White & Case
  Delia Pachiu
Partner
Bucharest

T: + 40 31 224 8411
F: + 40 31 224 8401
E:
Practice Experience
Delia Pachiu heads the Energy and Real Estate Practice Groups. She is a lawyer qualified in Romanian law and has over 17 years of experience. Prior to joining White & Case in 2007, she headed the Romanian energy and real estate teams of a Magic Circle law firm, based out of its Bucharest office.

Since the opening of the White & Case Bucharest office in January 2008, Delia has had the lead role on several M&A, energy, financing and real estate matters, advising major French, Spanish, German and Austrian companies.

Delia has extensive experience in M&A and privatizations, particularly in the telecoms and energy sectors, corporate financing, as well as corporate commercial transactions, drafting and negotiating complex documentation, due diligence, tenders, and legislation. She had a lead advisory role in the privatization process of main players on energy markets in Romania, Serbia and Bulgaria.

Relevant transactions during the course of Delia's career include:

Mergers & Acquisitions

Energy & Regulatory
  • Advising EnergoNuclear on various legal matters related to the development, construction and operation of units 3 & 4 of the Cernavoda nuclear power plant
  • Advised RWE Energy AG in connection with the privatization of the electricity distribution company Electrica Muntenia Sud SA
  • Advised CEZ a.s. in connection with the privatization of the Romanian electricity distribution company Electrica Oltenia SA
  • Advised RWE Power AG on the development of units 3 & 4 of the Cernavoda Nuclear Facility
  • Advised the Government of Romania / CSFB on the €303 million acquisition by E.ON Ruhrgas of 51% of the share capital of Romania's national gas distribution company Distrigaz Nord SA
  • Advised the Government of Romania / CSFB on the €311 million acquisition by Gas de France of 51% of the share capital of Romania's national gas distribution company Distrigaz Sud SA
  • Advised on drafting the Gas Law in Romania
  • Advised the Privatization Agency of the Republic of Bulgaria / CSFB on the privatizations of TPP Varna EAD (coal fired generator with total installed capacity of 1,260MW), TPP Bobov Dol EAD (coal fired generator with total installed capacities of 630MW, and DHC Russe EAD (coal fired heat and electricity generator with a total installed capacity of 41MW for heat generation and 400MW for electricity generation)
  • Advised Public Power Corporation SA (Greece) on the privatization of 3 groups of electricity distribution companies in Bulgaria (Western Bulgarian EDCs, South-Eastern Bulgarian EDCs and Eastern Bulgarian EDCs)
  • Advised the Government of Serbia / Merrill Lynch on the proposed privatization of the oil and gas company Naftna Industrija Srbije
  • Advised a major international joint venture acting in the oil & gas industry sector, in relation to its intended acquisition of the second largest Romanian importer and gas trader
  • Advised PNE Wind, a major renewable energy German investor, on regulatory matters for renewable energy investments in South-eastern Romania (Constanta county); the advice covered various fields as energy regulatory matters, corporate matters, constructions
  • Advising a major Hungarian clean energy solutions provider operating on the acquisition of a 186 MW wind farm in Southeaster Romania (Braila county). In relation with the acquisition, the advice included the due diligence review on the existing licenses, permits and approvals on the land title and on the company developing the wind farm, drafting and negotiating the transaction documents including pre-sale agreement, escrow agreement, sale-purchase agreement and shareholders agreement, and assisting the client in structuring the transaction and during the negotiations
  • Advised Energy Rose, an international energy group, on the development of a wind park in Southeastern Romania, during each project development phase, including in connection with the acquisition of the relevant Romanian entity, obtaining the related permits, the negotiation and successful conclusion of the wind turbines supply agreement and the operation and maintenance agreement, as well as structuring and implementation of the financial arrangements required for the completion of the project
  • Advised Anemo Energy in connection with the negotiation of the share sale and purchase pre-agreement, loan agreement and pledge agreement, in the context of the intended sale of shares by the company's shareholders
  • Advised Vientos, a Spanish renewable energy investor, in relation with a wind farm development in South-Western Romania (Mehedinti county); the advice included drafting and negotiating the investment agreement, the documentation for the acquisition of shares in a Romanian SPV by way of share capital increase, as well as adviced on various regulatory and corporate matters
  • Advised Agro Syd Invest ApS, a Danish investor, in connection with land acquisitions for wind farm development in South-eastern Romania; the advice included the due diligence review for the land and structuring the acquisition transaction; assistance during the negotiations and drafted pre-sale agreements, sale-purchase agreements and other transaction documents. Finally, the advice included assisting the client in relation with contemplated sale of land and projects
  • Advised Venergia, a Greeck renewable energy investor, in relation with the contemplated investment in a wind farm in Romania; the advice included performing of a comprehensive due diligence on the target and drafting and negotiating the transaction documents including the pre-sale-purchase agreement, sale-purchase agreement and escrow agreement

Telecoms
  • Advised STET International on the first phase of privatization of the Romanian fixed telecommunications company Romtelecom SA
  • Advised OTE International Investments Limited on second phase of privatization of the Romanian fixed telecommunications company Romtelecom SA
  • Advised Vodafone plc. on the acquisition of the leading mobile telecom operator MobiFon SA in Romania

Other
  • Advised Generali PPF Holding BV in relation to the acquisition of the Romanian insurance companies ARDAF S.A. and RAI S.A.
  • Advised Auchan Group in relation with the acquisition of 20% and 51%, respectively, of the share capital of MGV Distri-Hiper SA resulting in a participation of 100% in the company's capital
  • Advised Generali PPF Holding BV in the intended acquisition of the controlling stake in Asiban S.A., a major Romanian insurance company
  • Advised Generali PPF Holding BV in connection with the intended acquisition of 100% direct and indirect shareholding in Unita Vienna Insurance Group SA, a Romanian insurance company, from Wiener Stadtische Versicherung AG
  • Advised ABC Data S.A., the Polish IT products distribution market leader, in connection with the acquisition of 51% shares in Scop Computers SRL, a Romanian privately owned distributor, in a transaction with an estimated value of EUR 5 million, which included as concerns a complex due diligence investigation on all aspects related to the corporate standing and the business activity of the target
  • Advised Invitel Holdings A/S in connection with the sale of Invitel International, including its subsidiary S.C. EuroWeb Romania S.A., to Türk Telekom for an enterprise value of €221 million
  • Assisted a major Belgian retailer in the preparation and submission of a binding bid (including a due diligence exercise) for the potential acquisition of two local supermarket chains, with presence throughout the territory of Romania
  • Advised a leading Turkish food producer, in connection with the contemplated acquisition of the Romanian subsidiary of a major international FMCG group
  • Advised ING Bank NV on the proposed restructuring and privatization of the Romanian state-owned savings bank CEC
  • Advised ING Securities on an attempt to merge and privatize the aluminium producer Alro SA and Alprom SA
  • Advised British American Tobacco on the privatization of Romanian tobacco factory National Company Tutunul Romanesc
  • Advised Smithfield Foods Inc. on the purchase due diligence and sale purchase agreements for the privatization of Comtim SA

Labor and employment
  • Advised Novartis Pharma Services AG in connection with employment aspects related to the reorganizing of the activity of its Romanian Representative Office
  • Advised the Romanian insurance company ARDAF S.A. in connection with its corporate and workforce restructuring, including the performance of collective redundancies, negotiations with the labor unions and agreements on compensatory packages, as well as in relation with the negotiations of the collective bargaining agreement with the labor unions established at the company level
  • Advised Survey Sampling RO on various labor issues in connection with drafting and negotiating individual labor agreements
  • Advised the leading chip manufacturer Intel Corporation regarding the compliance with the employment-related obligations associated with acquisition of the US-based software developer Wind River
  • Advised the US-based News Corporation in relation with the implementation of global employee policies
  • Advised UK-based company 3i Plc and its Romanian subsidiary in connection with the assessment of the existing management and employment agreements
  • Advised the Danish company AgroSyd Invest in connection with the termination of employment agreements and settlement of employee claims
  • Advised the Romanian company Intertrans K in connection with the negotiation, conclusion and termination of employment agreements
  • Advised on labor and employment issues in connection with M&A and privatisation transactions for clients such as Vodafone, CEZ, RWE, OTE International, ING Bank, British American Tobacco and Smithfield
  • Acting as chief legal advisor for the largest mobile telephony operator in Romania MobilRom (currently Orange Romania); supervising the conclusion of the individual labor agreements, the drafting of the internal regulations and of other employment related documentation, as well as the observance of labor regulations
  • Acting as chief legal advisor for the Romanian beer producer Tuborg Romania (Romanian Breweries Bereprod SRL) supervising the conclusion of individual employment agreements

Financing
  • Advised Hidroelectrica S.A., Romania's largest electricity producer, in connection with a €110 million loan, to be granted by EBRD, for financing the rehabilitation of the 210 MW six units of Stejarul Bicaz Hydro Power Plant.
  • Advising a consortium of major European financial institutions in connection with a prospective non-recourse debt financing to develop, construct, commission and operate a brown field gas-fired cogeneration plant to be located in Bucharest, Romania
  • Advised EBRD in relation with the financing in amount of over € 40 million of Renault Technologie Roumanie, the Romanian company developing a new testing facility on behalf of Renault;
  • Advised Landesbank Baden-Wurttenberg in connection with the restructuring of a €70 million real estate loan
  • Advised Galericom, a Romanian subsidiary of the French Louis Delhaize group of hypermarkets, in a €5 million real estate secured financing from Raiffeisen Bank Romania S.A.
  • Advised LBBW in connection with a €5.5 million financing of a Romanian entity
  • Advised LBBW in connection with a master agreement for derivative transactions
  • Advised Sun Garden Romania in connection with a €4 million loan facility
  • Advised Hidroelectrica in connection with a €30 million term facility agreement for financing its operations, granted by Bancpost, as security agent and EFG Eurobank Private Bank Luxembourg SA, as original lender
  • Advised Erste Bank der Oesterreichischen Sparkassen AG with the structuring and negotiation of a €15 million real estate secured financing of a Romanian entity
  • Advised China Development Bank in connection with €220 million financing of Zapp and its operating companies to purchase telecommunication equipment
  • Advised Landesbank Baden-Wurttenberg in connection with €70 million real estate re-financing
  • Advised a major multinational institutional investor in connection with a pre-privatisation loan facility for SNP Petrom SA (US$140 mln)
  • Advised IFC in connection with a loan facility and related securities, including various transfers of shares by different shareholders in Orange Romania SA (formerly Mobil Rom SA), one of the largest mobile operators in Romania
  • Advised a regional multinational institutional investor in connection with a pre-privatization loan facility for SNP Petrom SA (US$10 million)
  • Advised ING Bank NV / Schroder Salomon Smith Barney on two series of Eurobond issue for the state of Romania
  • Advised International Finance Corporation on an attempt to sell the Romanian State Ownership Fund's stake in Barlad SA
  • Advised Standard Bank of London on the first leveraged buy-out of a public company in Romania (worth US$40 million)
  • Advised Citibank Romania in connection with a €60 million financing to two Romanian gas distribution companies

Capital Markets
  • Advised Generali PPF group in relation with the conduct of a post-acquisition mandatory takeover offer in relation to ARDAF S.A. securities traded on the Bucharest Stock Exchange
  • Advised a large Romanian oil& gas and petrochemical company listed on the Bucharest Stock Exchange, in connection with various aspects pertaining to the redemption and conversion of a EUR multi-hundred- million convertible bonds issued in favor of the Romanian State to settle its historical tax debts
  • Advises Generali-PPF Holding, majority shareholder of ARDAF S.A., to initiate and conduct a squeeze-out procedure, followed by the delisting from the regulated market of the Bucharest Stock Exchange of ARDAF S.A. shares
  • Advised Credit Suisse First Boston and JPMorgan as lead managers in connection with the issue of €600 million in 10.625% Notes due in 2008, issued by the state of Romania
  • Advised the Ministry of Public Finances of Romania in connection with the issue of €700 million in 8.50% Notes due in 2012, issued by the state of Romania
  • Advised ING Bank NV / Salomon Smith Barney in connection with a series of two issues of €150 million in 11.5% Notes due in 2005, each, issued by the state of Romania

Real Estate
  • Advised Romania Hypermache SA, in relation to the acquisition of several real properties in Drobeta-Turnu Severin, for the purposes of developing a multi-functional development including a hypermarket, a commercial gallery, a DIY store, as well as office building
  • Advised Provera Rom in relation to the acquisition by public auction of several industrial assets located in the administrative centre of Brasov (Centre Romania)
  • Advised Albro Estate in a complex transaction including a three stage acquisition and development of an industrial site in Bucharest
  • Advised a Louis Delhaise group company in connection with acquiring and securing the building right for a retail project in Bacau city (Eastern Romania)
  • Advised Realia in connection with a real estate residential development near Bucharest
  • Advised Plaza Centers in connection with a retail development in Miercurea Ciuc
  • Advised Agro Syd Invest ApS in connection with farm land acquisitions in South Eastern Romania
  • Advised Mayland (Goldman Sachs / Whitehall) in connection with several land acquisitions in main cities of Romania for retail developments
  • Advised Arca East Invest in connection with the development of a shopping centre in Southeastern Romania – Tulcea
  • Advised Gran Via 2006 in connection with an investment in mining exploitation in South Romania through the acquisition of a Romanian company specialized in the field of mining activities
  • Advised Arca East Invest, working in collaboration with Chayton Capital, in connection with the development of an office park located in Bucharest – “Swan Office Park”
  • Advised Fadesa Immobiliaria on real estate investments in Romania (Stefanesti project)
  • Advised Global Emerging Property Fund on real estate acquisitions in Bucharest and the outskirts (projects: Floreasca Gardens, American School, EP Development, Promark)
  • Advised Calsonic Kansei, a Japanese car parts producer, on a land acquisition and setting up an automotive car components plant in an industrial park
  • Advised Goldman Sachs International and Ballymore Properties Ltd. on real estate investments in Romania
  • Advised First American Title on title due diligence matters (projects: Sibiu Park, Privighetorilor, Rebreanu, Red Sea)
  • Advised Quinn Properties on a land acquisition and the development of two office buildings in Bucharest (projects: Northgate, C Invest)
  • Advised Gran Via 2006 for real estate investments in Romania (projects: Varianta, Tricodava, Electrotehnica, Frigocom)
  • Advised Dawnay Day Europe Limited on retail real estate investments in Romania (projects: Somesul, Arad, Oradea, Baia Mare, Satu Mare)
  • Advised Tri Investments Limited on residential real estate investments in Bucharest (projects: Eminescu, Perla)
  • Advised Jantzen Development, s.r.o. on the acquisition of real estate in Romania (projects: Alexandria, Constanta)
  • Advised Heitman Private Equity – Europe on the acquisition of real estate in Romania
  • Advised Macquarie Goodman (Eurinpro) on real estate projects in Romania
  • Advised Creativ Imobiliare on real estate development projects and drafting/negotiating lease agreements for an office building
  • Advised ACI Worldwide (EMEA) Limited on drafting and negotiating lease agreements (Iasi, Timisoara)
  • Advised Carpathian Properties on the acquisition of a shopping mall in Brasov
  • Advised BMG Barberino SRL on a real estate investment in Bucharest
  • Advised UK private investors on the acquisition of real estate in Romania (Buftea project).

Bars and Courts
Romanian Bar, 1995
Bucharest Bar Association, 1995

Education
LLB, University of Bucharest, Faculty of Law, Bucharest, Romania, 1994

Professional Associations and Memberships
International Bar Association, 2008

Languages
Romanian
English
French

Citizenship
Romania