The Legal 500

Bulgaria

Editorial

 

Legal market overview

The global economic crisis dealt a blow to the Bulgarian market that has resulted in the bankruptcy of many small and medium enterprises. This has led to a significant rise in the number of commercial litigation and competition proceedings as well as restructuring and debt recovery work. Energy has been a particular area of growth in Bulgaria for a number of years and it is the focal point for many law firms in the market, particularly in the renewables sector, although the recent introduction of grid access fees for renewable energy producers will undoubtedly have an effect on investment in the sector in the near future. Despite this, there is still substantial interest in projects that are already up and running.

Market-leading local firms such as Boyanov & Co and Djingov, Gouginski, Kyutchukov & Velichkov are facing stiff competition from increasingly high-profile firms such as Spasov & Bratanov, Tsvetkova Bebov & Partners, Attorneys-at-Law, Kambourov & Partners and Penkov, Markov & Partners, as well as foreign firms, chiefly CMS Cameron McKenna LLP – Bulgaria Branch, Wolf Theiss and Schoenherr (in cooperation with Law firm Andreev, Stoyanov and Tsekova).

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  • Hengeler Mueller advises BSkyB on takeover offer to Sky Deutschland

    BSkyB announced on 25 July 2014 that it had entered into agreements with 21st Century Fox to acquire 21st Century Fox's 57.4% stake in Sky Deutschland AG (SkyD) on a fully diluted basis and its 100% stake in Sky Italia. BSkyB also announced its intention to make a voluntary public takeover offer to the shareholders of SkyD for the purchase of their ordinary registered shares with no par value in SkyD against payment of a cash consideration of €6.75 per SkyD Share. The acquisition of 21st Century Fox's 57.4% stake in SkyD is for a consideration of €3.6bn, valuing SkyD at €6.75 per SkyD share. The total consideration for the acquisition of Sky Italia is £2.45bn with approximately £2.07bn to be paid in cash and the balance to be satisfied through the transfer of BSkyB's 21% stake in National Geographic Channel International to 21st Century Fox at a value of £382m. Subject to the number of SkyD minority shareholders that accept the offer, the total cash consideration overall may be up to approximately £7.0bn. The transactions are subject to regulatory and independent BSkyB shareholder approval.   Read more...
  • Hengeler Mueller advises Adam Opel AG on Single OEM Structure in Europe

    Newly-established Opel Group GmbH assumes full responsibility as Single OEM Manufacturer for the Opel/Vauxhall business in Europe including Russia.   Read more...
  • Hengeler Mueller advises DONG Energy on the divestment of a 50 per cent stake in Offshore Wind Farm

    DONG Energy signed an agreement to sell 50% of the German offshore wind farm project Gode Wind 2 to a consortium of Danish pension funds (PKA, Industriens Pension, Lærernes Pension and Lægernes Pensionskasse). The total purchase price amounts to approximately €600m. According to the agreement, the wind farm will have a total capacity of 252 MW. DONG Energy will construct the wind farm, provide operation and maintenance services and will provide a route to market for the power production of Gode Wind 2. The purchase is subject to approval by the cartel authorities.   Read more...
  • Hengeler Mueller advises ZEISS on syndicated loan

    Carl Zeiss AG, Oberkochen has concluded a €500 Mio. syndicated loan for the purpose of refinancing existing financing. ZEISS is an internationally leading technology group in the fields of optics and optoelectronics with more than 24,000 employees and about €4.2bn in revenues.   Read more...
  • Hengeler Mueller advises Dürr on acquisition of HOMAG shares

    Dürr AG, via its wholly-owned subsidiary Dürr Technologies GmbH, has reached agreement with several major shareholders of HOMAG Group AG (HOMAG) to acquire a total of 53.7% of HOMAG shares. The purchase price for the 53.7% of the HOMAG shares is € 219 million. An agreement was also reached with the Schuler family and the Klessmann foundation, who have so far held a 25.1% stake in HOMAG in the form of a share pool, on Dürr joining the pool. The share pool will consent to the completion of a control and/or profit and loss transfer agreement by Dürr. The execution of the purchase contracts is subject to approval by the relevant antitrust authorities. Dürr will submit a voluntary public takeover offer to the HOMAG shareholders to acquire all of the shares.
  • Pepeliaev Group Impresses in the IFLR 1000 Ratings

  • Gide advises KGHM Polska Miedź on financing worth USD 2.5 billion

    Gide's Warsaw and London offices have successfully completed another project for KGHM Polska Miedź. The largest Polish mining company officially announced an investment loan agreement for USD 2.5 billion for general corporate purposes which was signed on 11 July 2014. This is one of the most significant transactions of its type carried out in Europe this year.
  • A Guide to Arbitration in the Cayman Islands

    Arbitration is a mechanism of binding dispute resolution which entails resolving disputes outside court in accordance with procedures and standards as determined by the parties in dispute. Arbitration is therefore an alternative to traditional litigation and is distinct from non-binding forms of dispute resolution such as mediation.
  • The Cayman Islands Enacts implementing Legislation to comply with its international obligations

    As part of the Cayman Islands longstanding commitment to tax transparency and meeting international standards (most notably reflected in the fact that the Cayman Islands are on the G-20's 'white list' of compliant jurisdictions), the Tax Information Authority (International Tax Compliance) (United States of America) Regulations, 2014 (US Regulations) and the Tax Information Authority (International Tax Compliance) (United Kingdom) Regulations, 2014 (UK Regulations and together the Regulations), were gazetted and therefore brought into force in the Cayman Islands on 4 July 2014.
  • Lakatos, Köves advised Al-Habtoor on buying Intercontinental Hotel in Budapest

    The Gulf-based investor, Khalaf Al-Habtoor chose Lakatos, Köves and Partners again for a new hotel transaction in Budapest