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Deal Expanded: Duet Private Equity’s Acquisition of Red Union Fenosa SA and Gas Natural Fenosa Furnizare Energie SRL from Naturgy Inversiones Internacionales SA

Deal Expanded: Duet Private Equity’s Acquisition of Red Union Fenosa SA and Gas Natural Fenosa Furnizare Energie SRL from Naturgy Inversiones Internacionales SA

Moldova
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ACI Partners’ Igor Odobescu Interviews Duet Private Equity Limited Operating Partner Boris Salas, about the Deal of the Year in Moldova

Igor: How exactly did this deal come about – what was the purpose behind it?

Boris: I, through my investment firm Soterios Capital Partners (Duet Private Equity’s partner for this investment), have a strong and long-standing relationship with leading Spanish utility group Naturgy (formerly Gas Natural Fenosa) which was the sole shareholder of Premier Energy Moldova (formerly Gas Natural Moldova). We were initially attracted by the quality of the company, its management team, and the prospects of Moldova. These aspects were later reconfirmed by the strong support of the Moldovan Government and Authorities for us investing in the country

Igor: Were you satisfied with ACI Partners’ assistance? What parts of our service stood out the most to you?

Boris: It was our first investment in Moldova and thus top quality local advice is critical, in particular in a regulated sector such as energy and considering the strategic importance of Premier Energy Moldova in the country and region. ACI proved to be the ideal partner for us as not only did they perform an outstanding legal work but they also led us through the key administrative and political requirements we had to perform. ACI’s participation has been critical for our successful investment and we regard them as our partners in Moldova

Igor: How about the process of the deal itself? Were you surprised by any of it, or frustrated by any of it? What stands out in your memory?

Boris: I would highlight, in particular, the continuous support by the Moldovan Government and Authorities. You would not expect this from the outset and, compared to other investments in regulated sectors we have completed, this one has proven to be less complex. Also, I would highlight the quality of the company’s management teams which proved to be of tremendous support for the successful completion of the investment

Igor: In your opinion, what was so significant about this deal, and what do you think it means for Moldova?

Boris: This has been one of the largest foreign investments into Moldova since its independence which should support and mark the attractive future prospects of the country and its economy.

Igor: Thank you for allowing us to be a part of this award-winning deal. It was a pleasure working with you.

Boris: Thank you ACI for being the best partner we could have wished for to enter the Moldovan market. We trust this partnership will endure and we can further support the Moldovan economy going forward.

This Article was originally published in Issue 7.4 of the CEE Legal Matters Magazine. If you would like to receive a hard copy of the magazine, you can subscribe here.

ACI Partners at a Glance

ACI Partners is a leading law firm in Moldova with an expanding network of partners throughout Europe. ACI Partners was established in 2006 and since then has managed to build a very strong and competitive legal practice. Our business strategy strives to deliver a solid and reliable service, going beyond merely grasping the law, which the clients may turn to whenever they need. In reaching this goal, ACI Partners employs a personalized approach to each client, showing a genuine respect for their values and unqualified commitment to their interests and needs, steadily investing in knowledge and data management and ensuring a working environment consistent with our clients’ quality demands and high expectations.

ACI Partners is a one-stop shop law firm proficient in all possible legal matters a business might come across in Moldova, starting with incorporation of a business, and obtaining of all the necessary regulatory permits, continuing with various daily matters, such as contracts, labor, and migration, and finishing with dispute settlement, insolvencies, and criminal investigations. But we pride ourselves especially for our unmatched expertise in most innovative and complex areas for Moldova, as Modern Financial Products, Data Protection, Renewable Energy, Competition, Clinical Studies, Public Procurement, and Regulatory. In our work, we always involve a team of professionals with the relevant skill-mix, which enables us to provide our clients with an integrated and comprehensive advice, superior to our competitors.

ACI Partners has advised the Government of the Republic of Moldova, businesses, international organizations, and other institutions on most challenging transactions, assignments and projects.

ACI Partners is not just another law firm. Over the course of our existence and working in Moldova, and on the international stage for our non-Moldovan clients, we have developed a strong set of core values which, we believe, guide us in everything that we do and, moreover, gives us a competitive advantage – differentiating us from other firms on the market.

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