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Romania Corporate/Commercial

9 Jun 2010

Tuca’s Spanish splash pays dividends

Tuca Zbarcea & Asociatii has acted for a Spanish private equity fund on the purchase of a Romanian travel agency following the firm’s surprise decision to launch in Spain at the start of this year.

 

GED, a Span-based private equity investor, is to acquire a majority stake in Romanian tourist business Happy Tour. The stake is being sold by Travel House. The deal is subject to clearance by the Romanian Competition Council.

 

Tuca was hired to work for GED on the matter with Ciprian Dragomir (pictured) the partner in charge of the mandate. The firm has made Spain a major focus of its international business after it announced in December that it was to launch in the Iberian hub after hiring Garrigues’ former CEE chief Jamie Fuster and the former Ambassador of the Kingdom of Spain to Romania, Pablo Garcia-Berdoy.

 

Biris Goran worked for the seller on the deal. Victor Constantinescu was the lead partner.

 

"The acquisition by GED shows that there are still attractive opportunities in Romania for foreign investors. Travel House is a solid company run by solid management, and I think that GED have chose their target well to create a strong presence in the travel agency sector,” Constantinescu said.