Practice area

IFLR1000 Reviews


Solicitors governing body: The National Association of Romanian Bars

Competition authority: Competition Council

Financial regulator: Financial Supervisory Authority (ASF), National Bank of Romania

IFLR1000 ranking categories for this jurisdiction: 

Banking and finance, Capital markets, M&A, Project development

Jurisdiction overview

Romania is a civil law system based on a constitution originally ratified in 1991. The country’s latest civil code was introduced in 2011

There are two distinct professions in Romania – Legal advisors, who act for the state and public bodies, and Lawyers who are the equivalent of solicitors. Lawyers are governed by the 2003 Lawyers Act.

Though technically the practice of law is only open to Romanian citizens, the law does contain the exception that foreign registered lawyers can practice as Lawyers if they meet all the other criteria for registration. There are no specific licensing arrangements or restrictions on foreign law firms.

The legal market is largely made up of Romanian domestic firms though a small group of international firms have offices in Bucharest, mainly those from the UK or Austrian headquarted CEE firms.

Financial and corporate
bpv Grigorescu Ştefănică

bpv Grigorescu Ştefănică is one of the founding members of bpv Legal, an alliance of corporate law firms across the CEE region. Through this alliance the firm advises clients on cross border transactions across the financial and corporate space.

In banking and finance the firm is mostly active on the borrower side acting on loan facilities. However, during the research period, it also advised two Austrian banks on debt restructuring and regulatory mandates.

The firm was also active in the capital markets space where it acted for a government body on the listing of bonds in the local stock exchange.

In M&A the firm acts for both buyers and sellers across a wide range of sectors. Its alliance membership also brings in work from investors and companies in the CEE region who are looking to enter the Romanian market. 

In project development the firm acts for clients on tender and concession participation in infrastructure and transport sector projects. During the research period it also worked on public procurement, review and amendments of sectoral contracts in oil and gas and transport projects.

Recent Deal Data highlights

•Forty Management & Investments €3 million financing

•Municipality of Bucharest RON555 million 5.6% bond issue

•SoftwareOne acquisition of CompareX

•S&T acquisition of Fair Value

•Vola €2 million financing

Client feedback

"Very good understanding of our business and flexibility to allocate the needed experts." – Capital markets: debt

Bulboaca & Asociaţii

Bulboaca & Asociaţii is notable for its banking practice. It acts for both lenders and borrowers and advises on cross border financings. It has been active in the fintech sector advising foreign and domestic clients on blockchain-related matters under the Romanian law. 

In M&A the firm's close cooperation with international law firms has benefitted the firm by bringing in work on large cross border transactions. During the research period the firm was most active in the pharmaceutical, real estate and retail sectors advising on both buy and sell sides.

During the research period the firm increased the sizes of both banking and finance and the M&A team by recruiting several lawyers. Among them was new corporate partner Alexandra Radu who joined the firm from Stratulat Albulescu Attorneys at Law.

Client feedback

"Very analytical, supportive and hard-working." – Banking

"They have a strong background and experience in this field." – M&A

"We had a very good experience with this law firm, starting with the short time they took to  assess the project, the ability to understand the technical aspects of the project and the overall delivery on promises." – Project development

CHSH Gilescu Valeanu Nathanzon & Partners

The Romanian branch of Austrian law firm CHSH is a new entry to IFLR1000 rankings. Similar to other Austrian firms active in the CEE region, CHSH utilises its network offices across the region to take on cross border transactions. The Romanian branch is active in corporate transactions, primarily representing the Romanian subsidiaries of Austrian and German companies on deals. 

Recent Deal Data highlights

•Ringier Axel Springer Media acquisition of

Clifford Chance Badea

The Romanian arm of Clifford Chance is one of the strongest law firms in Romania. The firm has a strong presence in the financial services sector where it advises systemic and international banks and financial institutions across financial and corporate transactions.

The firm has a strong banking team that advises leading domestic and international banks on the financings of projects, acquisitions, corporations and real estate transactions. It is also active in aviation sector where it advises leasing companies on leasing and asset finance transactions. 

In capital markets work the firm works for banks as issuer and coordinators on bond issues. During the research period it advised a foreign-owned bank on the first Romanian covered bonds programme. In equity work the firm has been advising issuers and underwriters on public offerings of shares.

The firm's M&A team often works for private equity and investment firms on cross border acquisitions. Its active on public deals too.

The firm has notable presence in the public infrastructure projects where it advises financial institutions on the financing mandates. However, the firm is experienced on private sector projects. 

Recent Deal Data highlights

•Alpha Bank €1 billion covered bond programme

•Czech Media Invest €73 million acquisition of Lagardère Active Radio International

•Globalworth Real Estate Investment €550 million bond issue

•JC Flowers & Co and EBRD acquisition of Piraeus Bank Romania

•Romania $1.2 billion sovereign bond issue

Client feedback 

"Clifford Chance Badea's advice was timely, commercial and technically flawless. Their lawyers are technically strong and commercially savvy. Their response times were excellent especially in the context of some very challenging pressurised timelines. Finally, CCB went above and beyond for us on numerous occasions in enabling us to execute a very difficult transaction with a difficult customer. As such, their sense of client service is second to none." – Banking 

"Clifford Chance Badea is one of the top law firms in Romania. They are very good, reliable and on top of any project, they are dealing with. It is always a pleasure to work with them." – Banking

"Great responsiveness and excellent expert knowledge." – M&A

"Exceptional quality, dedication, attention to detail and strict observance of deadlines." – M&A

CMS Cameron McKenna Nabarro Olswang

CMS Cameron McKenna NAbarro Olswang is one of the largest and strongest firms in Romania. Its integration with network offices and a team of New York, UK and Romania qualified lawyers makes it well suited to take on cross border transactions across all practice areas.

In the banking space the firm advises international banks and financial institutions on cross border real estate and acquisition financings, collateral agreements and project finance mandates. The financial team also works alongside the corporate team to advise banks on the disposal of NPL portfolios. 

In capital markets work the firm is active on equity and debt transactions. The firm advises issuers and underwiters on IPOs and SPOs in both domestic and foreign stock exchanges. In the debt space the firm's strength lies in structured products and practice head Cristina Reichmann was involved in the drafting national covered bond legislation. 

The firm is among the most active law firms in M&A. During the research period it acted on some of the largest regional and global transactions in TMT and pharmaceuticals sector. The firm is also active in the domestic market advising leading Romanian companies on M&A transactions across technology, real estate and retail sectors. During the research period, it acted for Romania's global cybersecurity company on outbound investments in Australia and Netherlands.

Corporate lawyer David Cranfield joined the firm as counsel from the London office of Fieldfisher.

Recent Deal Data highlights

•Advent International €1.9 billion acquisition of Zentiva

•Mid Europa Partners €580 million acquisition financing 

•Parklake Shopping €130 million financing 

•Purcari Wineries Bucharest Stock Exchange IPO

•Vodafone €18.4 billion acquisition of Liberty Global European assets 

Client feedback

"The law firm proved to be well structured and organised without any flaws in their workflow. Its responses were fast and tailored to our needs. The law firm is service-oriented and has a deep knowledge of the banking industry." – Banking 

"Hard working staff and professional approach." – Capital markets: equity

"CMS is particularly well-versed in the banking and finance area, such as project finance and syndicated loan financing in different jurisdictions. CMS is distinguished not only by their superior legal skills, but also by their highest level of integrity and complex dedication to client." – Project finance

D&B David si Baias

D&B David si Baias works in association with PwC in Romania. 

In the banking and finance space insurance companies, local banks and credit institutions look to the firm for regulatory and legal assistance in relation to registration, acquisition of loan portfolios and implications of business transformation.

The firm's corporate practice has notable footing in the pharmaceuticals sector and often advises local and foreign healthcare entities and shareholders on cross border M&A transactions. During the research period it also worked alongside the legal arm of PwC on multinational acquisitions, reorganisations and mergers in the energy, TMT, pharmaceutical and consumer goods sectors.

Recent Deal Data highlights

•Medlife acquisition of Clinica Polisano

•M7 Group €180 million acquisition of UPC DTH operations

•Nordic Food acquisition of Dupont Ingredient

•Phoenix Group €100 million acquisition of Farmexim and Help Net

•SIA €375 million acquisition of First Data card processing business

Client feedback

"Excellent work. Strategic coupled with pragmatism, teamwork and coordination. Results focussed." – Banking

Sorin David

"Thoughtful, strategic and client/result focussed. A steady hand who manages his team effectively. Respects deadlines and targets. He is the person to have when things get complicated."

Dentons Europe - Zizzi-Caradja si Asociatii

Dentons works in association Zizzi-Caradja si Asociatii in Romania. Similar to its network offices, the firm focuses on real estate transactions. 

During the research period the firm's banking team worked in close cooperation with its network offices to act on several high value regional and global financing transactions. It mostly advised large financial institutions and development bank on Romanian aspects of those transactions. It acted on the financing of acquisitions, corporate and real estate developments. 

In M&A the firm has been active on both buy and sell side mandates. It advised a mix of global pharmaceutical company, private equity firms and large American and European corporations on a global M&A transactions across pharmaceutical, energy and manufacturing sectors among others. 

Managing counsels Anamaria Corbescu and Oana Soviani left the firm in 2018. Soviani joined Dell Technologies as in-house counsel.

Recent Deal Data highlights

•BASF €7.6 billion acquisition of BASF businesses and assets

•Chimcomplex €164 million acquisition financing

•Fortuna Entertainment €160 million acquisition financing

•KKR £6.8 billion acquisition of Unilever spreads business

•Wangxiang €70 million financing

Client feedback

"Highly professional with deep knowledge in industry sector." – Banking

Dragne & Asociaţii

Dragne & Asociaţii is a new entry to our rankings. The firm is active in financial and corporate practice areas.

The firm's banking practice assists both the banks and corporates on financial agreements and banking regulations. 

In M&A the firm advises private clients on the transfer of shareholders agreement and corporate exits in Romania. 

The corporate team also acts on restructuring and insolvency mandates for both debtors and creditors. During the research period it was active in several insolvency cases in the pharmaceutical and financial services sectors.

Client feedback

"The law firm provides legal services that comply with international legal standards. All the lawyers have a very strong legal knowledge, are communicative and open to understand the needs of our company." – Banking 

"Best professional lawyers in country." – Banking 

"Experienced and professional." – Banking 

"The law firm provides the best advice in each step of the insolvency procedures, ensuring with promptitude the best solutions for recovering our receivables." – Banking

"Very good. The law firm is very competent and reactive." – Banking 

"Dragne & Associates has responded accurately to our urgent needs." – Capital markets: debt


The Romanian office of the Greek firm Drakopoulos is active on financial and corporate transactions in Romania. It utilises its network offices in Greece, Cyprus and Albania to act on cross border transactions. 

The firm's banking and M&A transactions are closely linked as the firm works on both the acquisition and financing aspects of the mandates. It is most active in the real estate sector.

Recent Deal Data highlights

•Dimitria Real Estate / Dafprio Investment joint venture 

•Phonetastic €2 million financing

•Secure Property Development & Investment financing 


FIDASmart is a new firm established in 2016. The firm is active in corporate transactions and is particularly well versed in M&A. Since 2016, the firm has doubled in size – a testament to its growth in Romania.

During the research period, the firm's corporate work revolved around individual investors and entrepreneurs advising them on cross border M&A activities in health care, education, mining sectors among others. 

Recent Deal Data highlights

•Penta Investments acquisition of A&D Pharma

•Cambridge School of Bucharest campus


Regional firm Kinstellar is one of the stronger firms in Romania, especially in the banking space.

Leading international banks mandate Kinstellar to advise on cross border financings. The firm is well versed in syndicated and bilateral loans and on the financing of acquisitions, and projects. 

Project finance work is one of its strongest offerings. It typically advises the lenders on the financing of renewable and traditional power plant projects. 

It also advises banks and financial institutions on bond issues and EMTN programmes.

In M&A the firm acts for regional and Romanian companies on deals across agriculture, pharma and technology sectors among others. The firm also works alongside other international firms on large global transactions.

In the projects space, aside from the financing of energy projects, the firm also advises its clients on public procurement in the oil and gas and social infrastructure sectors. 

Recent Deal Data highlights

•Ameropa acquisition of 40% shares of Promat Comimpex and Agroind Cauaceu

•Ceres Pjharma acquisition of Ceumed Group

•Pandora Media $145 million acquisition of AdsWizz

Client feedback

"Very responsive and helpful advice. The team in Romania has also been very helpful in putting us in touch with Kinstellar teams in other jurisdictions for similar advice." – Banking

Leroy & Asociaţii

Leroy & Asociaţii is a Romanian law firm active in all areas covered by IFLR1000. It is notable for its derivatives expertise and acts as Romanian counsel to Isda.

In banking and finance the firm acts for a mix of borrowers and lenders on corporate loans and acquisition finance. It advises European corporations and international financial institutions and banks on domestic and cross border transactions.

In capital markets work the firm works with leading international banks, advising them on derivatives advice involving Romanian netting and collateral laws. 

In the M&A space the firm provides due diligence support to foreign and domestic clients on cross border transactions. 

The firm has a strong project development expertise. Active across several sectors including oil and gas, road infrastructure, public utilities and scientific research sector the firm has advised on EPC contracts, public procurement, tenders and concession contracts.  

Recent Deal Data highlights

•Assystem €80 million financing

•Purcari Wineries Bucharest Stock Exchange IPO

•TCH Group €15 million financing

Client feedback

"Very professional." – Banking

"Clear and manageable advice, prompt response and friendly approach." – Capital markets: derivatives

"Proactive, inclined to the practical side of the matter and able to highlight the real risks of a problem." – Capital markets: derivatives

"Leroy involved an experienced and well-organized team, with resources that synchronized very well among themselves in covering the legal topics raised during the transaction. They were available and flexible to adapt their schedule during the project. Their hands-on experience and ability to handle negotiations helped us in finding solutions. Leroy were flexible in negotiating the price of the project, and provided value for money." – M&A

Andreea Toma

"Experienced, well-organized and efficient team coordination. Impressive combination of M&A knowledge, IQ and EQ."

Cristian Bumbac

"Very professional."

Cristina Togan

"Proactive with excellent knowledge of the industry and the applicable law."

Andreea Toma and Cristina Togan

"They understand our needs as clients and are prompt, responsive, easy to collaborate with and flexible in terms of fees and deadlines."

Mitel & Asociaţii

Mitel & Asociaţii is a financial and corporate firm that is active in banking and M&A practice areas.

In banking, the firm acts for lenders and corporate borrowers on financing transactions.

In the corporate space the firm is active in the industrial and manufacturing sectors, advising on M&A transactions in Romania.

Recent Deal Data highlights

•Alexandrion Group acquisition of Halewood companies

•MedLife acquisition of Solomed Clinic

•Medlife acquisition of Ghencea Medical Center

Client feedback

"The law firm gave straightforward, precise and business-oriented advice during the entire course of the transaction. We felt we had a reliable partner and not merely a service provider." – M&A

MPR Partners

In 2019, Maravela & Asociaţii changed name to MPR Partners. The firm is active in M&A and the healthcare sector. 

During the research period healthcare was an active sector for the firm. It advised several service providers and device manufacturers on the Romanian aspects of cross border acquisitions. Elsewhere, investment funds and sector leading companies also mandated the firm on cross border M&As.

Recent Deal Data highlights

•Chimcomplex €127 million acquisition of Oltchim

•Precision For Medicine acquisition of Argint International

•Unilever €100 million acquisition cof Betty Ice

•United Petfood €48 million acquisition of Nordic Petfood

Muşat & Asociaţii

Mușat & Asociații is an established and reputable corporate firm and advises some of the most notable clients in Romania.

In the banking space the firm banks on lending transactions, reorganisations and regulation. It picked up work in the fintech sector recently, advising a foreign financial services company on entry. The firm also works alongside international law firms on cross border transactions working across retail and business-to-business lending. 

In the capital markets area the research period saw the firm advise Romanian financial investment firm on its share buyback programme. It also acted for international companies on setting up their stock option plans.  

The firm's M&A team works alongside international law firms to act on some of the largest cross border transactions across sectors including pharma, manufacturing and automotive. During the research period it advised the sellers on the nationalisation of Romania's largest shipyard. Its also experience in public M&A.

In the project space the firm is active across oil and gas, renewable energy, infrastructure and public sector projects. It advises construction and manufacturing companies on public procurements in government and infrastructure projects. In the energy sector the research period saw the firm advise Asian financiers of photovoltaic projects on the enforcement of collaterals and securing financing.

Recent Deal Data highlights

•Brookfield Business Partners $13 billion acquisition of Johnson Controls Power Solutions business

•Damen Shipyard acquisition of Daewoo Mangalia Heavy Industries

•Dr Max acquisition of A&D Pharma 

•Energizer $2 billion acquisition of Spectrum Brands' battery and lighting business 

Client feedback

"Attention to detail is phenomenal. There are no weaknesses." – M&A

Anca Simeria

"Tenacious would be an understatement!" 

Nestor Nestor Diculescu Kingston Petersen

Nestor Nestor Diculescu Kingston Petersen has a long-standing reputation in Romania for its financial and corporate expertise. The firm stands out for its finance, M&A and project development expertise. 

In banking and finance the firm's work is split evenly between the lender and borrower side mandates. It advises on real estate and acquisition financing and refinancing transactions. The firm has also developed a reputation in club deals where it typically advises the syndicated lenders.

In the capital markets space the firm advises credit institutions on regulatory compliance in relation to IPOs and MTN programmes. 

The firm's M&A practice is divided into two teams made up of energy and natural resources department and the contracts department. Foreign investors often look to the firm on investments in Romania. It works alongside international law firms on large global M&A transactions. During the research period the firm was the most active in the IT sector. It advised several Romanian and foreign multinational companies on a mix of transfer of shares, divestments, acquisitions and mergers. 

Project development is another strong practice for the firm. It advises oil and gas companies on exploration projects, and developments of onshore and offshore gas projects. In the infrastructure space the firm has advised a mix of bidders, concessionaires and project developers on public procurements, PPP and tenders on several public infrastructure projects. 

Recent Deal Data highlights

•Cognizant Technology Solutions acquisition of Softvision

•Cummins Generator Technologies restructuring

•Globalworth €46 million financing 

•Honeywell Group $1.25 billion financing

•Teva Pharmaceuticals restructuring

Client feedback

"We highly appreciated the work of the refinancing team. They were very prompt in replies, raised good points during negotiations and we really felt they were on our side." - Banking

"Highly qualitative work, very good in organising and strong in negotiating on our behalf." – Banking 

"Very good banking team, knowledgeable and responsive, also business oriented with a friendly approach." – Banking

"Good and consistent in its work." – M&A

"Good work, timely support and reaction to the issues presented to them." – M&A

"Their great experience in projects in Romania combined with the expertise of the lawyers make a perfect mix. NNDKP has a great team, which provides top quality assistance in a responsive manner. They have the ability to handle even the most sensitive work and deliver highly reliable legal advice. The lawyers always think one-step ahead, which makes them excellent in negotiations."- Project development

Alina Radu

"One of the most experienced banking lawyer in Romania. It is always a plus to have her on our side in any transaction."

"Strong knowledge and management, impressive capacity to coordinate discussion, oriented towards solution finding and offers sound advice in difficult legal and business situations."

Eva Forika

"Very responsive and hard working person. She does a good job working at large projects under extremely tight deadlines. Eva will make you feel that you are the only client and all the efforts are concentrated towards you as a client. Overall, I am satisfied with Eva's commitment toward delivering high standard work."

Georgeta Dinu

"Very good knowledge of the competition law environment, good relationship with the client."

Ioana Niculeasa

"Experienced, proactive and responsive."

Monia Hantig

"We count on her to find the best solutions for difficult matters. She also has strong negotiation skills and is very adaptable and innovative."

Ruxandra Maria Bologa

"Ruxandra is an excellent lawyer. She has extensive knowledge in many areas of law - expertise built over the years working in a challenging regulatory environment. She is able to build good rapport with various types of persons. I highly appreciate collaboration with her."

Valentin Voinescu

"Client oriented, seeks middle ground and conducts discussion easily and efficiently."

Alina Radu, Monia Hantig and Stefan Ionescu

"Very good, smart and polite."


ONV Law is a full-service independent firm with a corporate practice. It counsels European clients with a presence in Romania on corporate issues.

Pavel Margarit & Asociaţii

Pavel Margarit & Asociaţii specialises in the minerals sector advising foreign mining and development companies on both corporate transactions and project work. 

The research period saw the firm act on acquisitions, financings and restructurings for international mining groups. It also provided regulatory advice concerning mining explorations and operations in Romania. 

Elsewhere, work in real estate and financial sectors also kept the firm busy.

Peterka & Partners

The Romanian office of Czech firm Peterka & Partners is active in M&A. During the research period it acted on cross border reorganisations, advising corporates on internal share transfers and mergers. 

Popescu & Asociatii

Popescu & Asociatii is a new entry to the Romanian market established by former lawyers from Muşat & Asociaţii. Its team of four partners and 12 attorneys cover all types of financial and corporate work. 

In banking and finance the firm has advised on financing transactions for regional borrowers and lenders and was retained by a German bank to advise on the refinancing of existing facility. 

In M&A during the research period it was active in the utilities, consumer goods, telecommunications and manufacturing sectors among others. 

In the projects space the firm is active in the energy sector advising an energy company on tender participation in gas project. It also advised Greek entity in the process of obtaining environmental permit in relation to slag landfill.

Partner Loredana Popescu also joined the firm from her private practice.

Recent Deal Data highlights

•Chimcomplex €127 million acquisition of Electrica Furnizare 

•Copsa Mica slag recycling plant

•Mega Image network store expansion

•Novares Automotive Romania €10 million financing

•Teamnet International €30 million financing

Client feedback

"They are amazing, providing a first-rate service combined with solid technical knowledge and fluid communication. They are always available and find solutions to problems immediately. The firm thinks outside of the box and provides solutions that are best suited to our needs, taking into account the level of risk that we are willing to take." – Banking

"I very much appreciate their team of professionals which is experienced in a wide range of commercial matters and always focused on obtaining best possible results for the customer. They are innovative, practical, and incredibly client-centred and always deliver results. I would truly recommend them."  – Banking

"I only have admiration for this team. They are very hands-on and focused, having good expertise across different practice areas and a very efficient team approach. Both the legal side and the client management side is good. They staff appropriately with a relatively small number of partners." – M&A 

"The service is excellent. They are thorough and comprehensive, very responsive, proactive and highly knowledgeable. They helped us anticipate problems and that is why you hire a lawyer. They offer a personalised service and their work is of a high quality. We are very pleased and feel confident working with them." – M&A

"They offer superb services and great value for money. The overall legal expertise and team spirit are excellent and they have exceptional flexibility and cross-border capabilities. It traditionally employs people with the highest academic qualifications, so there is a very good sitting behind the partners." – M&A

Octavian Popescu

"Octavian is a terrific lawyer. He always provides us with first-class advice and is always one-step ahead, but at the same time, he builds his strategy carefully, gathering and analysing all the details. The work he has done so far for us reflects high level of professionalism and commitment. I will definitively keep him close and recommend him to every company seeking for best legal advice in Romania and abroad."

"Octavian Popescu is an excellent lawyer. He can think outside the box and be bold at the same time. We have had real successes with his litigation strategies and his ability to explain complex arguments in a clear way. His eye for detail and precision in drafting arguments (both written and oral) has also resulted in successful outcomes in the course of handling a dispute for us."

Octavian Popescu and Dana Bivol

"Main contact is Octavian Popescu, the most reliable lawyer. He is always there for me no matter what and he is one of the few professionals in Romanian who perfectly combines his pleading lawyer experience and the corporate/commercial and civil approach. Sharp advice, always informed, always keeping in mind my business goals and always finding a way for me and my company to succeed. As one of his best quality, I will mention that Octavian pays meticulous attention to detail and his advice is clear, crisp and precise. He is a very able litigator that you will always want to have him on your side in a battle. Dana Bivol is also worth the mention. Her impressive responsiveness and relentless pursuit of our goals make the core of Popescu & Asociatii's an impossible-to-beat proposition on the Romanian market."

Octavian Popescu, Dana Bivol and Loredana Popescu

"Octavian Popescu is the go-to lawyer in Romania. He perfectly combines commercial, litigation and white-collar crime expertise to deliver seamless results. Every time. I put all my legal matters in his hands knowing that he will find the best solution or compliance program for my company. Octavian never comes with options; he comes with answers. Best legal advice I have ever seen. Dana Bivol and Loredana Popescu are also well known lawyers. Their particular skill is the correct understanding of our needs and the potential effects of the legal matters. They are fantastic practitioners with a supernatural knowledge of the Romanian law." 

Octavian Popescu, Dana Bivol, Adrian Chirvase and Loredana Popescu

"Octavian has great legal knowledge and quickly understands the big picture and handles the lawsuit with a comprehensive strategy. His legal work is impeccable and his advice precise and comprehensive. I truly admire and recommend him for his strong sense of responsibility and work ethics. Best lawyer in Romania! Dana Bivol and Adrian Chirvase are also extremely talented lawyers. They are very careful with details and, most importantly, always tremendous when it comes to fast advice. Loredana is one of the most esteemed lawyers in Project Development in Romania so having her next to us is a win."

Popovici Niţu Stoica & Asociaţii

Popovici Niţu Stoica & Asociaţii is strong in banking and finance and M&A. 

The banking team is primarily active on the borrower side advising domestic and foreign clients on real estate financing, credit facilities and refinancing transactions. During the research period the firm also picked up work in the fintech area providing regulatory services to IT companies in preparation of card system launch. The firm is also active in the leasing space where it advises Romanian leasing subsidiary on its activities in Romania.

During the research period the firm’s capital markets work saw it advise clients on a mix of share buyback programmes and capital increases under Romanian law.

The firm's M&A team has developed a expertise in advising venture funds, strategic investors and private equity firms on M&A transactions in Romania. The firm is also active in public M&A transactions. During the research period it advised Romanian funds on the acquisition of publicly listed companies active in agriculture and pharmaceutical industries among others. 

In the projects space the firm regularly advises on public procurement and PPP tenders for infrastructure projects. 

Recent Deal Data highlights

•Ameropa acquisition of 40% shares of Promat Comimpex and Agroind Cauaceu

•Dedeman private equity fund launch

•Dedeman €120 million acquisition of The Office

•Fondul Proprietatea 

•Paval Holdings RON495 million acquisition of 23.16% stake in Alro Slatina

Client feedback

"Prompt response and smart solutions." Capital markets: equity

"Responsive, business oriented and solution finder." – Investment funds

"Highly reliable and experienced in the most sensitive capital markets and funds related issues" – Investment funds

"Very good overall. Very experienced, well prepared and good value for the money." – M&A

"Best professionals in the field in Romania. Reliable, with in-depth knowledge about individual clients and very responsive." – M&A

"Excellent knowledge and response time. Hands-on and very self-organized and strategic thinkers with pragmatic solutions." – M&A

"Very good and professional." – M&A

"PNSA is our preferred law firm among those we have used over the years. First, they have excellent legal knowledge. Secondly, they understand our business very well and they are very much business oriented which, for us, is very important. Their ability to find solutions is highly appreciated in our organization." – M&A

Alexandru Ambrozie

"Excellent capital markets lawyer, covering everything related to capital markets, regulatory, corporate, tax and AML. We work with him on difficult and innovative issues."

"Smart and responsive."

Bogdan Stoica

"Excellent knowledge, fast and hands-on."

"Bogdan Stoica has been our main contact for more than 15 years. He is an excellent lawyer with a very good sense of business and a real problem solver. What we like most about him is that he is very direct and business oriented, losing no time at all with theoretical things."

Ciprian Dontu

"Reliable, professional and engaged."

Mariana Marcu

"Very fast, accurate and good to work with."

Vlad Ambrozie

"Excellent support for M&A transactions."

Alexandru Ambrozie and Ramona Pentilescu

"Very good."

Alexandru Ambrozie and Florian Nitu

"Prompt response and smart solutions."

Radu Tărăcilă Pădurari Retevoescu - Allen & Overy

The Romanian office of Allen & Overy works in association with Radu Tărăcilă Pădurari Retevoescu. The firm benefits from Allen & Overy's international expertise and pulls in high value mandates across the board. 

In the banking space the firm is most notable for its lending side expertise. It advises Romanian banking subsidiaries and international financial institutions on a mix of bilateral and syndicated loans. It acts on acquisition and real estate financing, credit facilities and refinancing transactions. The firm also advises lenders and sponsors on project financing in the energy and infrastructure projects.

In capital markets the firm has a strong debt and equity offerings. In the debt space the firm acted for the arrangers on the first Romanian covered bond issue. In the equity space the firm has a strong presence in IPOs having acted on almost all of them in the last five years. The firm advises a mix of issuers and underwriters on share capital increase and public offerings.

In M&A the team has mostly been active on the sell side recently. It has good relationships with private equity firms and advises them on sale of real estate portfolios and Romanian entities across agriculture, pharm and IT sectors among others. In the non-private equity work the firm acts for large companies on multijurisdictional transactions. 

In the projects space the firm is active in the electricity sector advising its clients on the implementation of public procurement agreements.

Recent Deal Data highlights

•Alpha Bank €1 billion covered bond programme

•DS Smith €208 million acquisition of EcoPack and EcoPaper

•KMG International $360 million financing

•Purcari Wineries Bucharest Stock Exchange IPO

•Sphera Franchise Group Bucharest Stock Exchange IPO

Client feedback

"RTPR is one of the best law firms in Romania. The services they provide are like under a turnkey contract. You give them the project and they deliver so that you can disburse. Great experience and good value for money. They might not be cheap but they stick to their quotes, which is great. Can only recommend." – Banking 

"They are a top Romanian Firm. They have very strong knowledge. They are proactive, practical, easy to approach, quick to respond, and have built an effective partnership. If we need to ask for English law advice, they can work with partners in other firms depending on the budget, which they are willing to negotiate for us, providing us with cost effective solution." – Banking 

"We have worked closely with Poliana Gogu-Naum. She is very proactive, smart, and hardworking. RTPR Allen & Overy is one of the best law firms in Romania in the banking sector. They have worked on most major transactions in Romania and in the region. They have an excellent team of lawyers who are very experienced and very intelligent. They have a commercial approach that is highly appreciated, they always figure out what is best for their client." – Banking  

"RTPR Allen & Overy is a great law firm for banking and finance matters. They have a bunch of brilliant lawyers who worked on the largest deals in the market. I admire their unique blend of experience and knowledge which is vital for complex deals." - Banking

"RTPR A&O is a top law firm in Romania and their great legal assistance in cutting edge transactions adds value to the deal. Their experience recommends them as very trustworthy legal advisors on very complex deals." – Banking 

"Excellent LMA knowledge, results-oriented and good communication." – Banking 

"We are very happy with the work that Poliana Gogu-Naum has been doing in connection with the financing transactions. We are also very happy with RTPR Allen & Overy's work. We have used them for banking transactions and their work was flawless. They are very experienced, know the market and have access to Allen & Overy's international network and resources. The lawyers are bright, constructive and have a lot of experience in the field. Highly recommended!" – Banking 

"We have been working very close with Counsel Poliana Gogu-Naum who is very professional, dedicated and proactive. RTPR Allen & Overy is an excellent law firm, innovative and sophisticated advisors and one step ahead of the rest. They know the market and have experience, resources and a team of talented lawyers. A great choice for complex legal work or multi-jurisdictional deals." – Banking

"RTPR Allen & Overy has one of the best practices in the banking and finance field. They are the go-to firm for sophisticated work or complex or multi-jurisdictional transactions. Their work is flawless, providing invaluable advice on the most difficult business and legal issues. I would also like to mention that they are very approachable and responsive." – Banking 

"We were very satisfied with the work of RTPR Allen & Overy, Romania. The lawyers are technically excellent, hard-working, responsive and pragmatic, and it always a pleasure to work with them." – Banking 

"The team we worked with has been prompt to our requests. They were client-oriented, flexible, and sought to find solutions to the problems raised during the transactions." – Banking

"The team at RTPR Allen & Overy Romania is very professional, effective and delivers quality and very timely services." – Banking

"Amazing and extremely experienced team. I appreciate their efficiency and business-oriented approach. Ianita Tui is a very experienced and dedicated lawyer; she always provided everything within very short deadlines and had no problem in delivering the advice even during holiday periods and late hours. We appreciated this approach enormously." - Banking

"They were very prompt, knowledgeable and extremely thorough." – Capital markets: equity

"Excellent team of professionals. They have deep legal expertise, business-minded approach and understanding of the client's needs. They are one of our two top choices for Romania in the fields of equity capital markets." – Capital markets: equity

"The services provided by the law firm were highly professional, covering multiple areas of the legislation applicable to this type of transaction. RTPR worked with us on an unprecedented transaction in the Romanian market and the Romanian legislation had not been implemented until the establishment of the programme." – Capital markets: structured finance and securitisation

"The best M&A team in town. Their dedication and care to the client are unparraleled.  Andrei Mihul is always available and responsive at any hour of the day (and night) and has a commercial approach to the legal issues." – M&A

"Best M&A law firm in Romania. Their prices are fully justified by their services and they understand commercial matters making cooperation and communication run very smoothly. They also have a strong team of junior lawyers." – M&A

"The team conducted an extensive and thorough analysis, providing us with comprehensive and prompt feedback on all areas within and out of their assigned scope." – M&A

"The collaboration with the RTPR Allen & Overy - Romania firm was a very good one. We appreciate their level of professionalism, availability and their experience in M&A. They understood the overall business model of the targeted company very quickly." – M&A 

"Prompt, dedicated, highly professional, energetic, responsive and responsible." – M&A

"We have been working with Poliana Gogu-Naum for several years and she is proactive and very efficient and knowledgeable. We have been working with RTPR Allen & Overy for many years and on every occasion, their work exceeded our expectations. The firm's strength includes excellence, strong reputation, hard work and dedication. The lawyers are enthusiastic, very experienced and commercial." – Project finance

"They provide excellent service and they are truly a "top-notch" firm in the Romanian banking and finance market. They can handle very complex cross-border transactions and always ensure a smooth closing." – Project finance

"Cosmin and his team were very responsive and found quick solutions to various issues we encountered, proving a very good understanding of the commercial background of the deals. I am very pleased with their work and it is a pleasure to continue our cooperation." – Project finance

"The collaboration was outstanding and very professional. They anticipated our needs and proposed solutions." – Project finance

"The team provided us excellent service, demonstrating professionalism and attention to all details concerning the transaction. Allen & Overy team worked closely with us in order to ensure that all legal requirements were satisfied." – Project finance

Rădulescu & Mușoi Attorneys at Law

Rădulescu & Mușoi Attorneys at Law is a financial and corporate law firm that has been particularly active in banking and finance and M&A transactions during the research period.

In banking and finance the firm advises Romanian banks on regulatory mandates in relation to finance agreements and financial directives. 

During the research period it assisted foreign and domestic clients with bond issues. 

The firm's M&A transactions included work in real estate and agriculture sector where it acted for domestic and foreign investors on activities in Romania. 

Client feedback

"The firm has a deep knowledge of the local market, flexible approach and relaxed attitude. Mr Mihai Rădulescu is especially proficient in providing the best tailor-made advice and often exceeding expectations." – Project development

"The lawyers from Rădulescu & Mușoi that I have worked with are very prompt, responsive and capable of finding practical solutions to our various particular cases." – Banking

Mihai Rădulescu

"Well-connected, with excellent knowledge of the market, able to keep calm and defend his client's position under the most difficult situations."

Roxana Mușoi

"Roxana is always available and responsive, which is important when time sensitive."  

Reff & Asociaţii

Reff & Asociaţii, a member of Deloitte Legal, is strongest in banking. Its international network provides the office with the necessary resources to act on large multijurisdictional transactions.

In the banking space the firm has become an NPL transaction expert on both the buy and sell side. Elsewhere the firm is also active on the borrower side financings of acquisitions and real estate transactions. 

In the capital markets area the research period saw the firm advise an investment firm on the implementation of financing schemes via corporate bond issue.

In M&A the firm is active across different sectors, advising a mix of international and domestic companies and investment firms on cross border transactions. Aside from buy and sell transactions, the firm advises its clients on mergers under corporate reorganisation mandates. 

In the projects space the firm is active in public infrastructure projects advising its clients - a mix of state bodies and corporate companies - on contract negotiations, tender participation, concession agreements and PPP agreements. 

Recent Deal Data highlights

•B2Holding €124 millino acquisition of Banca Transilvania NPL portfolio

•Chimcomplex €164 million acquisition financing

•Damen Shipyard acquisition of Daewoo Mangalia Heavy Industries

•EOS KSI Romania €120 million acquisition of Banca Transilvania NPL portfolio

•Kruk Group RO502 million acquisition of Patria Bank NPL portfolio

Client feedback

"Our experience with Reff and Associates has been, without fail, excellent. From the quality of work to response times, from access to top expertise to level of involvement, we feel that Reff and Associates has been a great choice for us on a wide array of projects." – Banking

"High level of professionalism and very strong knowledge of the Romanian NPL market. The interaction between us was very good due to their excellent commercial understanding of our portfolio and expectations." – Banking 

"Very professional team, dedicated, hardworking, specialised in financial services and passionate." – Banking

"The law firm provided clear and timely answers to our enquiries; they respected the step plan and the deadlines and provided complete information regarding each step. The colleagues were always open to discuss and solve the incoming issues." – M&A

"Highly professional, thorough, committed and willing to accommodate every deadlines." – M&A

"Good response time, good knowledge of the main topics during the DD process and responsive to client requests." – M&A 

"Excellent diligent work provided in time and very competent legal M&A team." – M&A

"Reff flagged potential issues in advance and worked creatively to protect our company interest." – Project development 

Schoenherr & Asociaţii

The Romanian branch of Austrian firm Schoenherr is highly regarded in the financial and corporate and project development areas. Its close cooperation with network offices gives it the cross border capabilities.

In the banking space the firm is notable for its work in the NPL space where it has acted for the buyers and sellers on domestic and regional transactions. Elsewhere it advises the banks on debt restructurings and syndicated corporate loans, acquisitions and real estate transactions. During the research period it also picked up financing work for alternative lenders.

In the capital markets the firm has stronger presence in equity space acting on IPOs, rights issues, private placements and delisting. Its advises the likes of Romanian banking subsidiaries, financial services institutions and corporate clients in their capacity as lead managers, placing agents and issuers. During the research period debt side mandate saw the firm advise the banks as managers on municipal bond issue.

The firm's M&A practice has an industry wide expertise and advises a mix of Romanian subsidiaries, domestic corporations, funds and foreign clients on local and cross border transactions. During the research period the firm successfully closed its bank consolidations mandates for three different banks that included work on both buy and sell side. 

In the projects space the firm has a wider focus across public infrastructure, oil and gas, mining and energy projects. The firm represents its clients on public procurements and tender participations in social infrastructure and oil and gas projects. 

Recent Deal Data highlights

•Banca Transilvania acquisition of Bancpost, ERB retail services and EBR leasing 

•Bouygues Construction and Colas Rail SFr850 million acquisition of Alpiq Engineering Services

•City of Bucharest RON555 million 5.6% bond issue

•JC Flowers & Co and EBRD acquisition of Piraeus Bank Romania

•Sphera Franchise Group Bucharest Stock Exchange IPO

Client feedback

"Professional approach in clarifying the requirements and support in preparing the required documents." – Banking 

"Schoenherr was very pragmatic and advised us on a timely basis with the best approach. Highly recommended." – Banking 

"The lawyers had a previous experience in the field and had an in-depth knowledge of the legal issues likely to arise. They anticipated all major issues in the negotiation." – Banking 

"Excellent, responsive team and great coordination of advice across three jurisdictions." – Banking 

"The feedback from the Schoenherr was very professional, detailed and concise." Banking

"Very good knowledge of the capital market legal environment, professional, well organised and timely deliveries." – Capital markets: equity

"They are very prompt, knowledgeable and extremely thorough. They have quite an extensive knowledge of Romanian capital market." – Capital markets: equity

"Readily available, professional and business and client-oriented." – M&A

"Distinguished for its highly professional team of lawyers with unique interpersonal skills and commitment to providing high-quality legal services." – M&A

"The firm has outstanding legal practitioners covering all relevant practice areas with a very results-focused approach." – M&A

"The team is always professional and willing to work under tight deadlines. They are adaptable to information that keeps changing and provides good commercial input." – M&A 

"They are diligent in pursuing solutions to every problem and look for a resolution up front. Responsive, in-depth knowledge and experience in the legal market." – M&A

"Actively involved, very professional, detailed and thoroughly analytical." – Project development

"Wonderful team, great professionals, focused on bringing attentiveness and passion for their job. They've displayed tremendous commitment on delivering exceptional service." – Project development

Stratula & Asociaţii

Stratula & Asociaţii is a corporate boutique that advises Romanian companies and subsidiaries. During the research period, the firm advised one of its clients on a transfer of shares in the insurance sector.

Stratulat Albulescu Attorneys at Law

Stratulat Albulescu Attorneys at Law is active in banking and M&A practice areas.

In the banking space the firm advises both banks and corporate borrowers on acquisition financings and security packages under Romanian law.

In M&A the firm has developed a niche in the technology sector advising venture capital funds on the acquisitions of Romanian technology companies and start-ups. 

During the research period partner Leontin Trifa left the firm to open his independent practice, while ex Bulboaca & Associates lawyer Costin Teodorovici joined the team.

Recent Deal Data highlights

•Chimcomplex €164 million acquisition financing 

•EDS Romania acquisition of Mega Press Printing Group

•Gapminder Venture Partners $1.5 million investment in Typing DNA

•Idera acquisition of Froala

•World Class Romania acquisition of Stay Fit Fitness Centre

Client feedback

"Extremely responsive, business-oriented, problem solving with readiness to implement straightaway, always meets very tight deadlines and handles the local business team very well." – M&A

"Highly responsive and very quick familiarization with new legal topics." – M&A

"A high-quality, friendly yet professional firm." – M&A

Suciu Popa

Suicu Popa spun off from Muşat & Asociaţii in 2016 and in the short space of time the firm has built up a strong market presence. The firm is particularly active in the energy and oil and gas sector, which brings in work for the firm across all practice areas.

In banking and finance the firm advises domestic and international oil and gas companies on project and corporate financing and debt restructuring mandates. The firm also advises its clients on regulatory matters.

In capital markets work the firm largely acts as issuer side counsel on public offerings on the Bucharest stock exchange. 

The firm's oil and gas clients brought in M&A mandates for the firm as well. During the research period it advised its clients on the creation of fund via joint venture, long-term gas sales and farm-in agreements. The firm also picked up work in other sectors including construction, energy and IT where it acted for foreign clients on acquisitions, minority stake buyout, asset sales and mergers. 

The firm's project work is in the oil and gas sector. The firm’s private project work includes advisory roles on offshore and onshore oil and gas projects. It also advises its clients on upstream development, explorations and licensing issues. The firm is also expanding its services in social infrastructure projects advising its clients on public procurement and participations in tender processes. 

Recent Deal Data highlights

•Central bottling Company acquisition of minority stake in Muller Dairy Romania

•KMGI / SAPE joint venture

•Midas Gas development

Client feedback

"Excellent client service, accurate technical advice and around the clock availability." – Banking 

"Highly adaptive and responsive with a very strong practice, even though they are a mid-size firm. Their partners are very involved with support from an experienced team. They keep their fees competitive." – Banking

Miruna Suciu

"Innovative, deep knowledge of the industry and excellent communication abilities."

"Miruna is our main contact; she handles matters in a very professional way. She also manages the team very closely, is easily available and explains clearly all our options with constructive approach."

Toncescu și Asociații in association with KPMG Legal

During the research period Toncescu și Asociații was active in the banking space advising non-banking financial institutions on NPL sales. 

The firm recruited two new banking partners: Cătălin Oroviceanu from Abris Capital Partners and Vlad Peligrad from Clifford Chance.

Recent Deal Data highlights

•EOS Credit Funding acquisition of Banca Transilvania NPL portfolio

Client feedback

"In our Project we have collaborated with Laura Toncescu and Cristina Rosu. Laura impressed us with her business-oriented approach and very good managerial skills. Cristina has impressed us with her negotiations skills, persuasive and determined in best protecting her client's interest." – M&A 

Ţuca Zbârcea & Asociaţii

Ţuca Zbârcea & Asociaţii is a large independent domestic firm that is among the strongest law firms the country has to offer. 

The full service banking team has a dominant buy-side market share in the NPL market where it acts on large regional transactions. NPL transactions also brought in restructuring work for the firm. In the financing space the firm acts for domestic and international lenders in the financing of corporations, acquisitions and projects across several sectors.

In capital markets wortk the firm has a strong regulatory expertise, advising its clients on compliance matters. The team also advises multinational companies on the establishment of stock options programmes. During the research period the firm was appointed to assist on the establishment of Central Counterparty to eliminate counter party risk and improve market liquidity.

The firm's M&A practice is able to cover both public and private transactions across wide range of sectors. It also works alongside large international law firms on global transactions. During the research period it acted for both buyers and sellers on some of the larger deals in pet retail market, agribusiness, fashion industry and telecoms sectors among others.

In the projects space the firm is active across various sectors advising domestic and foreign investors on a range of contract award procedures. During the research period the firm has been particularly active on advising the project developers, contractors and construction companies on road transport infrastructure, utilities and oil and gas sector projects. 

Recent Deal Data highlights

•Advent International €1.9 billion acquisition of Zentiva

•Al Dahra Group €200 million acqsuition of Agricost

•AnaCap, APS and Deutsche Bank acquisition of Alpha Bank NPL portfolio

•Vestmoldtransgaz privatisation

•Vodafone €18.4 billion acquisition of Liberty Global European assets  

Client feedback

"We have used them for almost 15 years in Romania and we are very happy with the entire service delivered by TZA, from M&A to regulatory, financing to unbundling, corporate and competition issues, from national to EU levels." – Banking

"We can always rely on their advice and it has never disappointed us. The main strength to highlight is their solid understanding of business needs when providing their legal advice." – Capital markets: equity

"They have been efficient, professional and very responsive. They were extremely meticulous and rigorous throughout the process, while being genuinely friendly and easy to talk to." – M&A

"Excellent assistance and legal advice." – Project development

"They are state of the art strategists, with deep understanding of the market specifics and keen observers of the details of each of the areas/contracts in which we needed their assistance." – Restructuring and insolvency

"Excellent overall, no significant areas for improvement, very commercial." – Restructuring and insolvency

Cătălin Băiculescu

"We worked with Cătălin Băiculescu whose multi-disciplinary background in corporate, M&A, as well as technology and media proved really helpful to the deals. His technical skills as well as his soft skills are impressive. He quickly understands what needs to be done and he executes it flawlessly."

Mihai Dudoiu

"Best in the Romanian market."

Silvana Ivan-Hanganu

"Silvana has a strong legal background and a very good business acumen, being able to often deliver above the expectations."

Sorin Vlădescu

"We didn't notice any weaknesses and are happy with his deliverables and deadlines."

Veronica Aman

"Highly skilled professional."

Vernon David

Vernon David is a boutique that is active in M&A practice. It often advises international clients on their entry and operations in the Romania market. 

Client feedback

"Very good at providing clear and commercial advice. Underlying client was extremely satisfied." – M&A 

"Vernon David advised us on M&A transaction, assisting us in the drafting and negotiation of the SPA, and the preparation and the submission of the authorisation request to the local Competition Authorities. Although the authorisation process was a lengthy one, Vernon David team handled it professionally ensuring the successful authorisation of the acquisition from the local Competition Authority." – M&A 

Vlăsceanu Ene & Partners

Vlăsceanu Ene & Partners is active in project development, advising clients on permitting and licensing procedures. During the research period the firm was active in the oil and gas sector.

Client feedback

"Great effectiveness in delivering projects. Communication improved drastically in the last 12 months." – Project development

"Knowledgeable, reliable and very good partnership." – Project development

"VEP has done a great job of helping to reduce permit cycle times by as much as 50%.  Strengths include good communication, customer service-focused, structure and organization and cost effective." – Project development 

"Daniel Vlasceanu and his team provided very timely and pragmatic advice.  They remained focused on all legal issues and provided excellent support. Although the team was small, it worked very effectively." – Project development 

Voicu & Filipescu

Voicu & Filipescu is active across banking, M&A and project development. 

In banking and finance the firm was active in cross border financing for both lenders and borrowers.

The regulated industry created M&A work for the firm as it advised financial institutions on cross border acquisitions and mergers of banks and insurance companies. The firm was also active in advising international clients on entry into Romania via acquisitions of local companies.

In the project space the firm has been advising its clients on public procurement in the healthcare and oil and gas sectors. 

Recent Deal Data highlights

•Goodyear Dunlop Tires financing

Client feedback

"It is a professional company which offers quality services. They are very prompt in answering the clients' request. They find the most efficient solution and listen to the clients' need and try to solve their requests." – Banking 

"Excellent professional services at a very convenient pricing. Available partners and market-oriented law firm." – Banking 

"They are highly skilled professionals, motivated and very open and pro-active. Particularly strong in documentation of the matters addressed, with very good consultancy skills, calm and very friendly." – M&A


Volciuc-Ionescu is active across financial and corporate and project development practice areas. It has a strong banking practice and is traditionally known for its energy and real estate expertise.

The banking team is notable for advising clients on trade finance matters, corporate lending and real estate financing. Romania's systemic banks and foreign non-banking lenders are among the team's notable clients.

The firm also advises the banks in their capacity as issuers or underwriters on bond issues on the local stock exchange.

The corporate practice is active in the energy sector, advising foreign clients on acquisitions of renewable energy portfolios and energy companies. Aside from the energy sector, manufacturing, pharmaceutical and construction industries also brought in high-value M&A transactions for the firm during the research period.

In project development work the firm recently worked with a number of confidential clients in the oil and gas and energy sectors.

Recent Deal Data highlights

•IFC €120 million investment in Banca Transilvania bond issue

•Portnex International and Portnex Trading $15 million financing

•Portnex International and Portnex Trading $25 million financing

•Tsakos Energy Navigation $39 million financing

Wolf Theiss & Asociaţii

Wolf Theiss has a network of offices across the CEE region, allowing it to work on cross border transactions across financial and corporate area.

In the banking space in Romania the firm advises both lenders and borrowers on a number of financing transactions, particularly in the real estate sector. It also advises non-banking institutions on regulatory matters, including fintech related queries.

During the research period the M&A practice acted as Romanian counsel on several large global transactions involving acquisitions and joint ventures across various sectors. Elsewhere, real estate was also an active sector for the firm.

Recent Deal Data highlights

•Brookfield Business Partners $13.2 billion acquisition of Johnson Controls power solutions business

•Genstar Capital acquisition of CRF

•GlaxoSmithKline / Pfizer joint venture

•MAS Real Estate €50 million financing 

•Revatas and Cerebrus €45 million financing

Client feedback

"Very organised and driven M&A practitioners, well aware of international and local market standards. Well-staffed local team of motivated and professional individuals." – M&A

Zamfirescu Racoti & Partners

Zamfirescu Racoti & Partners is active in banking and finance and M&A. 

The firm's banking team typically acts as borrower's counsel on cross border financings. It is also notable for its restructuring expertise, more commonly representing creditors.

In M&A the firm advises multinational companies on restructuring of Romanian subsidiaries and acquisitions in Romania. 

Recent Deal Data highlights

•Alro $68 million financing

•Alum Tulcea $25 million financing

•Pajo Agriculture RON35 million financing

Client feedback

"Professional, prompt support and legal advice, and wide area of legal expertise." – Banking

"Excellent service at very convenient pricing. Excellent in proving accurate advice and great availability of partners." – Capital markets: equity

"Very prompt and proficient legal opinions." – M&A