Țuca Zbârcea & Asociații successfully completes the first takeover transaction between two financial investment companies in Romania
Țuca Zbârcea & Asociații successfully advised the Muntenia Financial Group on the sale to SIF Banat-Crișana of its interest in SAI Muntenia Invest – the company managing SIF Muntenia (SIF4).
The acquisition has been recently approved by the Romanian Competition Council, which found no incompatibility with a normal competitive environment, and by the Financial Supervision Authority (FSA).
This is the first transaction on the Romanian capital market involving a financial investment company (SIF) taking over the control on the manager of another SIF.
A team of lawyers specialising in Capital Markets and M&A, coordinated by Silvana Ivan, a Partner at Țuca Zbârcea & Asociații and co-coordinator of the firm’s Capital Market practice group advised Muntenia Financial Group throughout the entire process. Ciprian Timofte, a Senior Associate with the firm, was also a member of this team.
“It has been an innovative project from multiple perspectives: on the one hand, considering the circumstances surrounding the signing of the agreement and, on the other hand, the novelty of such transaction on the Romanian capital market. As such, our team performed a careful analysis on a very complex and extended legal framework and also a thorough assessment on the market impact of the transaction, from the perspective of meeting the clearance requirements of the relevant authorities, namely the FSA and the Competition Council”, stated Silvana Ivan, coordinator of the legal team assisting the seller.
According to the Partner of Țuca Zbârcea & Asociații, the parties had been negotiating for several months when the transaction got the green light from the Competition Council and FSA.
“We are glad that the authorities approved the transaction to the satisfaction of both sides and with no legal hurdles; from this perspective, Țuca Zbârcea & Asociații’s legal team have once again proven their outstanding expertise in capital markets”, added Gabriel Filimon, President of the Muntenia Financial Group and of SAI Muntenia Invest.
The capital market team of Țuca Zbârcea & Asociații is one of the most experienced in Romania, providing legal services on regulatory matters (legal requirements and procedures applicable to the admission on the capital market), the establishment and operation of listed companies, investment firms, SAIs and other top players in the market, as well as on various capital market operations, including public offers, admissions to trading, etc. The team of Țuca Zbârcea & Asociații also provides day-to-day legal assistance for the market institutions, i.e. the Bucharest Stock Exchange and the Central Depository.