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Michał Bałdowski PhD

Senior Associate

Michał specialises in mergers and acquisitions of public and private companies - with an emphasis on regulated entities from the financial and energy sectors, capital market transactions, and corporate law.

He provides transactional and corporate advice to leading financial institutions, investment banks and companies in the public and private sectors, covering mergers and acquisitions, JVs, divestitures, reorganisations, cross-border and domestic issuances of equity and debt securities, primary and secondary public offerings of shares, public and private offerings of bonds, and public-to-private transactions.

Professional QualificationsAdvocate (Adwokat) registered with the Warsaw Bar Association of Advocates (Okręgowa Izba Adwokacka w Warszawie)


  • Advising KI Chemistry, a Kulczyk Investments group company, on the conduct of a voluntary tender offer for the sale of shares in Ciech S.A..*
  • Advising Value4Capital, a private equity firm, on the sale of 100% of the shares in Kom-Eko to a fund whose sole and exclusive investment advisor is CEE Equity Partners.*
  • Advising PAK-Polska Czysta Energia on the acquisition of a special purpose company owned by the Neoinvestment Group, responsible for the construction of a wind farm situated in Człuchów, consisting of 33 wind turbines with a total capacity of 72.6 MW.*
  • Advising Goldman Sachs Asset Management and Centerbridge on the completion of the sale of ROBYG S.A. to TAG Immobilien AG.*
  • Advising Allianz on the acquisition of Aviva’s operations in Poland and Lithuania for over EUR2.5bn. The transaction involved Aviva’s life and non-life insurance operations as well as its pension and asset management businesses. Allianz also aquired a 51% stake in each of Aviva’s life and non-life bancassurance joint ventures with Santander Bank Polska.*
  • Advising CCC Group on the sale of two 10% stakes in to Cyfrowy Polsat and A&R Investments Limited, one of the shareholders of InPost S.A., with a total value of PLN1bn.*
  •  Advising Innova Capital on the acquisition of a stake in Bielenda Kosmetyki Naturalne from its current owners.*
  • Advising OANDA Global Corporation on the acquisition of Dom Maklerski TMS Brokers S.A.*
  • Advising Alior Bank on an agreement to acquire Bank BPH’s core business from affiliates of GE Capital.*
  • Advising Innova/6 on the acquisition of two companies: Drukarnia Embe Press S. Bezdek M. Mamcarz sp. z o.o. and „CHEMES M. SZPERLIŃSKI” sp. z o.o.*
  • Advising Innova Capital on the acquistion of Profim sp. z o.o. by the Flokk Group, controlled by Triton Partners.*
  • Advising PCF Group S.A. on the acquisition of a controlling stake in Incuvo S.A. from OÜ Blite Fund, an Estonian limited liability company.*
  • Advising Dom Maklerski Banku Handlowego S.A. as an investment firm, global coordinator and joint bookrunner, Citigroup Global Markets Europe AG, Erste Group Bank AG and Erste Securities Polska S.A. as global coordinators and joint bookrunners, Jefferies GmbH and Jefferies International Limited as joint bookrunners, and Trigon Dom Maklerski S.A. as the co-lead managers, in connection with the PLN216m public offering of shares in Celon Pharma S.A. on the WSE.*
  • Advising Goldman Sachs and UBS, acting as Global Coordinators and Joint Bookrunners, mBank and PKO BP Biuro Maklerskie, as Joint Bookrunners and investment firms intermediating in the public offering of the securities, and WOOD & Company as a Joint Bookrunner in connection with the PLN1.1bn initial public offering of shares in STS Holding S.A. and the admission of its shares to listing on the Warsaw Stock Exchange.*
  • Advising Goldman Sachs, Citi, and Trigon Dom Maklerski, acting as Global Coordinators and Joint Bookrunners, Numis Securities Limited as a Joint Bookrunner, and mBank as a Co-Manager of the offering in connection with the PLN1.1bn initial public offering of shares in Grupa Pracuj S.A. and the admission of its shares to listing on the Warsaw Stock Exchange.*
  • Advising ONDE S.A. on the PLN444.5m initial public offering of its shares and their admission to trading on the regulated market operated by the Warsaw Stock Exchange.*
  • Advising CCC S.A. on a PLN500m New Share Offering.*
  • Advising Alior Bank on a PLN2.2bn public rights offering and the issuance of new shares and their admission to trading on the WSE.*
  • Advising FTF Galleon S.A. on the sale of all the shares in Synthos S.A. and their subsequent delisting from trading on the Warsaw Stock Exchange.*
  • Advising a company from the construction sector on a bond issue with a value of PLN400m.*
  • Advising Echo Investments on a bond issue with a value of PLN400m.*
  • Advising GLP, a leading global investment manager and business builder in logistics, real estate, insurance and related technologies, on the Polish aspects of the acquisition of Goodman Group’s Central and Eastern Europe logistics real estate portfolio.*
  • Advising Cyfrowy Polsat S.A. on the issue of Series B bonds with a total nominal value of PLN1bn.*
  • Advising Griffin Real Estate on the acquisition of a commercial portfolio with a value of PLN4.2bn.*

* Experience gained before joining DLA Piper.

  • Polish
  • English
  • Spanish
  • University of Warsaw, Doctor of Laws (PhD), 2023
  • University of Warsaw, Master of Laws, 2017


  • Recommended in Capital Markets – Legal 500 EMEA 2024


  • Assistant Professor (Adiunkt) at the Faculty of Law and Administration at the University of Warsaw

Prior Experience

  • June 2023 - present, Senior Associate, DLA Piper, Warsaw
  • January 2023 - April 2023, Senior Associate, law firm, Warsaw
  • April 2018 - December 2022, Associate, law firm, Warsaw