March 23, 2016 12:20
Carpatica Asig SA, the insurance company that now makes object to several intervention measures on the basis of insurants’ resolution and redressing law, was acquired by International Insurance Consortium, an investments company from the Netherlands, with a focus on the insurance companies from Eastern and South-Eastern Europe. IIC was represented by Wolf Theiss in this transaction. The team of lawyers led by Ileana Glodeanu claims the transaction to have been a true challenge, considering the suspensive conditions, certain criminal law ramifications, the changes in the legislation in the past months and, finally, regulations on the way to be enacted. The finalizing of the transaction is conditioned by the approval of the Authority of Financial Surveillance (ASF)....more »
February 16, 2016 13:44
According to the latest government emergency ordinance draft, the Department for Foreign Investments and Public-Private Partnership will cease its activity within the General Secretariat of the Government (SGG). It will be incorporated by the Ministry of Economy, Commerce and Relations with the Business Sector. The Ministry will be reorganized by taking over its attributions, patrimony and personnel of the Department. Following Alexandru Nastase’s dismissal on 15th of January, several days ago, Prime Minister Dacian Ciolos appointed Manuel Costescu, executive director at JP Morgan London, as State Secretary for the Department....more »
February 01, 2016 15:55
Local law firm RTPR Allen & Overy advised the private equity fund Enterprise Investors in relation to the sale of Smartree Romania, an important player on the market providing outsourcing payroll and personnel administration process services. The RTPR Allen & Overy team included Costin Tărăcilă (Managing Partner), Laurențiu Tisescu (Associate) and Andrei Lupu (Junior Associate).  RTPR Allen & Overy assisted Enterprise Investors in relation to several transactions such as the exit from Siveco Romania, the acquisition of Macon and Simcor or the acquisition and subsequent sale of Artima....more »
January 28, 2016 10:07
French group Lactalis, which also controls local dairy producer LaDorna, submitted an offer for the acquisition of the romanian diart producer Albalact.Lactalis has agreed to acquire the Albalact shares representing in aggregate 70.29% of the fully-diluted issued share capital of Albalact . The main shareholder of Albalact is the Ciurtin family and minority shareholder is investment fund Reconstruction Capital II Limited listed on the London Stock Exchange, which has accumulated in the last two years about 25 percent of the shares on RASDAQ through acquisitions. ...more »
January 25, 2016 10:20
A company member of Inter IKEA Property Division, Vastint Romania was assisted by law firm Biris Goran in a 48-hectare land acquisition in the Gheorghe Ionescu-Sisesti road area of Sector 1, Bucharest.Vastint intends to develop the site into a mixed-use development, with a focus on residential. The IKEA group is one of the largest landowners in Romania through it's portfolio of forests. Currently, the Swedish group is preparing investments in three real estate projects in Bucharest, with the intention of opening new stores in major cities. Currently Romania has only one IKEA store located in the Northern part of Bucharest and plans the second store on Pallady Avenue in Bucharest on a land of 14 hectares acquired in 2015.  ...more »
January 22, 2016 12:38
The Ministry of Public Finance estimates that there will be two new sessions, in March and July 2016, which will enable companies to submit financing requests based on the state aid scheme for salary costs (regulated by G.D. 332/2014). The opening day of the sessions as well as the related budget will be announced on the website at least 30 days before their opening. The total budget allocated for this state aid scheme for 2016 is RON 450 million. Should this budget not be entirely used in the first session in March 2016, a new session will be opened in July 2016....more »
December 15, 2015 09:53
The shareholders of Autonet group of companies, the leading service provider on the Romanian automotive aftermarket, have closed a transaction with Swiss Automotive Group (SAG), one of the largest European independent provider of car parts. From here on, Autonet companies will be comprised within a holding, with SAG owning 51% of the shares, and the existing Autonet shareholders 49%. SAG and Autonet will continue to operate separately within their own markets....more »
November 26, 2015 11:09
The company Vector Watch, founded by Romanian entrepreneur Radu Georgescu obtained the third financing after it's launch in value of 5 million dollars. The funds will be used to extend US office and product development.  Financing came from parent company Gecad Group that led the investment with 2 mil. $, Followed by 3TS Fund Catalyst Romania 1.6 mil. $ and a number of private investors among which the co-founders of eMag who made the difference of 1.4 mil. $. ...more »
November 25, 2015 11:07
Garanti Bank granted a loan of 8.3 million euros to finance Ramada Plaza Hotel in Craiova, the second of its kind in the country. The Ramada Plaza in Craiova consists of three buildings totaling an area of 16,000 square meters and includes 162 accommodation units, a conference room with capacity for 500 people, two meeting rooms, 2 restaurants, and a spa facility....more »
November 10, 2015 16:31
bpv Grigorescu Stefanica, an independent Romanian law firm with a full service offering for projects and litigation and a combination of legal......more »
Govnet Next Events