Schoenherr has advised DDM Holding on the acquisition of a non-performing loan portfolio with a face value of over EUR 1 billion from Intrum. DLA Piper advised Intrum on the sale and its exit from the Romanian market.
The transaction remains contingent on regulatory approval.
According to Schoenherr, “the portfolio contains unsecured consumer receivables and has a face value of over EUR 1 billion. The servicing of the portfolio will be performed by AxFina, part of the DDM group. With this transaction, Intrum will exit the Romanian market, as part of its strategic priorities to reduce the number of its jurisdictions and simplify and focus its geographical footprint.”
Intrum is a provider of credit management services with a presence in 24 markets in Europe.
According to Schoenherr, DDM is a specialized multinational investor in situations arising out of the general strategic challenges in the European banking markets, including investments in assets and companies previously held by financial institutions, performing and non-performing loans, and special situations.
The Schoenherr team included Partners Madalina Neagu, Matei Florea, and Georgiana Badescu and Senior Attorneys at Law Alexandra Pop, Mihaela Popescu, and Cristiana Manea.
The DLA Piper team included Partner Paula Corban-Pelin, Counsel Razvan Pele, and Senior Associate Bogdan Buta.