Advising Duet Private Equity on the acquisition of two Moldovan energy companies in a €141m transaction

23 Apr 2019

Simmons & Simmons has advised Duet Private Equity Limited on the acquisition of the leading energy utilities company in Moldova, Red Union Fenosa S.A. and Gas Natural Fenosa Furnizare Energie S.R.L. (GNF Moldova) for a €141m consideration (including pre-closing dividends).

The firm has advised specifically on the terms on which Duet Private Equity has agreed to acquire these companies. Filip & Company in Romania is advising on the financing of this transaction. ACI Partners is advising Duet Private Equity in Moldova.

Although Duet Private Equity has wide experience of investing in infrastructure in emerging markets in Europe and has completed a number of previous projects in the region, this is the first M&A transaction on which we have advised existing client Duet Private Equity.

The Simmons & Simmons team is being led by UK corporate partner Jocelyn Ormond, assisted by Alfredo de Lorenzo (Madrid Partner), Nick Cronkshaw (Tax Partner), Zoë Arnautov (Tax Managing Associate), Ben Blackman (Tax Associate) and Philippa Rowe (Corporate Associate).

Commenting on the transaction, corporate partner Jocelyn Ormond said: "We are proud to have helped Duet Private Equity negotiate this transaction with the Spanish group which owns these companies. The fact that we have been able to help Duet Private Equity structure this transaction and reach agreement on the terms of this acquisition is testament to the firm’s strength in supporting our private equity clients on international M&A transactions, particularly in relation to infrastructure. It also reflects the close way in which we have worked with the Duet Private Equity team, Filip & Company and ACI Partners Law Office on this strategic deal.”

Duet Private Equity is a private equity firm established in 2003 which specialises in emerging growth, turnaround, growth capital, buyout, real estate and infrastructure investments.

Duet Private Equity Limited is a wholly owned subsidiary of Duet Group.

GNF Moldova has been present in Moldova since the acquisition of Unión Fenosa, which had been operating in the country since 2000. GNF is a leading electricity supply and distribution company in Moldova holding a 70% market share in electricity distribution in the centre (including the capital of Moldova, Chisinau) and south of the country.

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