Salans has advised Black Sea Global Properties Limited ("BSGP"), a subsidiary of Rompetrol
Holding SA ("RP Holding"), on its mandatory recommended cash offer for Fabian Romania Limited
("Fabian"), a Jersey company listed on AIM and the Bermuda Stock Exchange and which focuses on real
estate in Romania.
BSGP initially built a 25% stake in Fabian before making a cash offer, recommended by the board
of Fabian, of one Euro per share. This became a mandatory offer when BSGPL acquired a further 23%
in the market after the offer announcement on 19 December. The offer values Fabian at approximately
EUR € 50.8 million.
Lead partner and Co-Head of the Global Corporate Group, Richard Thomas, commented, "In difficult
times for the markets, particularly in real estate, M&A activity is rare. Salans is fortunate
to work with clients who recognise the opportunities in the market and are able to acquire an
attractive portfolio of assets under favourable terms. RP Holding has exciting plans for the
future, and we look forward to working with them to achieve their objectives."
Salans' team was led by partners Richard Thomas and Zarko Iankov in London alongside Anda Todor
in Bucharest. London partner Ian Rose also advised on competition law aspects, and lawyers Jonathan
Edgelow (London), Katherine O'Neill (London), Laura Purtan (Bucharest), Oana Soviani (Bucharest)
and Bogdan Bunrau (Bucharest) also formed part of the team. Additional support came from Howard Law
in Jersey and Conyers Dill & Pearman in Bermuda. Beachcrofts (Jocelyn Ormond) acted for
Fabian.
PricewaterhouseCoopers LLP, led by senior Corporate Finance partner Simon Boadle, were BSGP's
financial advisers, while Lazards, led by Patrick Long, advised Fabian.
Salans has over 750 lawyers, of which 184 are partners, globally operating from 20 offices
across 17 jurisdictions. Uniquely located in a combination of international financial centres and
emerging market hubs, Salans is well-positioned to help clients navigate through the challenges of
the current financial landscape and to recognise the opportunities which remain in the market.