Radu şi Asociații SPRL assisted Electrica in relation to the merger process of its three distribution companies
Radu și Asociații SPRL provided legal assistance to the Electrica group regarding the merger process through which Societatea de Distribuție a Energiei Electrice Transilvania Nord S.A. absorbed two other distribution companies within the group: SDEE Transilvania Sud S.A. and SDEE Muntenia Nord S.A. Following the merger, a single company continues to exist, respectively, Distribuţie Energie Electrică Romania S.A. (DEER). As of the 1st of January 2021, DEER offers services in 18 counties, in three geographical areas of the country, towards 3.8 million users. Thus, the new company becomes the most important national electricity distribution operator, with a coverage of 40.7% of Romania.
Radu și Asociații SPRL will continue to support the Electrica group also in the implementation process which will follow the effective date of the merger.
In the context in which Electrica S.A. is a company listed on the Bucharest and London stock exchange, having the Romanian state as the majority shareholder, the merger process of the three distribution companies becomes a landmark for the Romanian market, both in terms of importance for the economy and legal complexity .
Corina Popescu, General Manager of Electrica S.A., said: “The merger project of the three distribution operators of the Electrica Group is a strategic and very ambitious one, which brings medium- and long-term benefits to all the stakeholders. We had on our side a team of experienced consultants that helped us manage the multiple situations inherent in a process of such magnitude and importance for the Romanian energy sector.”
Radu și Asociații SPRL team was coordinated by Radu Diaconu (Partner) and Andrei Stefanovici (Director). The team also included Georgiana Nichita (Managing Associate, Corporate), Anca Atanasiu (Managing Associate, Employment), Claudia Grosu (Senior Associate, Corporate and Competition) and Alexandra Constantin (Senior Associate, Energy).
„We would like to congratulate the entire management team of Electrica for the successful completion of the merger concerning the three companies, in a project of major importance for the Electrica group and for the energy sector in general“, said Radu Diaconu, Partner, Radu și Asociații SPRL.