The transaction was closed on 20 November 2018 in Bucharest and the buyer is the Czech investment company, PPF Real Estate. Wolf Theiss assisted Search Corporation and the other two minority shareholders of Plaza Development SRL in all stages of this share deal, from the initial steps of the sale process through the negotiation and signing of the share sale purchase agreement and the ancillary transactional documentation in relation to the transfer of the shares, to the preparation of the necessary closing formalities and ultimately to the successful completion of the Crystal Tower sale.
"It was an honour and a privilege to work with Michael Stanciu, the owner of Search Corporation and its dynamic and experienced team, including Sergiu Budau, Mihaela Morosanu and Adriana Dinca. This was a fast pace transaction, both parties being committed to the deal and with every interest to reach a win-win closing. I am happy to have been able to contribute to this successful transaction", stated Ileana Glodeanu, Wolf Theiss Partner and Coordinator of the Corporate / M&A team of the Bucharest office.
"Such transactions always involve a lengthy, complex and sometimes difficult process. But the team of professionals we worked with made it so that this process was quick and efficient.
I would like to express my thanks firstly to Mrs. Ileana Glodeanu, Partner at Wolf Theiss, as well as the team she has coordinated throughout the process. They have shown professionalism, diligence and sustained effort with every aspect of the transaction. Mrs. Glodeanu's negotiation skills and expertise contributed to the finalization of the project in a timely manner, representing my interests with passion and devotion.
I also want to thank my own team, with whom I have been working for a very long time: Mrs. Mihaela Morosanu, Legal Advisor of the society, Mrs. Adriana Dinca, General Manager and Mr. Sergiu Budau, Property and Infrastructure Manager. This transaction could not have been accomplished without the contribution, dedication and effort of each of them.
Because of their efforts, diligence and professionalism, I think we probably achieved one of the fastest and most successful transactions of this kind in Romania.
Also, I enjoyed meeting and working with representatives of PPF Real Estate. They have been very honest and just throughout the process and I would like to think that we have developed not only a business relationship but also a friendship.", states Michael Stanciu, the owner of Search Corporation.
The Wolf Theiss Bucharest team of lawyers who worked on this transaction on behalf of the seller was coordinated by Partners Ileana Glodeanu (Corporate/M&A) and Ciprian Glodeanu (Real Estate/Projects) and included Senior Associate Mircea Ciocirlea (Corporate/M&A) and Associate George Ghitu (Corporate/M&A).