Schoenherr si Asociatii SCA advised on the successful completion of an initial public offering ("IPO") for the sale of 50 % of the existing shares issued by TTS (Transport Trade Services) SA ("TTS"), to both institutional and retail investors, for a total price of approx. EUR 58.5m.
Following the successful completion of the IPO, TTS will apply to list its shares on the regulated market of the Bucharest Stock Exchange, in the Premium tier.
"We are happy to have advised on this IPO. It has been a while since we have seen such a large-scale initial public offering of shares in Romania and we are proud to have helped make this one a success." said Schoenherr capital markets partner Narcisa Oprea, who led the team advising on the project.
The services provided by Schoenherr si Asociatii SCA covered advice on the full range of legal matters in connection with the IPO, including prospectus drafting, preparing the corporate documentation, and liaising with the Romanian Financial Supervisory Authority and the Bucharest Stock Exchange.
TTS is the parent company of the TTS Group, the strongest provider of integrated logistics services on the Danube. The group is active in nine countries in freight forwarding, river transport, port operation, as well as ancillary services, covering over 100 ports and port terminals. It has grown consistently since being founded 20 years ago, both organically and through acquisitions, investing over EUR 200m in development. The group registered a turnover of approx. EUR 107.5m in 2020.
The Schoenherr team advising on this project was led by Narcisa Oprea (partner) and included Veronica Das Alexeev (senior attorney at law); Cristina Tudoraș (senior attorney at law); and Silviu Lazăr (attorney at law).
Schoenherr has been active in Romania for 25 years. The Romanian office has a strong capital markets practice, which is ranked by all major international legal directories (Chambers and Partners, Legal500, IFLR1000).