Clifford Chance Badea, the Bucharest office of global law firm Clifford Chance, has advised PIB Group Europa, backed by global private equity firms Apax Funds and The Carlyle Group, in relation to the acquisition of Stein Bestasig Insurance Broker, which marks the debut of the UK-based company on the Romanian insurance market.

The team coordinated by Nadia Badea, Clifford Chance Partner, included Counsel Loredana Ralea, Senior Associate Ecaterina Burlacu, Of Counsel Eleonora Udroiu, and lawyers Maria Ciulică and Filip Marinău.

The transaction is part of PIB Group's strategy to expand on the South-East European market, including by building a strong presence in Romania, through an acquisition plan targeting approximately 20 local insurance brokerage companies.

"Our practice has an impressive track record of successful advisory work provided to global private equity funds and investors in the Financial Services - Banking and Insurance industries, who are interested in the opportunities that Romania provides. We are honoured to have advised one of the most dynamic and diverse insurance brokers in Europe in its first strategic step on the local market, which will certainly leave its mark on the future of Romanian insurance industry," says Nadia Badea, Clifford Chance Partner, and coordinator of the M&A practice in Bucharest.

Carl McMillan, PIB Group General Counsel, said: "Making a successful first acquisition in a new market is critically important, especially in a highly regulated and complex industry like ours. We needed a strong legal partner, with an extensive local knowhow and a global perspective, which is why I chose Clifford Chance Badea, and its fantastic team of lawyers delivered a great outcome for the PIB Group."

The transaction had a significant regulatory and local compliance component, involving a highly complex approval process.

Clifford Chance has advised PIB Group throughout the entire transaction, in performing due diligence, negotiation of the envisaged transaction, negotiation of the management structure and relationships, as well as in advising on specific insurance brokerage compliance matters related to the structuring of the transaction.

The team advised the client in the approval process from the Romanian Financial Supervisory Authority (ASF), as well as the foreign investment approval by the Commission for the Examination of Foreign Direct Investment (CEISD).

Clifford Chance Badea's portfolio of Private Equity and Financial Services transactions includes, among others, recent projects such as:

1. Advising US-based private equity fund J.C. Flowers & Co. in connection with the acquisition of Piraeus Bank Romania (2017) and Leumi Bank Romania (2019), and the sale of First Bank to the Italian-based Intesa Group (2023);
2. Advising Actis, the global investment fund in sustainable infrastructure, in relation to the acquisition from UK-based investment company Low Carbon of the majority interest in two renewable energy projects under development in Romania, with an estimated installed capacity of around 1,000 MW;
3. Advising Rezolv Energy, the regional renewable energy platform of global investment fund Actis, in relation to the acquisition of the 1,044 MW solar plant in Arad County from Monsson Group;
4. Advising Crédit Agricole S.A. in the sale of Crédit Agricole Bank Romania to Vista Bank Romania;
5. Advising CVC Capital Partners, global private equity leader, on the acquisition of the insurance business Ethniki active in Greece, Cyprus and Romania (and including Garanta Asigurari) from NBG;
6. Advising BNP Paribas Leasing in the acquisition of shares in two Romanian companies from German-based group IKB that exited the local market.

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Clifford Chance has been present in Romania since 2006 and operates now as Clifford Chance Badea. The Bucharest office is fully integrated in the global network and is frequently involved in complex transactions such as syndicated loans, project finance, restructurings, Eurobonds and shares issues on international capital markets, derivatives, companies' acquisitions by strategic investors or private equity funds, infrastructure and motorway projects, real estate investments etc., as well as domestic and international litigation and arbitration.

For further information about Clifford Chance please access www.cliffordchance.com