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Suciu Popa assisted Enel in the acquisition of 13.6 per cent of E-Distributie Muntenia and Enel Energie Muntenia

Suciu Popa assisted Enel Investment Holding B.V. in finalizing the acquisition of 13.6 per cent of the share capital of E-Distributie Muntenia S.A. and Enel Energie Muntenia S.A., which increased Enel's interest in the two companies to 78 per cent.

2017-04-11 10:37:51

The acquisition of the additional 13.6 per cent share stake from SAPE SA, for a total consideration of about 400 million Euro, is a consequence of the exercise of a put option in November 2012. With the exercise of the put option, SAPE had asked for a price of about 520 million Euro, amount which was contested by Enel.

After failing to reach an agreement, in 2014 SAPE began arbitration proceeding before the International Chamber of Commerce in Paris, in which it lodged a claim for the above price and about 60 million Euro in interest. In its ruling of February 2017, the Arbitral Tribunal set the purchase price for the equity interests involved in the put option at about 400 million Euro, reducing the amount requested by SAPE by more than 100 million Euro and dismissing the request of interest.

Throughout this transaction, Enel was assisted by a Suciu Popa legal team coordinated by Miruna Suciu and Luminita Popa (managing partners), which also included Dan Ciobanu (partner), Roxana Fercala, Bogdan Ghera and Mihai Caragui.



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