic communications and IT; employment; energy and natural resources; environmental law and permitting; gambling; healthcare and medical services; insolvency and liquidation; insurance and private pensions; intellectual property; litigation and arbitration; media and advertising; mergers, acquisitions and privatisation; oil and gas; pharmaceutical law; PPP, PFI and concessions; real estate; regulatory legal services; shipping and transport; and tax.

Department Name Email Telephone
Arbitration Florentin Tuca 004021 204 88 91
Arbitration Cornel Popa 004021 204 88 94
Arbitration Levana Zigmund 004021 204 76 32
Arbitration Anca Puscasu 0040374 136 307
Taxation Razvan Gheorghiu-Testa 004021 204 88 96
Taxation Alexandru Cristea 004037 413 61 15
Banking and finance Stefan Damian 004021 204 88 93
Banking and finance Mihai Dudoiu 004021 204 76 36
Banking and finance Gabriela Anton 004037 413 63 42
Capital markets and securities Stefan Damian 004021 204 88 93
Capital markets and securities Silvana Ivan 004021 204 76 40
Competition Raluca Vasilache 004021 204 76 33
Corporate and commercial Florentin Tuca 004021 204 88 91
Corporate and commercial Stefan Damian 004021 204 88 93
Corporate and commercial Catalin Baiculescu 004021 204 76 34
Corporate and commercial Horia Ispas 0040374 136 316
Electronic communications and IT Catalin Baiculescu 004021 204 76 34
Electronic communications and IT Vlad Cercel 004037 413 63 40
Employment and pensions Serban Pâslaru 004021 204 88 97
Energy and natural resources Gabriel Zbârcea 004021 204 88 92
Energy and natural resources Sorin Vladescu 004021 204 88 95
Energy and natural resources Irina Moinescu 004021 204 76 41
Energy and natural resources Cornel Popa 004021 204 88 94
Environmental law and permitting Ciprian Dragomir 004021 204 88 90
PPP, PFI and concessions Florentin Tuca 004021 204 88 91
PPP, PFI and concessions Serban Pâslaru 004021 204 88 97
PPP, PFI and concessions Vlad Cercel 004037 413 63 40
Intellectual property Ciprian Dragomir 004021 204 88 90
Litigation Ioana Hrisafi 004021 204 76 31
Litigation Ionut Serban 004021 204 76 37
Litigation Christina Vladescu 004021 204 76 38
Litigation Ioana Gelepu 004021 204 76 39
Real estate Dan Borbely 004021 204 88 98
Real estate Razvan Gheorghiu-Testa 004021 204 88 96
Real estate Oana Ureche 004021 204 76 35
Real estate Dragos Apostol 004037 413 62 42
Mergers, acquisitions, privatisation Gabriel Zbârcea 004021 204 88 92
Mergers, acquisitions, privatisation Stefan Damian 004021 204 88 93
Mergers, acquisitions, privatisation Cornel Popa 004021 204 88 94
Corporate and commercial Ciprian Timofte 0040374 136 341
Mergers, acquisitions, privatisation Ciprian Timofte 0040374 136 341
Data privacy Ciprian Timofte 0040374 136 341
Litigation Dan Cristea 0040374 136 368
Photo Name Position Profile
Mrs Gabriela Anton  photo Mrs Gabriela Anton Gabriela Anton is a Partner at Tuca Zbârcea & Asociatii, specialising mainly…
Mr Dragos Apostol  photo Mr Dragos Apostol Dragos Apostol is a Partner specialising in mergers, acquisitions and privatization, as…
Mr Catalin Baiculescu  photo Mr Catalin Baiculescu Cătălin Băiculescu is a Partner at Tuca Zbârcea & Asociatii. He has…
Mr Dan Borbely  photo Mr Dan Borbely As a Partner at Tuca Zbârcea & Asociatii, Dan Borbely co-heads the…
Mr Vlad Cercel  photo Mr Vlad Cercel Vlad Cercel focuses on PPP/concession and public procurement projects, as well as…
Mr Dan Cristea  photo Mr Dan Cristea Dan Cristea is a Partner in the litigation and arbitration practice group…
Mr Alexandru Cristea  photo Mr Alexandru Cristea Alexandru Cristea is a Partner with Tuca Zbârcea & Asociatii Tax SRL,…
Mr Stefan Damian  photo Mr Stefan Damian Stefan Damian is Deputy Managing Partner at Tuca Zbârcea & Asociatii. He…
Mr Ciprian Dragomir  photo Mr Ciprian Dragomir In his capacity as Partner at Tuca Zbârcea & Asociatii, Ciprian Dragomir…
Mr Mihai Dudoiu  photo Mr Mihai Dudoiu Mihai Dudoiu is a Partner at Tuca Zbârcea & Asociatii and co-head…
Mrs Ioana Gelepu  photo Mrs Ioana Gelepu Ioana Gelepu is a Partner in the litigation and arbitration practice group…
Mr Razvan Gheorghiu-Testa  photo Mr Razvan Gheorghiu-Testa Razvan Gheorghiu-Testa is a Partner at Tuca Zbârcea & Asociatii, having built…
Mrs Ioana Hrisafi-Josan  photo Mrs Ioana Hrisafi-Josan Ioana Hrisafi-Josan is a Partner at Tuca Zbârcea & Asociatii and co-heads…
Mr Horia Ispas  photo Mr Horia Ispas
Mrs Silvana Ivan  photo Mrs Silvana Ivan Silvana Ivan is a Partner at Tuca Zbârcea & Asociatii and works…
Mrs Irina Moinescu  photo Mrs Irina Moinescu Irina Moinescu is a Partner at Tuca Zbârcea & Asociatii. Her main…
Mr Serban Pâslaru photo Mr Serban Pâslaru Serban Paslaru is a Partner at Tuca Zbârcea & Asociatii, specialising mainly…
Mr Cornel Popa  photo Mr Cornel Popa Cornel Popa is a Partner at Tuca Zbârcea & Asociatii. Cornel combines…
Mrs Anca Puscasu  photo Mrs Anca Puscasu Anca Pușcașu, a Partner at Tuca Zbârcea & Asociatii, is specialized mainly…
Mr Robert Rosu  photo Mr Robert Rosu As a Partner at Tuca Zbârcea & Asociatii, Robert Rosu co-heads the…
Mr Ionut Serban  photo Mr Ionut Serban Ionut Serban is a Partner in the litigation and arbitration practice group…
Mr Ciprian Timofte  photo Mr Ciprian Timofte Ciprian Timofte is a Partner in the firm’s Corporate and Mergers &…
Dr Florentin Tuca  photo Dr Florentin Tuca Dr Florentin Tuca is Managing Partner at Tuca Zbârcea & Asociatii. He…
Mrs Oana Ureche  photo Mrs Oana Ureche As a Partner at Tuca Zbârcea & Asociatii, Oana Ureche focuses on…
Mrs Raluca Vasilache  photo Mrs Raluca Vasilache Raluca Vasilache is a competition Partner with Tuca Zbârcea & Asociatii and…
Mrs Christina Vladescu  photo Mrs Christina Vladescu Christina Vladescu is a Partner in the litigation and arbitration practice group…
Mr Sorin Vladescu  photo Mr Sorin Vladescu Sorin Vladescu is a Partner at Tuca Zbârcea & Asociatii, specialising in…
Mr Gabriel Zbarcea  photo Mr Gabriel Zbarcea Gabriel Zbarcea is Managing Partner at Tuca Zbârcea & Asociatii. His practice…
Mrs Levana Zigmund  photo Mrs Levana Zigmund Levana Zigmund is a Partner at Tuca Zbârcea & Asociatii. She practices…
Number of lawyers : 120
European Employment Lawyers Association
Managing Partner : Florentin Tuca,
Managing Partner : Gabriel Zbârcea,
Deputy Managing Partner : Stefan Damian,

  • A global aerospace and defence company headquartered in the US – assistance in signing a $1 billion contract with the National Defense Ministry to deliver up to 227 PIRANHA 5 wheeled armored vehicles in six different configurations to the Romanian Armed Forces.
  • Advising a private equity and venture capital firm on both Series A and Series B investments totalling $183 million in a Romanian start-up company – UiPath, the largest capital raise of its kind.
  • An American company – assistance in a €12.3 billion acquisition transaction involving the Power and Grid businesses of Alstom, as well as in connection with the transfer of its Romanian water treatment business to an entity owned by Suez, as part of a cross-border transaction worth €3.2 billion.
  • A consortium of international financial institutions – assistance in high-profile acquisitions in the financial services sector, including the largest acquisition of a single corporate non-performing loan package worth €1.2 billion ($1.31 billion).
  • A well-known supplier for the aerospace industry – assistance in acquiring Fokker Technologies Group B.V, from Arle Capital, for an enterprise value of €706 million (£499 million).
  • America’s most successful fast food chains – assistance in relation to various corporate and commercial issues arising out from its operations in Romania, including advice on the sale of its Romanian subsidiary to Premier Capital.
  • A Chinese company – advising on its bid for the construction of two reactors (Units 1 and 2) at the Romanian nuclear power plant in Cernavoda subject to investments worth €6.45 billion.
  • A packaged meats manufacturer – assistance as regards the sale of a 100 percent stake to Smithfield Foods Inc.
  • One of the fastest growing gambling operator in Romania – assistance in various gambling regulatory aspects, as well as on corporate, IP and insolvency laws matters further to client’s acquisitions of Bet Active Concept, Bet Zone, Public Slots and Slot Arena.
  • A Czech pharmacy chain – assistance with respect to its entry on the Romanian market further to the acquisition of Fastpharm, Iezer Farm, Panpharma Med and York Farm chains.
  • An electricity producer from the Czech Republic – advice on regulatory issues, employment, environmental law and permitting, litigation, corporate, mergers & acquisitions, real estate, as well as post-privatisation issues entailed by its subsidiary, Electrica Oltenia.
  • A French hypermarket operator – assistance in all its operations in Romania and in the expansion if its retail sale network, including M&A, real estate, corporate, competition, labour, litigation, regulatory issues.
  • A member company of Rompetrol Group, owned by KazMunaiGaz – advising on the largest Chinese investment in Romania following the partial takeover of KazMunayGas International by CEFC, a Chinese strategic investor (a complex deal of multi-billion $USD).
  • Assistance to the leading financial services provider in Central and Eastern Europe and also the majority shareholder in Banca Comerciala Româna – in a wide range of legal issues ranging from complex banking and finance, capital markets, M&A and post-privatisation issues, corporate, insurance and private pensions, insolvency and liquidation, competition, capital markets, litigation.
  • One of the main telecom operators in Romania – assistance in various corporate/commercial, regulatory, competition, labour, tax related issues relating to client’s operations on the Romanian telecom market, including in concluding the first network sharing agreement in Romania with one of its competitors.

Diversity lies at the heart of Tuca Zbârcea & Asociatii’s brand. Our diversity policy is about ensuring that work is evenly distributed or that career-making opportunities are afforded to a diverse group of attorneys and staff. Our diversity policy is also about recruitment and retention of diverse talent, understanding and responding to the needs of our diverse clients, promotion of women and minorities, commitment to offer equal employment opportunities and to foster an atmosphere conducive to open and safe discussion of diversity topics, enforcement of anti-discrimination and harassment policies, including gender discrimination and sexual harassment.

According to our Pro Bono program, we commit to contribute up to 3% of the firm’s billable hours to Pro Bono work. In line with our commitment to help make a difference to the profession, as well as the wider community, Tuca Zbârcea & Asociatii has been pursuing a broad range of social responsibility activities throughout the years. As per our CSR policy, the firm’s initiatives are mainly focused on the following areas: education, culture, sports and charity. What’s more, the firm set up a dedicated non-profit organisation – called “Noctilucent” – to implement social responsibility projects. Tuca Zbârcea & Asociatii is a socially responsible company that takes a strong, real interest in the future of the legal profession and is willing to shape that future by investing in talented people, improving education and enabling access to meaningful, quality sources of information. Several of the firm’s CSR and pro bono programs address the needs of the younger generations and our focus is not exclusively on law students and law graduates. Instead, Tuca Zbârcea & Asociatii engages with the wider community of experts in various disciplines, including mathematics, physics, informatics, as well as architecture, medicine etc. From educational programmes designed for law school students, to programmes addressing the special needs of exceptional children, such as maths geniuses, we demonstrate our conviction that education is invaluable to individuals and societies. In addition, in line with Tuca Zbarcea & Asociatii’s ambition to nurture future generations by encouraging, supporting and promoting talent, the firm has deployed a range of initiatives aimed at establishing higher standards in arts/culture and sports.

Thanks to the firm’s constant involvement in Pro Bono, CSR and sponsorships, Tuca Zbarcea & Asocia?ii has received various accolades from prestigious publications, including The Financial Times in its annual FT Innovative Lawyers report. The firm is also a past recipient of the Award for CSR and Pro Bono commitment (Legal Magazin, Gala Profesiilor Liberale, 2013) and Brand Culture Award for devising a one-of-a-kind internship in public speaking for law students in Romania (Legal Marketing, The Times/Legal Innovation Awards, 2017).

Florentin Țuca, Managing Partner

Florentin Țuca talks about the Law and laws in the “new normal”

What about the Law and laws?

It is no easy task this day and age to talk of “legal market trends.”

And not only because of the worries, fears, and uncertainty related to the “new world order,” the new “economic reset,” and the “fourth industrial revolution” – all of which are expressed in all sorts of truisms and crammed together under the umbrella of “nothing will be like it used to be.”

Nor is my difficulty merely related to the great unknowns that the legal profession (and not only) is now facing, challenged by digitalization, AI and its “achievements,” over-specialization, over-standardization, and the transformation of work into e-work. All these are already identified viruses for which lawyers and law firms, each by their own lights, individually or in concert with others, try to find the appropriate vaccine.

Finally, nor do I complain of the difficulty coming from recent transformations affecting the legal profession (especially business law firms): the economic crisis and its fluctuations, paradigm changes in the lawyer-client relationship, the increasing “avarice” of clients and the near-collapse of the hourly fee, etc. These are unfathomable changes that bother everyone, so there’s no point to adding my own tears on the issue.

Instead, I’d rather deplore the situation for three particular unknowns that greatly complicate my mission to analyze the “law market trends.”

First, the place and status of the Law and laws in the “new normal.” Will the Law still be “the art of good and beauty” (Cicero), or will it become “the technology of evil and the ugly” (self-quote)? Will laws remain the symbol of (relatively) democratic regimes or become mere stamps for Martial Law tyranny? Who, and under which conditions, and by which procedure, will decide the hierarchy of individual and collective values worthy of protection and future promotion through the Law and laws? These are for now merely rhetorical questions, but I for one fear the answers that the immediate future will provide us.

Two, the definition of justice, of order, of the rule of law. To what extent will these notions keep their classical, well-known meaning? How will the brave new world reassess relations between individuals, and between the individual and society? Or between the governed and the government? Will classical democracy be hijacked by the “autocratic technocracy of biosecurity” (Giorgio Agamben)? Will constitutions be revised, the regime of fundamental rights and freedoms upturned, and state institutions’ mechanisms rearranged?

And three. As long as trend is associated with movement, and market with free exchange and economic freedom, and as long as the legal profession is in essence a liberal profession, I wonder: how compatible are these concepts with the notion of lockdown? I am afraid that the concepts themselves have already been quarantined.

This interview was first published by the CEE Legal Matters Magazine

Tuca Zbarcea & Asociatii successfully assists MOL Romania in a motorway services concession project

MOL Romania Petroleum Products S.R.L. won 7 out of the 13 lots for services spaces leased under concession by Compania Națională de Administrare a Infrastructurii Rutiere S.A. for equipping/fitting out, operating and maintaining the services spaces located on Romanian motorways open to road traffic, on the routes of Nadlac - Sibiu and Pitesti - Bucharest (A1) and Cernavoda - Constanta (A2). The company retained Tuca Zbarcea & Asociatii to provide full advisory services in respect thereof.

Tuca Zbarcea & Asociatii advised CEZ on selling part of its Romanian assets to a funds manager

Tuca Zbarcea & Asociatii acted for CEZ Group as regards the divestment of its Romanian assets, namely the electricity distribution assets, the energy supply and an operational portfolio of renewable energy to funds managed by Macquarie Infrastructure and Real Assets ("MIRA"). The seven companies which are part of the deal are: Distributie Energie Oltenia, CEZ Vanzare, Ovidiu Development, Tomis Team, MW Team Invest, TMK Hydroenergy Power and CEZ Romania.

Tuca Zbarcea & Asociatii advises on Coca-Cola HBC Romania-HEINEKEN Romania deal

Tuca Zbarcea & Asociatii provided legal assistance to Coca-Cola HBC Romania in the transaction by which the leader of the local beverage industry acquired 50% of the share capital of Stockday, an online business-2-business platform developed by HEINEKEN Romania. The transaction was recently approved by the European Commission.