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Rafal Zwierz


CMS Cameron McKenna Nabarro Olswang Pośniak i Bejm sp.k.
Warsaw Financial Centre
ul. Emilii Plater 53
00-113 Warsaw
Languages Polish, English

Rafał Zwierz is a partner in CMS Corporate/M&A Practice responsible for the development of the capital markets practice in Poland. Rafał supports our clients on projects related to public offerings of shares, listing on the stock exchange as well as public to private transactions.

His experience encompasses capital markets projects as well as M&A transactions concerning both listed and privately-held companies. Rafał has represented issuers and underwriters in multi-jurisdictional public and private equity offerings, including offerings under Rule 144A and Regulation S. He has also advised on M&A transactions and financial restructurings. Rafał Zwierz brings 17 years of transaction experience to the Polish M&A team from the Polish market, as well as the cross-border transactions.

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Relevant experience

  • Initial public offering of shares in Polski Holding Nieruchomości S.A.
  • Initial public offering of shares in PGE Polska Grupa Energetyczna S.A.
  • Initial public offering of shares in Alumetal S.A.
  • Initial public offering of shares in Prime Car Management S.A.
  • Initial public offering of shares in Stelmet S.A.
  • Secondary offering of shares in Grupa Lotos S.A.
  • Initial public offering of shares in Wirtualna Polska Holding S.A.
  • Acquisition of AB Mazeikiu Nafta by PKN Orlen S.A.
  • Debt restructuring of Plaza Centeres NV combined with triple listing of shares in Landon, Warsaw and Tel Aviv.
  • Disposal by Bancroft Private Equity of Czech company - Nowaco and Polish company - Farutex to Bidvest.
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Memberships & Roles

  • District Chamber of Legal Advisors in Warsaw.
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  • 2004 - Qualified legal adviser, Poland.
  • 2003 - Admitted solicitor, England and Wales.
  • 2000 - Admitted to practice law, State of New York, USA.
  • 2000 - Master of Laws (LL.M., Harvard Law School, USA.
  • 1998 - Magister Iuris, University of Warsaw, Warsaw.
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CEE Mer­ger Clear­ance Mat­rix 2021
Cross bor­der M&A trans­ac­tions that re­quire mer­ger con­trol ap­provals in sev­er­al jur­is­dic­tions have be­come com­mon­place. To re­duce time delays and keep costs down, it is es­sen­tial to identi­fy at the early...
CMS ad­vises on bond is­sue pro­gramme and first is­sue of bonds by In­Post
In­ter­na­tion­al law firm CMS has ad­vised Bank Pol­ska Kasa Opieki S.A., BNP Pari­bas Bank Pol­ska S.A and ING Bank Śląski S.A. on a bond is­sue pro­gramme for In­Post at a total max­im­um nom­in­al value of PLN...
CMS ad­vises Bank Pekao S.A. on the sale of Dom In­west­ycyjny Xeli­on
In­ter­na­tion­al law firm CMS is ad­vising Bank Pekao S.A, one of the largest fin­an­cial in­sti­tu­tions in CEE, on the sale of Dom In­west­ycyjny Xeli­on to Quer­cus TFI S.A. The con­cluded agree­ment provides for...
Sign­ing with e-sig­na­ture in CEE
Di­git­al­isa­tion af­fects all as­pects of a busi­ness’s op­er­a­tions, in­clud­ing con­tracts, in­tern­al doc­u­ment­a­tion and em­ploy­ment re­la­tion­ships. The COV­ID-19 pan­dem­ic has cre­ated the need for con­tact­less and...
CMS ad­vises Green Geni­us on photo­vol­ta­ic pro­ject in Po­land
CMS has ad­vised Green Geni­us, one of the lead­ing de­velopers in the re­new­able en­ergy sec­tor, on the sale of 41 sol­ar power plants to Ab­er­deen Stand­ard In­vest­ments, a glob­al as­set man­ager. The sale of the...
Anti-crisis Shield: the im­pact of new reg­u­la­tions on con­duct­ing busi­ness...
CMS law­yers have been con­duct­ing a cross-prac­tice and in-depth ana­lys­is of new COV­ID-19 reg­u­la­tions in Po­land, identi­fy­ing those changes which - from the point of view of trad­ing prac­tice - may have a...
Anti-crisis Shield: the im­pact of new reg­u­la­tions on con­duct­ing busi­ness...
On March 31, the Pres­id­ent of the Re­pub­lic of Po­land signed a pack­age of laws called the Anti-crisis Shield:the Act of 31 March 2020 amend­ing the Act on spe­cial solu­tions re­lated to the pre­ven­tion, coun­ter­ac­tion...
CMS ad­vised on in­vest­ments in the new tech­no­logy sec­tor
CMS ad­vised a lis­ted com­pany, MZN Prop­erty S.A., and some of its share­hold­ers in the pro­cess of ac­quir­ing a stra­tegic in­vestor. MZN Prop­erty is the own­er of In­ter­net plat­forms such as Mo­ri­zon.pl, one...
CMS ad­vises CEE Equity Part­ners on rail trans­port trans­ac­tion
CMS has ad­vised CEE Equity Part­ners, a PE fund, on the ac­quis­i­tion of a ma­jor­ity stake in EuroW­ag­on Sp. z o.o. by China Cent­ral and East­ern Europe In­vest­ment Co-op­er­a­tion Fund II.  EuroW­ag­on is the largest...
CMS ad­vises on the largest planned pub­lic of­fer­ing of 2019 in Po­land
CMS has ad­vised Grupa Azoty Za­kłady Chem­iczne “Po­lice” S.A. on the com­pany’s pub­lic of­fer­ing. Ac­cord­ing to the pro­spect­us ap­proved by the Fin­an­cial Su­per­vi­sion Au­thor­ity on 5 Novem­ber 2019, the...
CMS Guide to Pass­port­ing (AIF)
The pur­pose of this guide is to provide a broad over­view of the key ele­ments of pass­port­ing reg­u­la­tions ap­plic­able to EEA AIFs in the coun­tries covered in this guide. The guide makes no claims as to com­plete­ness...
CMS Guide to Private Place­ment of Funds
When im­ple­ment­ing the Al­tern­at­ive In­vest­ment Fund Man­agers Dir­ect­ive (“AIFMD”), some EU States have tightened or severely re­stric­ted their private place­ment re­gimes, which is im­port­ant when non-EU...