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

In January 2009, CMS Cameron McKenna's Moscow office completed a merger between three CMS firms. New additions to the Moscow office include John Hammond, who is Chairman of the board of directors, and Thomas Heidemann, a corporate partner from Beiten Burkhardt.

A highlight of the CMS team's year was advising GE Money in connection with the €626 million acquisition of Bank BPH, the Polish banking business of UniCredit that has a network of 200 branches. The transaction took 18 months to complete and involved nearly 60 lawyers from CMS offices across Europe, who negotiated complicated regulatory issues to complete the transaction in the summer of 2008.

Also of note was the firm's work advising Eureko on the acquisition of 100% of the shares in Oranta, a Russian insurance company. And CMS is now representing Banque PSA Finance on its acquisition of a 98% stake in AIG's consumer finance operations in Russia, with an option written in to buy the leftover 2% in 2011.

CMS Cameron McKenna's project finance practice across CEE wins plaudits from its clients. "I think their experience in the sector is good, and they are able to advise on every aspect," says one happy customer. "Their contact network, both internally and externally, meant they could get the answers quickly even if they didn't know."

This year the CMS team advised Eurohypo as lead arrangers on facilities worth €250 million to Anchor Group, for the project finance of two shopping malls and an office development in Bucharest.

The firm also has an association with Grupa Lotos that has spanned nearly five years, and arranging project development and a complex loan facility for the company kept over 120 lawyers at the firm busy this year. Grupa Lotos is Poland second-largest oil refinery, which is partially state-owned and listed on the Warsaw Stock Exchange. A club deal involving 17 banks was put together to provide several levels of lending, including a $400 million asset-backed loan and a separate $1.75 billion loan split into various tranches.

Another client has been consistently impressed by the firm's work ethic: "We did a couple of all-nighters with them," the client says.

In Bucharest, an impressive cross-border case saw CMS advise Eurobank EFG as lead arranger on the construction financing, worth €137 million, of the USCE shopping mall in Belgrade for MPC Properties.

CMS Cameron McKenna is known in the Bulgarian market as leader of the international firms, working on some of the pre-eminent deals.

Banking and finance head Reneta Petkova and Teodora Ivanova recently advised the EBRD (European Bank for Reconstruction and Development) on its €80 million syndicated loan provided to ProCredit Bank Bulgaria, as well as on the provision of a loan to UniCredit Bulbank for the financing of small-and medium-sized enterprises in the country.

The firm's corporate department, led by David Butts, has had a busy year, acting on some very large mandates. Petkova and Ivanova advised a US media corporation on a potential acquisition of a media company's interests in a portfolio of selected Bulgarian TV channels, radio stations and magazines valued at €1.1 billion. This was part of a planned global acquisition effort.

The team has also been advising Spain's Iberdrola Renovables on the proposed €150 million acquisition of a 74MW wind farm project in northern Bulgaria. A partner at a competing firm says of Butts: "He's an asset to this market. He works hard and gets things done."

CMS's project finance practice also has an excellent reputation. Acting on another mandate from the EBRD, Petkova, Teodora Ivanova and Elitsa Ivanova advised the development bank on the provision of loans to Bulgarian commercial banks for the financing of energy efficiency and renewable energy projects, as well as on the separate matter of financing a biomass power plant elsewhere in the country.

Also in project and infrastructure finance, Petkova and Yoana Zhechkova advised a joint venture of Tishman International Companies and GE Real Estate on obtaining €56 million in financing from an Austrian bank for the first phase of development of the Sofia Airport Centre project.

CMS Cameron McKenna's Prague office has a good reputation in securitisation work. Head of the banking and finance department Pavla Krecková led a team that advised HSBC on Mifid implementation.

CMS Cameron McKenna's finance work is closely related to its strength in the real-estate market, organising acquisition finance. "They have a lot of involvement in the market and know lots about deals that are going on," says one client.

Obviously, real-estate instructions are down on previous years, given the reluctance of lenders to support such projects, but the firm has nonetheless gained some work. One deal Pavla Krecková completed at the end of 2008 saw her advise a fund managed by Pramerica Real Estate Investors in relation to the acquisition of the office and retail park A7 Arena. Another deal completed in June 2008 saw the firm counsel Pradera on acquisition finance for three retail centres spread across the Czech Republic.

CMS Cameron McKenna is an interesting firm. It has a strong regional practice, with its Prague office benefiting from the presence of central and eastern corporate head Helen Rodwell, in addition to strong local partners like Sárka Robinson. "They are efficient and have a good team. They are responsive and identify problems quickly," says one client.

The firm's representation of Bucyrus DBT Europe is typical of the cross-border work it is capable of. CMS assisted in Bucyrus' acquisition of the mining equipment and engineering company OKD Bastro.

In February 2009 the firm worked on the acquisition of central European insurance agency group LifeCo from its two shareholders CarWay Holding and VP Consulting (Europe) for QBE insurance, in a deal led by Helen Rodwell.

The firm's Czech capabilities are demonstrated by the Czech government mandating CMS to work on the privatisation of Czech Airlines.

CMS Cameron McKenna holds its place in tier one for banking and finance, working with big clients on prominent mandates. One recent client says of department leader Erika Papp: "She's a really responsive, diligent lawyer, with excellent training that she knows how to use. And I extend that to her team. I couldn't be more impressed, really."

The team has been advising lenders including MKB Bank, CIB Bank and Eurohypo on some sizeable real-estate development deals. Papp and Iván Sefer advised MKB on its €76.6 million financing of a commercial centre in Bulgaria. Another deal saw Papp, Sefer and Árpád Lantos advise CIB on a number of deals covering commercial and tourist developments totalling €100 million, and Papp and Lantos counsel Eurohypo on its financings of office developments totalling €50 million.

Another interesting mandate saw Papp, Sefer and Lantos act for FHB Bank on a complex mobile payment project involving near-field mobile phone payments at various selling points. This was a deal requiring the full innovatory powers of Papp and her team, as it was the first of its kind for the country's financial services industry.

CMS Cameron McKenna's corporate department, led by Anikó Kircsi and Robert Hayhurst, is known for its outstanding cross-border M&A practice, and has been living up to its reputation over the past year.

On the buy side, Gabriella Ormai, Kircsi and Péter Simon advised Itochu Corporation on its acquisition of a stake in Eetek, a regional energy efficiency company. The mandate included due diligence as well as structuring and negotiating the transaction documents and the shareholders' agreement.

Axa Bank Belgium turned to CMS for advice on all aspects of the cross-border merger of its Hungarian subsidiary with the Belgium subsidiary, as well as the transformation of its Hungarian operation into a branch.

In a deal that demonstrates the market's confidence in the firm, Ferenc Mátrai and Gábor Gelencsér advised Euroinvest and Bakonyi Power Plant on a €100 million joint venture between the parties in connection with the development of a power plant.

CMS Cameron McKenna's capacity to handle project financings is well known in the Hungarian market. The firm attracts the big banks as clients for advice on large lending facilities.

Team leader Erika Papp and Iván Sefer advised on the acquisition and financing of the Vertes power plant. They were joined by Árpád Lantos when the firm was called on by CIB Bank for advice on planned financing for five separate PPP projects in Hungary – the mandate covering review of agreement packages, due diligence for the companies involved and setting up transactional documents.

The 14-strong banking and finance department at CMS's Warsaw office is one of the largest dedicated teams of its kind among international firms operating in Poland. Marek Król's team had a busy year working on some large mandates, and the firm moves up to tier two this year following a shift in market sentiment.

One deal saw Dominika Uberman act for Globe Trade Centre, a large developer of commercial real estate, on the €90 million refinancing of an investment loan taken out at Aareal Bank by one of its subsidiaries – GTC Galeria Kazimierz.

Another notable deal also involved the adjustment of an existing facility, but with the firm acting for the lender. Uberman and Magdalena Brzozowska advised Bank Pekao on amendment of the financing structure for four residential projects in Warsaw and Gdansk, realised by the Pirelli Group. The financing, offered by Pekao and a consortium of lenders, totalled Zl644.5 million (€144 million).

CMS Cameron McKenna Dariusz Greszta Spólka Komandytowa's corporate department, led by name partner Dariusz Greszta, has had a busy year with both buy-and sell-side M&A mandates. The firm advised PCC Rokita on the sale of its Rokita-Agro subsidiary (a leading agrochemical firm) to Makhteshim Agan Industries, and the team was also called on by Tetley Polska for advice on their acquisition of Premium Foods – a Poland-based producer and distributor of tea and food products.

CMS Cameron McKenna is one of the leaders in project finance on the Polish market, with a capacity that boasts the involvement not only of the banking and international finance team but also the dedicated energy projects and construction team, who handle the non-finance side of deals. This, judging by the stature of the mandates they attract, is a winning combination.

Late in 2008, the team assisted Grupa Lotos with the financing for an upgrade of their oil refinery in Gdansk. This was a second-stage financing and the team ran a funding competition in a tough credit climate, managing to attract a club of 17 lenders to invest $2.15 billion (€1.5 billion).

Another deal saw the firm advise the Gdansk Transport Company as concessionaire on the construction and operation of the Gdansk-Torun section of the A1 motorway, which is run on a PPP formula – the relevant part of the financing totalling €1.07 billion.

The firm has also been giving continuing legal advice to Zaklady Azotowe Kedzierzyn on the arrangement of the €1.4 billion financing for the construction and operation of a new energy plant based on carbon-capture and storage technology.

CMS Cameron McKenna's Bucharest office continues to be strong in all practice areas, and was boosted this past year by the addition of six associates.

One recent high-profile client praises the firm: "They're just excellent. They're client-orientated, highly responsive and provide customised solutions and extra direction without being prompted – as well as being very nice people to work with."

The capital markets team, led by Todd Robinson and Claudia Stoian, advised Advent International on the acquisition of a majority stake in the listed Ceramica. In another mandate that shows its ability to handle complex deals, the firm advised International Finance Corporation on the subscription within a public offer of $25 million of subordinated unsecured convertible bonds of 2005, due 2010, made by Banca Transilvania – which was a first for the Romanian market.

In banking, Simon Dayes led when the firm advised an HSBC fund on its joint venture for, and the €75 million syndicated financing of, the acquisition of the retail centre at Doraly. A stand-out cross-border mandate saw the team advising Eurobank EFG as lead arranger, as well as the banks, for the €137 million construction financing of the Usce shopping mall in Belgrade for MPC Properties.

One M&A deal that stands out, handled by Horea Popescu and Raluca Ionescu, was advising Elster on its acquisition of Aeroteh, Romania's largest gas monitoring systems producer.

CMS Bucharest's project-finance department has been as busy as ever, with the firm advising UniCredit Tiriac Bank (as lead arranger) and UniCredit Bank Austria in €65 million facilities for the flue-gas desulphurisation project at one of Romania's biggest lignite-fired electricity generation plants. Dayes, who leads the department, was described by a competitor as being "very constructive and pragmatic. I would say he has a passionate legal mind".

As of June 2009 the law firms Ruzicka & Partners and Csekes Világi Drgonec & Partners have merged to form Ruzicka Csekes in association with CMS Cameron McKenna. Both firms were in the second tier in the 2009 edition of the IFLR1000, and the newly formed firm shall maintain this position given the obvious synergy.

It is too early to judge the impact of this move, but the firm can now boast significant individuals such as Dana Nemcíková and international partner Ian Parker. Clients praise Simo, with one saying: "I found working with him very comfortable."

In July 2008 Simo, working for Ruzicka & Partners/CMS Cameron McKenna, advised the lender Erste Bank on the Slovak law aspects on the security agreements for a loan to a development company for the acquisition of real estate in Bratislava.

As of June 2009 the law firms Ruzicka & Partners and Csekes Világi Drgonec & Partners have merged to form Ruzicka Csekes in association with CMS Cameron McKenna. Csekes Világi was already second tier, and Ruzicka & Partners was making a push from the third, so a second-tier ranking is justified.

Clients like the firm: "The service is really good. They have much experience and if I request something, I usually get an answer in a day." Peter Simo is one that comes in for praise. "What I like about the service is that since we are an Austrian company I would ask always to provide the difference between Slovakian and Austrian laws," says one client. "That is what Simo can do because he has the experience."

Working under the previous guise of Ruzicka & Partners/CMS Cameron McKenna, Simo worked on the Vienna Insurance Group's acquisition of Koopertiva poistovna in December 2008. In 2009 the old firm worked on Rheinisch-Bergische's purchase of Petit Press.

CMS Cameron McKenna opened its Kyiv office in 2007 and makes the rankings for the first time. Commentators feel that the firm hired extremely well and that a tier-two ranking is justifiable.

"They are currently involved with a lot of potential deals – they have a lot of potential," is how one lawyer views the practice. A large portion of the firm arrived from Chadbourne & Parke, including managing partner Adam Mycyk – who is a leading practitioner in this market.

Hiring Olexander Martinenko from Baker & McKenzie is regarded as the real coup for the firm. "He is a real loss to Bakers," says a rival. Martinenko is the senior partner at the firm in this practice area.

Two recent deals have seen the firm represent Abris Capital Partners on the acquisition of a chain of supermarkets in Ukraine and advise on the purchase of a life insurance company by ING.