Clifford Chance Badea advised US-based private equity firm J.C. Flowers & Co. on the acquisition of Piraeus Bank Romania

Clifford Chance Badea has advised J.C. Flowers & Co. in relation to the acquisition of Piraeus Bank Romania by funds advised by J.C. Flowers & Co., a deal marking the American investor's entry on the local market. 

The complex deal involved a mixed team of M&A and Banking & Finance lawyers coordinated by managing partner Daniel Badea and counsel Loredana Ralea. Mădălina Rachieru-Postolache (partner), Andreea Șișman (counsel), Radu Costin and Gabriel Toma (associates) had important contributions throughout the process. The team also included, among others, Senior Associates Diana Crângașu and Lavinia Nucu, as well as lawyers Yolanda Ghiță-Blujdescu, Claudia Grosu, and Mihnea Niculescu. Nick Fletcher, Of Counsel, advised on English law aspects. 

The Bucharest office of the global law firm provided support from the beginning of the project, starting with the due diligence phase, and followed by advice on regulatory aspects, the structuring and the negotiation process, the drafting and signing of the deal documents. 

"The year ends with a milestone-deal for the local banking industry, confirming the market's potential to attract high-profile American investors," Daniel Badea, Clifford Chance Badea Managing Partner, said. "We are honoured and delighted to have advised one of the most important American investment funds on its first deal in Romania". 

Loredana Ralea, counsel with the M&A practice of Clifford Chance Badea, added: "It's been an extremely complex process on a highly-regulated market, which, from the very beginning, required deep industry and business-specific knowledge, as well as good understanding of the compliance and regulatory requirements. The entire Clifford Chance Badea team has worked intensely throughout the deal, covering the legal and regulatory components, but also supporting the J.C. Flowers team in their strategic approach of the deal. We are, also, delighted by the collaboration with the excellent team of Unicredit Corporate Finance, who covered the investment banking aspects of the deal".

The deal is to be finalized following the approval of the National Bank of Romania and, respectively, the Greek-based Hellenic Financial Stability Fund (HFSF).