Corporate Finance

BRD Corporate Finance team has an extensive experience in transactions on the capital market in Romania, as well as in privatizations, mergers and acquisitions transactions and has also a good knowledge of economic and business environment.

Mergers and Acquisitions

Equity & Debt Capital Markets Operations

Contact

For more information, please send an email cofi@brd.ro

Mergers & Acquisitions

BRD Corporate Finance Department offers its advisory services both to private shareholders and strategic investors in Romania and abroad; these services include mergers and acquisitions, privatizations, valuations and strategic consulting.

Advisory services include, but are not limited to:

Market entry strategies, identifying growth opportunities through acquisitions and the identification and valuation of potential target companies.
Identify potential buyers: strategic investors or private equity funds and assessment and valuation of companies in case of sale.
Assisting clients in the negotiation process with investors, in structuring and completion of the transaction.

Equity & Debt Capital Markets Operations

BRD assists public and private companies in any activity related to capital markets, among which:

Raising equity through specific operations:
- Primary Offering of shares through which a company issues new shares to finance its business, the proceeds from the sale of shares being received by the issuing company. Following the closing of the public offer, the company’s shares may be admitted to trading on the stock exchange.
- Secondary Offering of shares represents the offer that has as object the shares previously issued and offered for sale by their holder, the proceeds from the sale of shares being cashed by the respective holder.
- Bonds selling offer (corporate or municipal) allows access to medium/long term financing resources from the capital market, being a viable alternative to bank financing. The Issuer decides, in consultation with the offer’s intermediary and based on its own financial needs the structure of the issuance: the total value of the bonds issuance (minimum RON equivalent of EUR 200,000 or, when less than EUR 200,000 to be an FSA’s approval for the admission to trading, in accordance with art. 222 par. (2) of Law no 297/2004), the nominal value and the number of bonds, the interest, maturity and payment frequency, the type of bonds (convertible or non-convertible), guarantee method, admission to trading on a regulated market, etc. In case of the local authorities, the approval of the Ministry of Finance for financing through bond issuance is necessary to be obtained.
Admission to trading of the financial instruments either following a selling offering or by a technical listing, based on a Prospectus approved by FSA.
Purchase public offering is initiated by a person that intends to buy securities and is addressed to all the company’s shareholders.
Voluntary takeover bid is a public purchase offering addressed to all shareholders, for all their holdings, launched by an investor who does not have this obligation, in order to acquire more than 33% of the voting rights.
Mandatory takeover bid is triggered by reaching the threshold of 33% of the voting rights of a company as a result of the purchase by an investor or those persons acting in concert with him and it is addressed to all shareholders for all their holdings. The offer has to be launched as soon as possible, but no later than two months from reaching this threshold.
De-listing a company (squeeze-out process) may be performed following a purchase public offering addressed to all shareholders for all their holdings, the offeror has the right to require the sale of the remaining shares, to sell to him the shares held at a reasonable price, if one of the following situations occurs: he is in one of the following situations: a) he holds shares accounting for more than 95% of the share capital, 95% of the total number of shares with voting rights and 95% of the Issuer’s voting rights, respectively; b) he has acquired within the purchase public offer addressed to all shareholders and for all their holdings, shares accounting for more than 90% of those targeted by the offer and more than 90% of the issuer’s voting rights.