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Legal market overview


M&A activity remains static, with notable deals few and far between and the most eye-catching instructions tending to be the Bulgarian elements of much larger transactions, such as Novartis’ global acquisition of a number of GSK portfolios. Domestically, perhaps the most conspicuous recent mandate has been AP Mart’s purchase of the Piccadilly store chain from Delhaize, which returned a major domestic brand to Bulgarian ownership.

Despite this relatively bleak outlook, marked in the energy sector by the government’s withdrawal in February 2015 of incentives for new renewables projects, the formation of Kinstellar in November 2014 (by a team of lawyers who broke away from highly regarded central and eastern European firm Wolf Theiss) was an indication that sophisticated cross-border advice is still in demand. This addition brought the number of international firms with significant Sofia operations to six, with CMS and Schoenherr (in cooperation with Stoyanov & Tsekova) (as well as Wolf Theiss) figuring alongside the much smaller offices of fellow central European specialists CHSH Cerha Hempel Spiegelfeld Hlawati and Peterka & Partners Law Firm.

Domestic firms are a broad mix of large, longstanding partnerships formed around 1989, and small to medium-sized players, often younger, with some notable niche strengths. Mainstays of the market, in the former category, include Boyanov & Co and Kambourov & Partners, who acted for Novartis and AP Mart respectively in the deals mentioned above, and also Djingov, Gouginski, Kyutchukov & Velichkov. Among smaller firms, DTT (Dimitrov, Tchompalov & Todorova) has a market-leading capital markets practice; CasePro has exceptional technology sector early-stage finance capabilities; and Danailova, Todorov & Partners stands out in transport.

Firms in the spotlight

Delchev & Partners

Delchev & Partners is a prime, full service, commercial law firm, based in Sofia, Bulgaria. Delchev & Partners’ legal solicitors provide comprehensive legal and tax services and solutions to multinational corporations operating in Bulgaria, closely held foreign and Bulgarian businesses, local entrepreneurs, exempt organizations and individuals. Our experienced lawyers in Bulgaria will assist you with any legal issues that you or your business in Bulgaria is facing

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