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

Salans is celebrating its tenth anniversary in Baku this year and has brand recognition as one of only two international law firms with extensive global reaches. Earlier this year Salans partially lost talented Ophelia Abdullayeva to an in-house post. However not all is lost, as Abdullayeva remains an external of-counsel to the team.

Despite recent changes to the firm, it remains strong under the guidance of current managing partner James Hogan, who divides his time between Salans' Paris and Baku offices. He is a stalwart in the market with excellent client and peer recognition. "James is technically very good," says one customer. "When I take him to the client, he is very credible. It's clear everyone knows who he is because when he says something, they listen to him and he is always able to give lots of solutions."

Specifically, clients trust the firm for M&A work in the petroleum, oil field services, banking and finance, and real-estate sectors. An example of this was Salans' work for Weir Group in its successful acquisition of Standard Oilfield Services in Baku. Another hallmark transaction for the team was acting for Baltika in its purchase of Baku Castel, the country's oldest and largest brewery. The latter deal was one of the biggest acquisitions outside of the oil and gas sector.

Advising Technikabank on its eurobond issue – the first by an Azerbaijani bank – was a feather in the firm's cap. Also, Hogan successfully headed a team that represented Cnim in drafting, negotiating and implementing a Fidic (International Federation of Consulting Engineers) design-build-operate contract for the construction and operation of a €346 million ($481 million) waste-to-energy incineration plant in Baku.

Though market commentators note that Salans had a difficult time when former managing partner Alum Bati left two years ago to start his own practice, the firm has done well to recuperate and experience growth.

Salans is respected in the market as a good firm with decent M&A lawyers. The firm has done well out of real-estate work in recent years, but has a regular stream of other mandates to compensate for the drop-off in that market.

A deal that was completed in January 2009 saw the firm represent Italian pharmaceutical group Recordati in its purchase of Herbacos-Bofarma, a Czech pharmaceutical player. Three months earlier, in November 2008, Salans completed a deal that saw marketing research company ACNielsen buy a Czech pharmacy-focused marketing outfit. May 2008 saw the team work on a joint venture between COMS and Marks & Spencer. The company formed is charged with operating Mark & Spencer's stores in the Czech Republic, Poland, Slovakia and the Baltic states.

Salans has largest number of practitioners on the ground in Kazakhstan and has been a steadfast presence in the market for 15 years. Commentators note the firm's focus on financing transactions, but its oil and gas practice is also highly-regarded, with Almaty partners Aigoul Kenjebayeva and Abai Shaikenov winning plaudits from the market for their work. "Those two are very fine lawyers in their specialties; Aigoul for oil and gas and Abai for projects," says one competitor. "Salans is probably one of the leading oil and gas firms here and I'd recommend them for that."

"Salans has a big and long-time experience serving pharmaceutical companies in Kazakhstan," says a corporate client. "They have high-level qualified employees, an excellent reputation, well-thought-out management, and membership in several international organisations. All of these assist in our great relationship with them as our legal counsel."

Salans' financial and corporate capabilities are notably bolstered by its successful industry-specific groups such as tax, antitrust, litigation, real estate, and employment. An additional resource for Kazakhstan clients is the firm's second office in Atyrau which is managed by Shaikenov. This office is primarily Kazakh language-oriented for its domestic clients.

This year the team featured in numerous high-profile deals including advising BP on its sale of an interest in a foreign company to Lukoil. This interest provides the buyer with an indirect stake in the Tengiz oil field and the CPC (Caspian Pipeline Consortium) pipeline. Kenjebayeva also led a team for Max Petroleum on the financing for its petroleum operations in the country.

In the M&A market, the team is advising Lactalis Group on its acquisition of two Kazakhstan dairy companies.

Salans had a busy year in both banking and M&A. One banking deal saw the firm advise the European regional development bank on the €100 million loan facility granted to Banca Comerciala Romana for the financing and refinancing of small and medium enterprises. In M&A, Salans advised Continental Wind Partners on the €300 million sale of the 600MW Dobrogea wind farm project to CEZ.

Salans advised the European Bank for Reconstruction and Development on its multi-product for medium-sized banks. The deal involved 25 individual projects worth $350 million.

The market notes that Salans has made an effort to refocus its practice and the results are noticeable. The firm represented the successful consortium Nevsky Meridian on its bid for the concession to build and operate the Western High Speed Diameter (WHSD) toll road project in St Petersburg.

Commentators believe that Salans is making a real push to grab a slice of the restructuring market. Consequently, it is doing well on this front.

The firm has had a solid year, working on some notable transactions. Chief among them is advice given to lead arrangers BNP Paribas Suisse and Bayerische Hypo- und Vereinsbank on a $300 million syndicated loan to a coal, coke and steel producer.

Salans is known for real-estate finance work and counselled Argo Real Estate Opportunities Fund on a $75 million loan from Marfin Laiki Bank to build a shopping centre in Odessa.