28 Mar 2023
Bucharest, 24 March 2022 An integrated team of transaction specialists from PwC Romania and PwC Greece and lawyers from D&B David și Baias, PwC's correspondent law firm in Romania, assisted Public Power Corporation (PPC) from Greece in the acquisition of the Romanian electricity production, supply and distribution assets of the Italian group Enel.
"We have proven once again that our integrated transaction team can advise at the highest standards on large transactions in strategic and highly regulated areas. I congratulate all colleagues involved in this process for their professionalism and dedication to this project", said Cornelia Bumbăcea, Partner Deals PwC Romania.
PwC and D&B David și Baias experts provided due diligence, tax structuring advice and support on the complex financial and tax aspects of the transaction documents, as well as legal advice on Romanian law.
"We are proud to have assisted PPC in this transaction. It was a complex transaction, involving a large number of PwC Romania consultants and D&B lawyers, who worked with colleagues from PwC Greece, as well as other international consulting teams," said Ruxandra Târlescu, Partner PwC Romania.
The transaction is expected to be completed in the second half of 2023, subject to certain suspensive conditions, including the approval of the relevant competition authorities.
" I would like to thank the D&B team of lawyers who worked on this transaction, one of the largest transactions in Romania in the last 30 years. D&B provided full Romanian law assistance, consisting of both legal due diligence and GDPR services, as well as legal assistance for reviewing the transaction documents, and we will continue to assist PPC with the implementation of the transaction," said Anda Rojanschi, Partner D&B David și Baias.
The D&B David și Baias team worked in collaboration with law firm Milbank LLP (UK), who coordinated legal assistance on behalf of the buyer.
PwC Romania's transaction team was formed by Cornelia Bumbăcea, Partner Deals, Andreea Bistriceanu, Director, Andreea Oprescu, Senior Manager, Laura Paraschiv, Senior Manager and Andreea Puiu, Manager.
The PwC Tax team was represented by Daniel Anghel, Tax, Legal and People Services Leader, Ruxandra Târlescu, Partner, Adina Vizoli, Director, Ioana Bara, Senior Manager, Ludmila Petrescu, Senior Manager, Claudiu Simionescu, Senior Manager and Anca Lungeanu, Manager.
The D&B David and Baias team was coordinated by Anda Rojanschi, Partner and was formed by more than 20 lawyers, including Cristina Păduraru, Partner, Adina Oprea, Managing Associate, Corina Celmare, Senior Associate, Georgiana Bălan, Managing Associate, Ovidiu Bold, Partner, and Mihaela Papandreia, Senior Associate.
PPC is the largest electricity company in Greece, with an installed capacity of 10.5 GW and around 6 million customers.
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About D&B David and Baias
D&B David și Baias is the PwC correspondent law firm in Romania and is part of the international PwC Legal network of more than 3000 lawyers in over 90 countries. The D&B David si Baias team is composed of about 50 lawyers (including 9 partners) and provides legal advice and assistance to local and multinational companies in areas such as: mergers, acquisitions and restructurings, companies and groups of companies, real estate, competition and state aid, financial services and capital markets, labour relations and human resources, intellectual property, consumer and personal data protection, tax and commercial litigation.
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D&B David și Baias