Mușat & Asociații hosted the seminar “Raising equity or strategic partners in time of financial turmoil”, organized in partnership with Euro-Phoenix, one of the most important financial consultants in Central and Eastern Europe. Within the event, targeted for the Romanian entrepreneurs, the speakers debated on topics such as types of equity financing transactions that are still possible during economic crisis, the pros and cons of financial investors versus strategic ones, as well as types of business valuations.
“Particularly during this difficult period on the mergers and acquisitions market, we believe that those who are looking for a financial or strategic investor and the potential purchasers as well must take into account all the legal and financial aspects involved in a transaction. We are honored that together with the specialists from Euro-Phoenix, we had the opportunity to present to the Romanian entrepreneurs various aspects of this process”, said Gelu Titus Maravela, Partner Mușat & Asociații.
Thus, during the debates, Cătălin Băiculescu (Co-Managing Partner Musat & Asociatii), Gelu Titus Maravela (Partner Musat & Asociatii), Les Nemethy (CEO and founder of Euro-Phoenix) and Marius Manoiu (Country Manager of Euro-Phoenix in Romania) approached financial and legal aspects concerning the takeover mechanisms, the due-diligence process, the securities related to the sale purchase agreement, as well as the potential litigations which may arise after the conclusion of an agreement.
“We will soon witness the revival of the mergers and acquisitions’ Romanian market. The first reason is that, on the foreign markets, the real finance sources will soon be separated almost completely from the soap bubbles generated by the toxic financial instruments. The second reason is related to the fact that in Romania the crisis has only now reached its peak, and the local entrepreneurs will soon feel the acute need to attract capital, adjusting their sometimes exaggerated expectations regarding the sale prices”, said Catalin Baiculescu, Co-Managing Partner Mușat & Asociatii. This year, Mușat & Asociatii has completed the purchase by Roche of the assets of Top Diagnostic, the acquisition of the majority stock in Bere Azuga by SABMiller, and assisted Sanofi Aventis with regard to the launch of the public takeover offer of Zentiva Romania S.A., amounting to EUR 17.4 million.
In almost 20 years of practice, Mușat & Asociații gained a vast experience both in the field of privatizations, and in the field of mergers and acquisitions, acting in complex international transactions and providing legal assistance with regard to a large range of transaction structures, from takeover tactics and the flexible repositioning of the offer to corporate restructuring, post-trading assistance and integration planning. Among the most complex transactions in which the law firm was involved, there are: the takeover by ENEL SpA of Electrica Muntenia Sud, legal assistance granted to Sider Sipe with regard to the sale of the majority stock in Ductil Steel, the sale by Banca Transilvania of the majority stock in BT Asigurari, or the legal assistance provided to PPF Investments in relation to the acquisition of Continental Hotels.