IFLR 1000
The Guide to the World's Leading Financial Law Firms

There is no doubting the pedigree and strength of CMS Cameron McKenna in Bulgaria. Competitors and clients testify to its dominant presence on the market. "CMS, I would pick CMS to represent us," says one peer. "They were absolutely excellent and extremely supportive. We're very pleased with their performance and extended our business on the back of their performance in Bulgaria," says one happy client, adding: "They introduced us to new opportunities in the region. I don't normally comment like this but they were exceptional. We look to them for other areas on the back of this." Kostadin Sirleshtov was drawn out for special praise, with one client saying: "His enthusiasm was of great value. A very positive chap. He was always there for us."

The firm's famed CEE (Central & Eastern Europe) network continues to deliver the high standard that one has come to expect and the corporate practice headed by Atanas Bangachev has been involved in the high ticket mandates in Bulgaria and Eastern Europe. An example is the firm's involvement in one of the regions biggest deals advising the Delhaize Group in its €933 million acquisition of Delta Maxi Group. Also, in renewable energy, at €20 million, the firm advised Toshiba International Europe on the successful acquisition of two photovoltaic projects in Yambol, Bulgaria (with a planned installed capacity of 10MW). The team also advised Europa Capital on the €20 million acquisition of Retail Park Plovdiv from Landmark Property Management.

Last but not least, CMS Cameron McKenna advised the Bulgarian Ministry of Economy, Energy and Tourism on setting up the JEREMIE (Joint European Resources for Micro to Medium Enterprises) holding fund in Bulgaria through the contribution of €199 million from the Operational Programme (Development of the Competitiveness of the Bulgarian Economy 2007-2013) to the European Investment Fund. Structural funds distribution and management is a highly important feature of Bulgaria's membership in the EU.

Led by Reneta Petkova, the firm's banking and finance practice is also well thought of and is one of the strongest and most qualified in Bulgaria. "I respect Reneta Petkova," says one competitor.

CMS Cameron McKenna's strong European coverage allows the firm to manage, coordinate and work on complex cross-border capital markets work through local lawyers. Over the last year the firm advised a global investment bank in connection with derivative transactions and acted for a club of banks in regard to ISDA compliant and Czech law based hedging agreements in connection with a potential PPP (public-private partnership) project in the Czech Republic.

There are mixed views about the overall quality of CMS Cameron McKenna's banking and finance practice but the firm's reputation in acquisition and real estate finance remains strong. One notable deal saw the firm advise Bainbridge Capital Retail Properties on a €181 million retail-based asset refinancing. In project finance, the firm has also been active in the recent solar energy boom, advising a host of solar plant developers and operators.

There is no doubting CMS Cameron McKenna's regional credentials when it comes to corporate and M&A work. The firm has an extensive network in place across the Central and Eastern Europe (CEE) region and narrowly misses out on a second tier place this year.

"I would put CMS higher because of their work for Advent International in private equity," says one partner. However, this feeling is not unanimous. "CMS had significant changes and we do not see so much of them now, only in the past," says another competitor.

In deal terms, the firm advised leading private equity firm Advent International on its €188 million agreement to acquire Provimi Pet Food (PPF) from the Provimi Group. Furthermore the firm worked on the Czech Republic aspects of Honeywell's €98 million sale of its sensor business and of shares in Honeywell Control to Sensata Technologies.

CMS Cameron McKenna certainly has the human resources for the big-ticket mandates. With eleven lawyers working solely on banking transactions, the firm has the largest dedicated banking and finance team in Hungary. "They're the biggest on the market," says one partner.

CMS Cameron McKenna's notable CEE (Central & Eastern Europe) network impressed clients, who give consistently positive feedback. "They're very professional and I'm very happy with the service," says one client.

While the firm is well known for its banking practice, there is feeling that its capital markets practice is not as strong. "It's important to mention that CMS's capital markets [team] is small, they're stronger in banking," says one partner. However, another partner points out that "CMS had a sizeable bond deal recently".

The firm advised Erste Bank on its voluntary public offer and squeeze out and then its conversion into a private form, and in a separate deal, advised on establishing a home savings and loan bank for the same client. These deals were unique on the Hungarian market. Furthermore, the firm advised Day One Capital in the establishment of a venture capital investment fund outside the framework of the Jeremie program.

CMS advised Crédit Agricole Corporate and Investment Bank as arranger on a €37 million private bond issue for MÁV Magyar Államvasutak and subsequently advised the same client as arranger and underwriter on a €26 million private bond issue for Magyar Posta. The firm also has a very active aviation finance practice

Market commentators have noted the recent promotion of Iván Seferto to partner of CMS's banking and international finance.

CMS Cameron McKenna has built itself a formidable reputation in M&A and in 2010 it completed more M&A deals in the CEE (Central & Eastern Europe) region than any other firm. Its impressive regional network clearly plays a key role in its success: "CEE is on our radar and they're very strong in that area," says one client. One peer notes that "on the bigger deals they bring in lawyers from Prague".

Clients have also noted the firm for its innovative approach to matters. "It was a complicated transaction. There was a brand new law which hadn't been interpreted and they managed to persuade the regulator," says one client, adding: "Their technical grasp of the law is really good. They didn't have friends in high places, but negotiations were very persuasive. They educated them [the regulators] fast".

The Budapest office was landed a blow when Robert Hayhurst left for Brazil in order to fulfil a new role with the firm. However, to strengthen the practice, the firm hired partner Eva Talmacsi from the firm's London office where she now splits her time between Budapest and London. Anikó Kircsi has been drawn out for praise by clients. "She is technically very good and hardworking. She's very helpful," says one client.

CMS advised its key client Advent International on its agreement to acquire Provimi Pet Food (PPF) from the Provimi Group for €188 million. It was a competitive bid for the client due to the tense timeframes involved within a multi-jurisdictional setting.

Additionally, with much publicity, the firm is advising the Hungarian Asset Management Agency in relation to the €56 million restructuring and recapitalisation of Malev (involving negotiations with the Russian minority shareholder). The firm also advised Siemens / Osram on the cross-border merger of Osram in Hungary into the Slovak subsidiary Osram. It was one of the first cross border mergers that materialised since the EU Merger Act became operational in 2008.

Despite the quandaries that the economic crisis produced, CMS Cameron McKenna has been able to progressively enlarge its team. The 12 strong practice, continues to build market share and the firm has been visible advising on high-profile project finance transactions in Hungary. In other developments, Iván Sefer was recently promoted to partner.

The firm is noted as having excelled in certain sub-categories. "CMS is very strong, perhaps the strongest in the pure representation of banks in project finance," says one peer, adding: "They're not so strong on developer side work. They do very few motorways, PPP projects, but they are the gold standard in banks."

The firm has earned the plaudits of its clients with one saying: "They're one of the best international law firms in international renewable transactions. The energy team is capable". "They are lawyers but had more of a commercial view on what's going on. They're not just looking at the legal aspects but are trying to make the deal happen," says another client.

The firm is very active and has been involved in some big-ticket deals this year. It advised on the financing of a gas drilling project, a biomass project and a shopping centre. Additionally, the firm is known for its cross-border capabilities and has been active in a complex cross-border acquisition financing of an energy efficiency company. Finally, the firm has been advising on the restructuring of a company in a highly publicised, complex and sensitive mandate.

This year, CMS Cameron McKenna moves up a tier into the top flight. With capitalisation of the markets set to increase, the firm has attracted some high profile mandates. Nevertheless, there have been concerns that the firm lacks a capital markets specialist. "Simon Dayes is a good guy, although, now they have no expert on the capital markets," says one partner. However, the firm has recently bolstered its London office with the recruitment of leading US capital markets lawyer Daniel Winterfeldt. Daniel is now head of the international capital markets group and has already made an impact. This combined with the fact that the firm has restructured the team locally, puts it in good stead.

At €485 million and €605 million, the firm is supporting the Romanian Government, as legal advisors to the consortium led by Renaissance Capital on the secondary sale offering of shares in the largest Romanian company, Petrom. Significantly, this is the largest secondary public offering to date on the Bucharest Stock Exchange (BSE). Furthermore, the firm is acting for an international finance institution in another major capital markets transaction that is among the largest of the year. Furthermore, at €60 million, the firm advised the Bank of Cyprus in the acquisition of a minority stake (less than 10%) in Banca Transilvania, listed on the BSE.

It's no secret that CMS Cameron McKenna has a dominant presence in Central and Eastern Europe (CEE). Nevertheless, there have been whispers from competitors, which suggest that the banking and finance practice is a bit depleted since Todd Robinson's departure from the management role. However, any such impact can only be relative to the pre-existent market share of the firm as it is another of those international firms, which has successfully integrated into the Romanian market. Furthermore, very few would challenge CMS Cameron McKenna's proficiency in banking.

Simon Dayes is a well-respected figure on the market and he is often drawn out for praise in both the personal and professional capacity. "Simon Dayes is one of the best finance lawyers here [in Romania]," says a peer.

Clients have expressed their satisfaction with the work of the firm. "They're very very good. Good quality, professional. The team is very professional," says one, adding: "I recommend them to other banks because I'm pleased."

Over the last 12 months, CMS Cameron McKenna has been active in a number of high value deals. At €80 million, the firm was involved in one of the highest profile private sector and real estate financing deals of the year. It advised lead arranger, Alpha Bank Athens and syndicate banks EFG Eurobank and Bank of Cyprus on the investment finance for the City Gate two-tower office building development in Bucharest (for GTC). Furthermore, the firm demonstrated its inclination towards cross-border finance when it advised ING as lead arranger, in a €300 million medium term factoring programme for Arcelor Mittal group.

The largest international firm in Bucharest, CMS Cameron McKenna is another one of the fully integrated international firms that offers the complete transactional package. The eminent CEE (Central & Eastern Europe) network of the firm has led to its fond regional description as "magic circle". "They have a very good network and it's helpful to get expertise in other jurisdictions like Serbia, Romania, London and Ireland," one client says. Looking ahead, the firm is well placed and well respected with some competitors calling for a top tier position. "They are good quality," another client says, adding though: "To some degree on diligence, they did too much of a report. They did a little too much and they can be more concise".

The firm continues to advise Iberdrola Energias renovables and Eolica Dobrogea on the indirect acquisition of the first wind project, which has an installed capacity of 80MW and is located in Dobrogea, Romania. In the region of €300 million, it is one of the client's most important global projects, and the most important wind energy project in Romania. The design involves more than 1,600 hectares of land acquired from over 300 owners. Additionally, the firm is active in the pharmaceuticals sector and advised Ozone Pharmaceuticals and A&D Pharma on one of the biggest deals of 2010 in that sector.

In a deal which displayed cross-border capabilities of the firm, the firm also advised the shareholders of Ozone Pharmaceuticals, with respect to the sale of the international part of the Ozone Pharmaceuticals business to A&D Pharma, the largest Romanian pharmaceutical distributor and retailer. The firm also acted for Oryxa Capital who has acquired Cadbury's Kandia-Excelent. Kraft Foods agreed to sell Cadbury's chocolate confectionery business in Romania to Oryxa Capital for an undisclosed amount to meet the European regulatory requirement of its Cadbury acquisition. The deal awaits European Commission approval.

This year, the solid, integrated, highly reputable and CEE (Central & Eastern Europe) wide CMS Cameron McKenna retains pole position in Romania. The firm is highly capable at project finance and has the necessary expertise and depth of talent to carry out the most complex transactions. Simon Dayes, a project finance lawyer by training, has developed quite a reputation on the market. "You have to be specialised to do finance work," says one peer, adding: "If you want to be educated you have to work around the best. Simon Dayes has knowledge."

With regard to renewable energy, the firm is presently involved in one of the largest wind farm projects on the market. To this end, it is advising Iberdrola, one of Spain's largest utility companies, in its forward purchase and construction of up to 1,580MW of wind projects. In April 2011, at €100 million, the firm aided the completion of the acquisition of the first phase of 80MW. Currently, at €750 million, progress is being made towards completion of the second phase of 600MW. Furthermore, the team advised Banca Comerciala Romana and the Anglo-Romanian bank in its €22 million financing of a bid, tender and bond facility for a fleet of sea vessels owned by a major oil and gas exploration and production group, GSP Group.

Another highlight has seen the firm advising a major European bank, as arranger and lender, in a multi-bank financing exceeding €100 million for the rehabilitation of a renewable energy complex for one of Romania's state-owned energy companies.

Ruzicka Csekes/CMS Cameron McKenna continues to grow in stature and consolidates its position in the second tier. The firm has been very busy in the market and in association with CMS Cameron McKenna, it brings a bustling vibrancy to its work. However, some commentators have noted that CMS's absence of thorough integration in the Slovak Republic prevents clients from accessing the full gambit of its network. "CMS is more of a franchise type than the full integrated approach. It's a purchase of the international brand but with the prevalence of local attributes," one competitor says. Other competitors state, somewhat on the other hand, that Ruzicka Csekes relies too heavily on the CMS network. "Ruzicka is not a leading financing firm but the deal list might justify this. Their financing work is focused on referral stuff from other CMS offices". Regardless, with its broad local client base, the firm is not geared exclusively to high value transactional work, but it does possess the ability to undertake big-ticket and cross-border finance. Indeed, it is a salient feature that the firm covers areas beyond pure finance and advises banks on regulatory and structural matters.

The firm is renowned for its real estate finance and is currently involved in one of the largest ever real estate financings in Slovakia advising KBC Bank as lead lender on the €500 million financing of Eurovea, a brand new district in the heart of Bratislava, being created on the banks of the Danube. Additionally, the firm advised the Ministry of Transport on the D1 (Package No 1) and D1 (Package No 2) PPP (public-private partnership) projects. It advised the state throughout the procurement process (including financing and financial close) of the two major PPP road projects, at €2 billion each, in Slovakia. "At Ruzicka, Ján Azud [is a leading individual]. I know he was involved as [the] lawyer for representing Slovakia in [the] PPP," one partner says.

In the coming editions, Ruzicka Csekes/CMS Cameron McKenna will be looking to break into the top tier. The firm has had another successful year and enhances its claim to join the international firms in pole position. "CMS are quite active," one partner says. CMS Cameron McKenna does not style itself as a global firm but rather as a European firm and in many respects shares a similar strategy to White & Case. Furthermore, the firm is renowned for its CEE (Central & Eastern Europe) network and its association with Ruzicka Csekes produces one of the larger firms on the market. Nevertheless, as alluded to in the banking and finance section, there have been concerns with respect to its integration in the market. "CMS is not integrated. It is some type of cooperation but it's not fully integrated," one rival says.

Over the last twelve months, the firm has displayed its proclivity for cross-border work as it continues to attract the market's leading mandates. The firm was involved in the largest telecoms merger in what has been touted as the market's "Merger of the Decade". The €1 billion deal saw the firm advise Slovak Telecom on its merger with its subsidiary, T-Mobile Slovensko (whom the firm also advised). Before the merger, T-Mobile Slovensko and Slovak Telecom were the second and the third telecoms operators in Slovakia with T-Mobile providing mobile services and Slovak Telecom providing fixed-line services. The firm's advice helped create the largest telecoms company in the country. Additionally, the firm advised Metlife, the largest life insurer in the US, on the Slovak aspects of its $ 15 billion acquisition of the life insurance business of Alico (American Life Insurance Co).

CMS Cameron McKenna’s banking and finance practice consolidates its position in tier three of this year’s edition. Led by Adam Mycyk and Peter Malecek, the firm continues to build market share on the Ukrainian legal landscape.

CMS won mandates in the framework of the country’s Euro 2012 programme and in one of the few real estate financings in Kyiv of late, led by Malecek and supported by a team including Taras Burhan and Victoria Kaplan among others, it acted for a confidential client in a $68 million loan to a Ukrainian developer for the construction of a mix-use project in downtown Kyiv. The deal was also interesting for its hotel component and in mid-2011 was still pending closure. Another financing had Malecek, Burhan and Taras Stasiv advise an international finance institution (IFI), whose identity remains confidential, with regard to a $24 million long term loan to a Ukrainian grain trader. This deal involved a number of jurisdictions including the UK, Hong Kong and the Netherlands.

IFIs proved a mainstay of the firm’s portfolio of finance deals. Mycyk, working with Burhan and Stasiv, advised another IFI on a $26 million loan to a municipal enterprise and guaranteed by the municipality. The deal was still ongoing in mid-2011 and parties remain confidential. Another IFI mandate, this time of different pro-bono nature, saw Burhan assist the client on conducting debt restructuring and insolvency seminars across nine cities in Ukraine with the aim of helping small-to-medium enterprises. The firm was not only limited in scope to financing work as a large team, again led by Malecek, was kept busy in early 2011 advising a confidential bank on matters pertaining to existing loans. The firm closed this matter in February 2011.

CMS Cameron McKenna's grip on the first tier has loosened after a relatively quiet year. As a result, the firm slips down the rankings to occupy a place in tier two. Market commentators were divided as to the quality of the firm's M&A capability and a considerable number of its peers questioned its place. "I'm surprised by Cameron McKenna. They should not be in tier one but in tier three. They're competent but their M&A is not better than tier three," one partner says. "I have an issue with Cameron McKenna. They are not in the same level. I did not see them participate in the same kind of transactions. They are in either tier two or three," another partner says. Nevertheless, there are some who have read a different line into the firm's worth. "CMS are one of the best on the Ukrainian market. They could be tier one. They have a strong team and are present on important transactions. They are known for their quality," one partner says.

Clients have been satisfied by the firm's capabilities. "CMS, they were good. Very swift on response time and offered sophisticated solutions and excellent in English," one client says. "They're innovative because they always come back with some solution," says another client. Adam Mycyk is also praised. "The partner Adam Mycyk was very good," says one client.

The firm advised Electrolux in the signing and closing of a framework agreement for the €19 million acquisition of a factory and other assets from a Ukrainian white goods manufacturer. Additionally, the firm advised Intel Capital and the International Finance Corporation (IFC) on the acquisition of a stake in the joint venture with a group of Ukrainian investors. This was with the aim of constructing and operating De Novo Data Processing Centre. The firm also advised a global private equity fund on the acquisition of a stake in one of the leading Ukrainian healthcare businesses. CMS Cameron McKenna worked as English law counsel for the entire transaction.