Romanian law firm Stoica & Asociatii has been selected the legal advisor for Romania's Romtelecom and Cosmote possible merger, and for a possible stock exchange listing, according to the company.

The law firm will act as an independent consultant who will protect the legal interests of both shareholders, OTE and the Communication Ministry, and will work with the investment bank that will be selected. Its mandate is to conduct counseling and to prepare any documents necessary to show the benefits of the proposed merger process and listing to the stock exchange, compared to other options.

This law firm was chosen among other law firms that already have a framework contract for legal consulting services with Romtelecom, and have the advantage of already knowing the company based on the on-going collaboration.

Next, Romtelecom will proceed in selecting and hiring the investment bank. This selection process will be completed September 1, 2011.

Also, for the evaluation process to be solid, fast, transparent and in accordance with the shareholders, Romtelecom will bear the costs of a legal economic and technical expertise, made by experts to be hired by the Communication Ministry to assist the State in the evaluation process, with a maximum budget of EUR 200,000.

Irina Popescu, irina.popescu@romania-insider.com