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Allen & Overy advises the Romanian electricity supplier and distributer Electrica on its successful IPO

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Roe James
James Roe

Partner

London

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Jack L. Heinberg

Partner

New York

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02 July 2014

Allen & Overy LLP advised the formerly state-owned Romanian electricity supplier and distributer Societatea Comercialÿ de Distribuÿie ÿi Furnizare a Energiei Electrice "ELECTRICA" S.A. (“Electrica”) on the dual listing and IPO of Electrica on the Bucharest and London stock exchanges.

 
This is the largest IPO to date in Romania and the first primary offering of shares in Romania involving global depositary receipts (“GDRs”).
 
Electrica has obtained approximately 1.95 billion RON (444 million Euro) following its initial public offering through an offering of shares and GDRs and admission to trading of shares on the Bucharest Stock Exchange and of the GDRs on the London Stock Exchange.
 
Electrica is the largest Romanian electricity supplier and distributer. In the fiscal year 2013, Electrica distributed 16.1 TWh of electricity to approximately 3.6 million customers of its 188,886km long distribution network and supplied over 9.7 TWh of electricity to approximately 3.56 million customers. The company is headquartered in Bucharest and employs approximately 11,000 employees. In the fiscal year 2013, Electrica generated revenues of approximately 5.2 billion RON (1.2 billion Euro). In 2013, the Romanian State had decided to privatise Electrica via a capital share increase of over 100%, with the resulting new shares to be offered via the IPO.
 
The Allen & Overy team was led by Frankfurt partner Gernot Wagner (US corporate finance) and by London Partner James Roe (corporate) and also included Senior Associate Dr. Susanne Lenz (US corporate finance, Frankfurt) and Associates Rebecca Emory, Oliver Reimers (both US corporate finance, Frankfurt), Michael Snook and Michael Hossack (both corporate, London).
 
The RTPR Allen & Overy team was led by Bucharest Partner Mihai Ristici and also included Senior Associates Loredana Boeru, Anca Rusu and Victor Rusu, and Associates Ana Maria Eremia and Adrian Cristea (all Bucharest).
 
Partner Jack Heinberg and associates Brian Schultz (both tax) and Shira Selengut (corporate, all New York) provided advice on US tax law.