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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.

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