Practice Areas: Privatizations

RMDT counsels numerous entities in connection with the privatization of government-owned enterprises. Our experience and unparalleled expertise in this area, as well as in complex corporate and international issues, has enabled us to represent the buyers in six of the fifteen largest privatizations in Romania since 1989. While helping to reconcile divergent business, accounting, employment, political and social matters, we provide our clients with the required assistance in the development and implementation of privatization programs. As part of the commercialization of state-owned enterprises, we have not only assisted in drafting the regulatory framework for the operation of various sectors, but have also drafted numerous regulations created specifically for those problems arising during the crucial transition period.

As a result of RMDT's diversified practice, our privatization experience extends deep into the petrochemicals, utilities, oil & gas, real estate, telecommunications, automotive, mining, metal, steel, rubber, aluminum and retail industries. Indeed, the firm has provided privatization advice to virtually every sector of the Romanian economy, irrespective of the complexity of the transaction and/or the client. RMDT's well established experience in key practice areas such as mergers & acquisitions, tax, public policy, corporate & securities, banking & financial services, real estate and infrastructure redevelopment & project finance has enabled the firm to represent numerous foreign investors, including the largest multinational investors from the United States, Germany, Greece, Italy, Cyprus and Turkey.

RMDT's position as a market leader in the area of privatizations is further buttressed by its expertise in public affairs counseling, which is widely regarded as the finest and most successful service of its kind in the country. Among the highly skilled professionals servicing the privatization process are Mr. Valentin Ionescu, former Minister of Privatization and Economic Advisor to former President Emil Constantinescu. Mr. Ionescu drafted various privatization laws and regulations and other pieces of vital legislation required to effectively manage Romania's privatization efforts. Along with the added insights of Mark A. Meyer, Esq., the Firm's managing partner of the Central and Eastern European Practice Group, RMDT not only oversaw the largest foreign investment made in Romania since 1989, through the acquisition and privatization of RomTelecom, but continues to advise the most noteworthy foreign investors in high-profile Romanian privatizations, including the current proposed privatization of Petrom, Romania's largest oil & gas state enterprise.

Aside from the Firm's privatization and public affairs counseling, RMDT has successfully and efficiently advised the buyers of numerous state-owned enterprises due also in part to its close interaction with the Romanian Government. The Firm developed the policy framework and drafted the legislation necessary for the conversion of the Private Ownership Funds into mutual funds. RMDT attorneys have also acted as legal advisors to the Post-Privatization Fund, which includes funding from PHARE, the EBRD and other private-source capital. As a sign of confidence in RMDT's efforts and expertise in the area of privatization, the Government of Romania selected the Firm's Wall Street office as the location for its Center for Privatization in 1995.