A cross-border team from global law firm Dentons advised S.P.E.E.H. Hidroelectrica S.A. on its €1.9 billion Rule 144A/Regulation S initial public offering and listing on the Bucharest Stock Exchange, resulting in an implied market capitalization of €9.4 billion.
The transaction was the largest IPO in Romania to date and the largest in Europe in 2023. The transaction was announced on June 6, 2023, priced on July 5, 2023, and the first day of trading on the Bucharest Stock Exchange will be July 12, 2023.
Hidroelectrica is Romania’s leading electricity producer with a 100% renewable portfolio and one of the largest hydropower companies in Europe.
Fondul Proprietatea S.A., an alternative investment fund managed by Franklin Templeton International Services S.À R.L., acted as the selling shareholder in this landmark transaction.
Dentons acted as Romanian, U.S. securities and English counsel to Hidroelectrica in connection with the transaction. Citigroup Global Markets AG, Erste Group Bank AG, Jefferies International Limited and Morgan Stanley International SE were joint global coordinators for the transaction; Banca Comerciala Romana S.A., Barclays Bank Ireland PLC, BofA Securities Europe SA, UBS Europe SE, UniCredit Bank AG and Wood & Company Financial Services, a.s. acted as joint bookrunners; and Auerbach Grayson, BRD – Groupe Société Générale, S.S.I.F. BT Capital Partners S.A. and S.S.I.F. Swiss Capital S.A. acted as co-lead managers.
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