“According to the July 1 agreement between its shareholders, OTE and the Communications Ministry, Romtelecom proceeded to select and hire the law firm that will advise on the evaluation of the stockholders’ main options… The selected firm is Stoica&Asociatii,” Romtelecom said Friday in a statement.
It added the options are either the merger between Romtelecom and Cosmote Romania, the mobile telephony arm of OTE on the local market, and the listing of the resulting company or the direct floatation of Romtelecom.
The law firm will act as an independent consultant, which will act in the best interest of both shareholders and work together with the investment bank that is to be selected.
Romtelecom said Stoica&Asociatii was selected among the law firms which are already providing legal services to the telecom operator, thus knowing the company.
Romtelecom will further select and hire an investment bank that will have to present by December a study regarding the stockholders’ options. The investment bank should be selected by September 1.
Greek group OTE owns 54.01% in Romtelecom, while the Romanian Communications Ministry holds the reminder of the shares. Romtelecom owns 30% in Cosmote Romania.
Stoica&Asociatii is managed by founding partner Valeriu Stoica, a member of the ruling Democrat-Liberal party