Moldova

Reviews

Practice area

IFLR1000 Reviews

Overview

Solicitors governing body: Moldovan Bar

Competition authority: Competition Council

Financial regulator: National Bank of Moldova

IFLR1000 ranking categories for this jurisdiction: 

Financial and corporate

Jurisdiction overview

Moldova is a civil law jurisdiction backed by the 1994 constitution. The country’s legal heritage includes influence from the continental Europe civil law tradition and also the Soviet system from its days as part of the USSR up until independence in 1991. 2002 saw the country adopt the latest version of its civil code.

In regards to local legal practice, citizenship of the country is required to be registered as an advocate, though non-Moldovan lawyers can enter into associations with local lawyers as long as they are registered with the Moldovan Bar.

There are no restrictions on foreign firms setting up offices in the country, though the above rules apply in regard to lawyers practising local law.

Moldova’s size and economy mean that the legal market is largely made up of local firms, though some firms from neighbouring Romania (Vernon David) have set up offices as have regional firm Schoenherr and the legal arm of professional services provider PwC.

Financial and corporate
ACI Partners

ACI Partners has a strong financial and corporate team across the board, with particular expertise in the banking and M&A areas. 

In banking the firm is experienced in advising on the lender side of financings and regularly works for with international development banks and regional banks on loans to Moldovan infrastructure and agricultural companies.  

In M&A during the research period the firm notably worked on one of Moldova’s largest ever M&A transactions. It represented a private equity house in acquiring a leading domestic energy utility company.  

On the projects side the firm has been active for developers on the construction of roads.  

Recent Deal Data highlights  

  • Duet Private Equity €141 million acquisition of Red Union Fenosa / GNF Moldova
  • R16 Balti-Falesti-Sculeni Road 

Client feedback

"Excellent and fast execution. Detailed guidance." – Banking

"Excellent clear and practical advice. They met all their deadlines; and replied to queries promptly." – Banking

"Excellent work." – Banking

"Good, clear, responsive and reacts accordingly." – Banking

"The legal work was provided professionally." – Banking

"They are extremely proactive and business-oriented. I love how they take charge of matters and drive the process." – Banking

"Excellent technical skills as well as client service." – M&A

"Swift and flexible service, a pleasure to work with." – M&A

"Very responsive and fast." – M&A

"Satisfied with the work of the law firm. They are committed and available when you need them." – Project development

Cobzac & Partners

Cobzac & Partners is best known for its work within the M&A and restructuring and insolvency areas, where it has notably acted for clients in the oil and gas, real estate and tobacco sectors recently. 

During the research period the firm worked for the acquirer on one of Moldova’s largest M&A mandates in the financial services sector. Other recent matters have seen the firm work on the sale of shares, the purchase of real estate, spin-offs and insolvency.  

Recent Deal Data highlights  

  • Doverie $44.5 million acquisition of 64% stake in Moldindconbank 

Client feedback

"Pleased with the work of the firm. They work fast and they obtain the results we are looking for. They are really good at real estate matters and corporate law." – Banking

"They were extremely helpful and professional, promptly responding to our emails and answering our questions." – Banking

"Young and professional team. Good command of English and Russian languages. Good communication skills. Always have enough staff to answer and take care of all kind of legal errands." – Banking

"The lawyers are clever, capable and they are good at solving problems. They work with passion, devotion and they think out of the box, which makes them different and better than other lawyers." – M&A

"Their strength is that they have a huge experience in business law and they understand how our business is functioning and what it needs. Also, they are responsible and hard working." – Restructuring and insolvency

"They know their job. They put the clients' needs first and they are really creative in problem solving." – Restructuring and insolvency

Efrim Rosca & Asociatii

Efrim Roşca şi Asociaţii has a strong financial and corporate offering. In recent times the gained experience in banking and M&A. 

The firm notably acted for the sellers in two large deals in the Moldovan banking sector during the research period.  

Other recent mandates included working for shareholders on capital increases and acting with international law firms as local counsel work.  

Recent Deal Data highlights  

  • Doverie $44.5 million acquisition of 64% in Moldindconbank
  • EBRD / Invalda / Horizon Capital $23 million acquisition of 41.09% in Moldova Agroindbank 
Gladei & Partners

Gladei & Partners has strength across the financial and corporate area and has recently been handling banking, M&A and capital markets mandates. 

In banking and finance the firm regularly works on deals for the region’s leading development banks including the World Bank and the European Bank for Reconstruction and Development on loans to Moldovan borrowers. 

In the capital markets during the research period the firm notably acted for the issuer on the first international bond issued by a Moldova with domestic guarantors. It also advised the European Union on sovereign financing.  

In the M&A space the firm acted for the acquirers in two large deals in the Moldovan banking sector.

Recent Deal Data highlights  

  • Aragvi $300 million 12% bond issue 
  • Doverie $44.5 million acquisition of 64% stake in Moldindconbank
  • EBRD / Invalda / Horizon Capital $23 million acquisition of 41.09% stake in Moldova Agroindbank

Client feedback

"Always very thorough and well documented work. Prompt reactions." – Banking

"The company's employees are highly professional." – Banking

"Deep expertise, combined with an innovative approach." – Project development

Popa & Asociatii

Popa & Associates has a credible financial and corporate offering. 

During the research period the firm supported a borrower as it sought financing to establish its presence in Moldova. The firm also worked on transactional matters across the healthcare and real estate sectors. 

In 2019 the firm began representing Grata International as an associate office in Moldova. 

Client feedback

"Satisfied with the quality of legal services provided. I appreciate in them for the ability to find the suitable solution for problems raised and their quick reply to all my inquiries." – Restructuring and insolvency

PwC Legal

The Chisinau office of PwC Legal is recognised for its work on corporate restructuring and M&A. On cross-border deals the firm often works alongside PwC Romania’s partner law firm D&B David si Baias. 

In the financial and corporate space the firm often advises acquirers by performing due diligence. The firm also has the capability of working on financial services regulatory and insolvency mandates. 

Recent Deal Data highlights  

  • Caroli Foods bankruptcy

Client feedback

"Professional staff." – Banking

"Professional advice." – Banking

"Prompt responses and smart solutions." – Banking

"Their high professionalism and proactive nature are well appreciated." – Banking

"Good operability, good knowledge of legislation, and good solutions for each particular situation." – M&A

Schoenherr Moldova

Schoenherr Moldova, the Chisinau branch of an Austrian firm, is renowned for work in the financial and corporate space. The firm regularly attracts international clients from across its network for business in Moldova. 

The firm is often involved in the market’s leading transactions, and has recently acted for the acquirers in landmark M&A mandates in the banking and energy sectors. Other areas of strength for the firm during the research period included banking, insolvency and project development. 

Recent Deal Data highlights  

  • Eurotransgaz acquisition of Vestmoldtransgaz
  • OTB Bank acquisition of 87.85% stake in Mobiasbancă
  • Telia acquisition of Fintur Holdings 

Client feedback

"Extremely satisfied with their knowledge of the laws of Moldova and the local practice. Also, we are extremely satisfied with their level of responsibility and their availability to respond to urgent tasks." – Banking

"Good research. Prompt responses." – Banking

"Very professional. Regular communication and timely execution of assignments." – Capital markets: Equity

"Reactive, and knows the local regulators well." – M&A

"Excellent skills, business-minded, client-oriented, and well connected within the country and the international network." – Restructuring and insolvency

Turcan Cazac

Turcan Cazac is one of the best Moldovan firms across the financial and corporate space, with a particular strength in dealing with cross-border M&A work and finance.  

The firm recently worked on multiple financings for Trans-Oil Group to fund its agricultural production, and assisted with the sale and novation of aircraft. 

It has a further specialism within the emerging capital markets area in Moldova, where it represented the underwriters in the first ever international bond by a Moldovan issuer with domestic guarantors.  

During the research period the firm also notably acted for the acquirers on landmark M&A transactions the banking and energy sectors.  

Recent Deal Data highlights  

  • Aragvi $300 million 12% bond issue
  • Eurotransgaz acquisition of Vestmoldtransgaz
  • OTB Bank acquisition of 87.85% stake in Mobiasbanca

Client feedback

"Fully satisfied. Knowledgeable, responsive and efficient." – Banking

Vernon David

Vernon David is a Romanian recognised for its M&A practice locally.  

During the research period the firm has notably represented banks and investment funds providing finance to Moldovan borrowers in the agricultural sector. 

Client feedback

"I have always found the staff courteous, helpful and willing to assist." – Banking

"The professionals are receptive and very operative." – Banking

"Very strong, results-oriented legal support." – M&A