The Firm has participated in the following projects, which have involved preparation of privatisation/ restructuring transactions on the "sell" side:

• Advising, in conjunction with several of the "Big 5" accounting firms, on the liquidations and reorganisations of a series of major State owned companies controlled by the Romanian State Ownership Fund, including advising on sales of businesses and individual asset sales by way of tender and drafting all associated documentation.
• Advising the Municipality of Bucharest on the preparation of RADET, the Bucharest hot water supplier, for the introduction of private sector involvement via public private partnership offered via competitive tender.
• Advising IFC and the Municipality of Bucharest on all aspects of structuring the privatisation, by way of concession, of the water and sewerage services of the City of Bucharest. This project, which will involve investment of up to $ 1 billion, included:
  - an extensive due diligence exercise;
  - establishment and operation of data rooms for permitting investor due diligence;
  - developing the privatisation strategy by way of competitive tender procedures (with prequalification phase) for attracting international strategic investors;
  - preparing all associated documentation, including the transaction contracts, the procedures for inviting tenders for private sector participation, (including drafting prequalification and bidding rules). The project has involved drafting the concession and supporting documents, so as to ensure bankability of the concession;
  - the establishment of the concession company with in kind contributions of the municipality's private assets and the subscription of the strategic investor of further capital increases.
  - advising on all issues raised by the privatisation process, in particular issues arising under the law of Public Patrimony, under the Law on Competition, tariff issues under the pricing regulations and levels of service requirements.
• Advising on the restructuring of various state owned Romanian companies, including on alteration of corporate status, revision and updating of constitutive documents and alteration of capital structure.
  

The Firm also has the following experience of acting on the "buy" side:

• Advising on the acquisition of a lime quarry company from AVAS.
• Advising on a bid to acquire a ship parts manufacturer from AVAS.
• Advising on the privatisation of three medium-sized state enterprises.
• Advising on a bid to acquire, through privatisation, a Romanian steel company.
• Advising on a bid for a concession of a water and sewerage service in Constanta, including all applicable regulatory and licencing issues.
• Advising on a bid to obtain a concession to operate airport shopping facilities.
• Advising a Dutch investor on its negotiations with the State Privatisation Agency to acquire control of a manufacturer of heavy equipment for ships.

The Firm, accordingly, has experience in negotiating on both the buy and the sell side in connection with privatisations, investments and disposals by way of purchases and sales of shares and of assets and thereby has experience of the perspectives of both the Romanian privatization authorities and international investors in such transactions.