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01.11.2017

Ithuba Capital advises Fondul Proprietatea on the sale of four minority stakes in Romanian utility Companies

Ithuba Capital advises Fondul Proprietatea S.A. managed by Franklin Templeton Investment Management Ltd. on the sale of minority stakes in 3 Romanian electricity distributors and a Romanian electricity supplier to Societatea Energetica „Electrica” S.A.

Ithuba Capital AG („Ithuba Capital“) advised Fondul Proprietatea S.A. (“the Fund”) managed by Franklin Templeton Investment Management Ltd. (the “Investment Manager”) on the strategic sale of minority stakes in Societatea de Distributie a Energiei Electrice Transilvania Nord S.A., Societatea de Distributie a Energiei Electrice Muntenia Nord S.A., Societatea de Distributie a Energiei Electrice Transilvania Sud S.A. and Electrica Furnizare S.A. (the “Companies”) to Societatea Energetica „Electrica” S.A. (the “Buyer”).

The Fund had previously engaged in multiple unsuccessful negotiation rounds with the Buyer over several years. Following the announcement of a public sales process and a comprehensive marketing effort executed by Ithuba Capital, negotiations with the Buyer were re-iterated and a memorandum of understanding was signed in July 2017. The transaction with a total value of over RON 750mn closed November 1st, 2017.

The Ithuba Capital team advising the Fund and its Investment Manager consisted of Thomas Mayer, Matthias Lauermann and Philipp Istenich.