Romania's Hidroelectrica hires Dentons as legal consultant for IPO
International law firm Dentons Europe will provide legal assistance to Romanian state-owned power producer Hidroelectrica for its planned initial public offering (IPO).
Hidroelectrica and Dentons signed the contract on May 6. The value of the contract is EUR 429,000 lower than the initial amount the company estimated when it launched the public tender for selecting the legal advisor - EUR 700,000.
Romania's Government decided in 2013 the listing of 10% of Hidroelectrica's shares on the Bucharest Stock Exchange. Still, the process has met many obstacles in recent years.
"By signing the contract for legal services for the listing, we have ensured that we have with us one of the largest law firms in the world, with extensive experience in public offerings for the sale of shares. The pandemic period has not stopped the commitments made by our company in terms of listing on the stock exchange. We continue to take decisive steps on this path so that, when shareholders decide it is time to list, we can act," said Hidroelectrica CEO Bogdan Badea.
He added the company is getting closer to the stage where it is 100% ready for the IPO procedure.
(Photo source: Liang Zhao/Dreamstime.com)