Mergers, Acquisitions & Private Equity
We act for buyers, sellers and investors on acquisitions of Romanian companies and assets, with particular depth in energy, real estate, financial services and licensed gambling businesses. We cover the full deal: diligence, structure, documents, regulatory clearances and completion.
Updated 28 October 2026 · General information, not legal advice
What we advise on
Legal due diligence
Red-flag and full reports that rank findings by their effect on price, structure and timing, not by document type.
Share and asset deals
Structuring the deal, drafting and negotiating the SPA or APA, warranties, indemnities, price mechanisms and W&I insurance interface.
Regulatory clearances
Foreign investment screening by CEISD, merger control by the Competition Council and sector approvals from ONJN, ANRE, BNR or ASF.
Private equity and venture investments
Investment agreements, shareholder arrangements, management incentives and exits.
Joint ventures
Contractual and corporate joint ventures for projects, including deadlock and exit mechanisms.
Completion and post-closing
Conditions precedent, closing mechanics, Trade Register filings and integration steps.
- Clearances on the critical path. FDI screening, merger control and sector approvals can each suspend closing. They should be mapped in the first week, not at signing.
- Licenses that do not transfer. Many Romanian licenses and permits are personal to the holder. An asset deal may lose them; a share deal may trigger notification or approval.
- Land and title. Real estate is often the main asset. Land book discrepancies and agricultural land rules change both price and structure.
- Employees. In an asset deal, employees transfer under Law 67/2006, with information and consultation duties.
How long does an acquisition in Romania take?
A share deal without regulatory clearances can sign and close within a few weeks of diligence. Where merger control, FDI screening or a sector approval applies, closing depends on those reviews, so the timetable is set by the slowest authority.
Is a share deal or an asset deal better in Romania?
A share deal usually keeps licenses, permits and contracts in place but takes on the company's history. An asset deal lets the buyer choose what it takes but may require new permits and triggers employee transfer rules. The right answer depends on what the value sits in.
Tell us the decision you need to make
Describe the transaction or regulatory issue, the Romanian assets involved and your timetable.
Consultation