DLA Piper Romania assisted the leading Norwegian aluminium group Norsk Hydro ASA in the divestment of its Romanian extrusion plant, Hydro Extrusion SRL, to another major player of the industry sector, Hammerer Aluminium Industries GmbH. The transaction was recently finalized, following the issuance of approvals from the relevant competition authorities.
The project overseen by DLA Piper Romania took almost half a year to complete, as several sets of conditions needed to be agreed upon. DLA Piper support in the transaction mainly consisted in data room assistance, transactional structuring, drafting the transaction documents, assistance during negotiations of the SPA and the necessary steps in getting the approval of the competition authorities. The whole process required a cross-practice approach involving the Corporate, Intellectual Property and Competition practices of DLA Piper Bucharest and the Competition practice of DLA Piper Budapest office. The transaction was complex and involved several jurisdictions, such as United Kingdom and Romania in respect with transaction documents and Romania, Hungary, Germany and Austria in respect of the relevant competition approvals. This marks one of the biggest transactions of 2020, so far.
"We are happy to have assisted Hydro in meeting its challenging deadlines of executing this transaction over the summer, with key negotiations starting in August, a traditional holiday month in Europe, and ending after winter holidays. The parties worked pragmatically and efficiently at getting the deal done, and we are proud to have assisted in this effort. Congratulations to both Hydro and H.A.I. teams for a well-run transaction!" said Marian Dinu, Country Managing Partner, DLA Piper Romania.
From the client perspective, Henning Flaig, M&A Vice President of Norsk Hydro, commented: „We are really satisfied with the way things progressed towards this successful closure. Our experience with the DLA Piper team so far was very good and their involvement was beneficial for the success of this transaction. Always pragmatic and keen to close the deal in the best terms, DLA Piper lawyers paid close attention to the slightest details and really made the difference in this project”.
The DLA Piper team was led by Marian Dinu (Country Managing Partner), alongside Jonathan Clarke (Legal Director, Corporate, UK), and included Alina Lăcătuș (Partner, Corporate), Cristina Bucur (Counsel, Corporate), Péter Virág (Senior Associate, Litigation & Regulatory, DLA Piper Hungary) and Ciprian Frandeș (Associate, Corporate).
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