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News from Members Clifford Chance Badea provided buy-side advisory to Kingspan Group PLC, who signed an agreement to acquire TeraPlast's Steel division

Clifford Chance Badea provided buy-side advisory to Kingspan Group PLC, who signed an agreement to acquire TeraPlast's Steel division

by Clifford Chance Badea July 27, 2020

Clifford Chance Badea, the Bucharest office of global law firm Clifford Chance, advised Kingspan Group PLC, the global leader in high-performance insulation and building envelope solutions, throughout negotiations to acquire TeraPlast Group's steel division, namely TeraSteel SA, TeraSteel DOO Serbia and Wetterbest SA.

The team of lawyers is part of the Bucharest M&A practice coordinated by Partner Nadia Badea, and included Mihai Măcelaru (lead counsel), Ecaterina Burlacu (M&A senior associate), Alexandra Voicu and Maria Ciulică (lawyers), and Diana Crângaşu (senior associate specialized in competition law).

"This transaction covering Romanian and Serbian assets adds to the regional M&A portfolio we have successfully grown in response to our clients' interest," said Nadia Badea, Clifford Chance partner and coordinator of the Bucharest M&A practice. "As a global team, we remain committed to supporting our clients in successfully reaching their business goals and addressing their needs at the highest international standards."       

Mihai Măcelaru added: "Working on this deal was both challenging and rewarding, as we were all subjected to the limitations of remote working conditions and the pressure of streamlining communications and legal procedures as best as possible. The successful closing of negotiations mirrors the exceptional work, professionalism and dedication of all teams involved."

The conclusion of the transaction is subject to various condition precedent, including competition clearance.           

Milestone M&A projects recently advised by Clifford Chance Badea include:

  • Advising French-based investment fund AEW in connection with the sale of its Romanian portfolio to the real estate investment division of Morgan Stanley in association with a group of Israeli investors highly active on the real estate market, represented by David Hay and, respectively, Indotek Group, one of the largest Hungarian investment groups. The transaction included America House, a landmark A-class office building in Bucharest (acquired by Morgan Stanley together with the Israelian real estate investors), and the Promenada Mall Târgu Mureș (acquired by Indotek Group);
  • Advising the German-based REWE / DerTour group with retail and tourism activities, in relation to the acquisition of the travel agency arm of Eurolines Romania;
  • Advising the private equity fund Abris Capital Partners in the acquisition of a majority stake in Global Technical Group, the leading end-to-end solution provider for building management and security integrator in Romania (regional deal, Romania/ Serbia);
  • Advising First Bank, owned by US-based investment fund J.C. Flowers & Co., in relation to its acquisition of Leumi Bank Romania;
  • Advising private equity fund Abris Capital Partners on the sale of courier company Urgent Cargus to Mid Europa Partners;
  • Advising Czech Media Invest (CMI) throughout the acquisition of the CEE radio assets of multinational media conglomerate Lagardère Group;
  • Advising BNP Paribas Leasing in the acquisition of shares in two Romanian companies from German-based group IKB that is exiting the local market;
  • Advising CA Immo in relation to the acquisition of Campus 6.1 office building in Bucharest from Skanska, a deal valued at EUR 53 million;
  • Advising J.C. Flowers & Co. in relation to the acquisition of Piraeus Bank Romania by funds advised by J.C. Flowers & Co., a deal marking the American investor's entry on the local market;
  • Advising the independent European private equity firm Vitruvian Partners in relation to its acquisition of a 30% stake in BitDefender, a leading global cyber security technology company.

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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.

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