Paris, 10 November 2020 – The team from d’Ornano Partners, led by its founding partner, François d’Ornano, assisted by Katalin Nogradi (senior associate) and Hortense Gaschignard (associate), advised Orange in connection with the indirect acquisition by its Romanian subsidiary of a 54% stake in Telekom Romania Communications S.A., owned by the OTE Group, and for a price of 268M€ corresponding to a total enterprise value of 497M€.
The firm was assisted by Popovici Nitu Stoica & Asociatii (Bucharest), headed by Bogdan C. Stoica (Deputy Managing Partner) and Irina Ivanciu (Partner), on the Romanian law aspects of the transaction.
This transaction is part of Orange’s strategy to become the reference convergent operator for subscribers in Romania.
The firm d’Ornano Partners more specifically, in connection with the share purchase agreement, carried out the legal due diligence of Telekom Romania, including in particular the corporate, real estate, regulatory (telecoms, licenses, IT…) and contentious aspects.
The team from d’Ornano Partners was also involved in drafting and finalising the operating agreements between Orange Romania and Telekom Romania, including in particular the hosting agreement for a mobile virtual phone operator.
Orange instructed the law firm d’Ornano Partners based on its business law expertise in Central and Eastern Europe and, more specifically, in the Romanian market, where the firm regularly advises international groups in connection with frequent investments made in Romania.
The firm Norton Rose Fulbright (London) advised, in turn, on the purchase agreement which is governed by English law.