The Legal 500

Borislav Boyanov & Co is considered by clients to be ‘the pre-eminent corporate law firm in Bulgaria, delivering the level of service expected by international corporate customers’. M&A work is mainly led by department head and partner Yordan Naydenov. Headlines of 2008 include advising Warburg Pincus on the acquisition of Eurocom Plovdiv, a local cable TV operator, valued at €22m. Corporate clients of the firm include major insurance and reinsurance groups such as Arch Re, AXA and Zurich Insurance.

According to CMS Cameron McKenna in cooperation with Petkova & Sirleshtov Law Office’s clients, ‘other firms would be well advised to take a leaf out of their book’. Managing partner David Butts leads the corporate and M&A department, supported by banking and finance specialist Reneta Petkova. In 2008, the firm acted for Merrill Lynch International – prior to its acquisition by Bank of America – on two large transactions. First, the firm advised on the sale of Pinnacle Real Estate to Bahrain-based investment fun Arcapita. The sale involved five separate jurisdictions – the Czech Republic, Luxembourg, Slovakia, Poland and Bulgaria – and a land bank in the region of 1.5m sq m. The second transaction entailed the acquisition of shares in two Bulgarian entities and the registering of a special purpose vehicle in Luxembourg for Pinnacle Real Estate and Merrill Lynch International. The firm also acted for Landmark Property Management on the sale to Bridgecorp, via structured action, of its property portfolio in Bulgaria, Croatia and Turkey, for €210m.

2008 was another year of growth for regional heavyweight Djingov, Gouginski, Kyutchukov & Velichkov. The firm promoted three senior associates to partner level – Omourtag Petkov, Milan Pandev and Youliana Naumova – bringing the corporate department tally to five. Headed by ‘highly recommended and esteemed’ partners Zdravka Ugrinova and Violetta Kunze, the team continued to act for major European corporates, particularly German clients won through its representative office in Frankfurt. Highlights of the year included acting for the Starbucks Coffee Company on the structuring and implementation of a joint venture agreement for expanding the popular brand on the Bulgarian market. The firm also advised Lukoil Europe Holdings and BMW Vertriebs. In M&A, the firm acted for PepsiCo International on the acquisition of the production facilities and assets of nut producer Penelopa EOOD. Additionally, the firm advised ArcelorMittal on the acquisition of the assets of Bulgaria’s largest steel producer, Kremokovtzi and advised Scottish investor Miller Developments on the acquisition of a pre-leased shopping mall in Varna. Partners Vassela Stancheva and Marius Velichkov are both active in M&A work, and clients praise the former for ‘knowledge, certainty and clarity of advice’.

Penkov, Markov & Partners is a large, six-office practice with an historic presence in the market. It has a well-established working relationship with government, having been a leading firm in the area of privatisation, and this continues to inform its corporate practice. In 2008, the firm advised Alenia Aeronautica on a €300m army modernisation project for the Ministry of Defence. Old hands Ivan Markov and Vladimir Penkov are both warmly praised by clients.

Andrey Delchev is the managing partner of ‘solid, effective, professional’ Andrey Delchev and Partners – Eurolex Bulgaria. In 2008, the six-partner team acted for Bridgecorp in relation to the acquisition of subsidiary companies of Landmark Property Management. The portfolio comprised 22 properties in Bulgaria and one in Turkey with an aggregate value of €210m. The firm also acted for Plaza Centers, Netherlands in the purchase of 100% of the shares in hypermarket owner Ramstor EOOD. Other clients include Israeli investors Minrav Group, whom the firm advised in relation to the acquisition of 50% of the shares in the Bulgarian company responsible for a major commercial and residential development in Sofia.

Borissov Law Office’s corporate clients for 2008 included Medpace and Applied Language Solutions. In M&A, the firm acted for Czech company ISS Facility Services on the acquisition of a Bulgarian entity, and advised ISS Global on the acquisition of Ryvola Czech Republic and its Bulgarian arm Ryvola Bulgaria. Clients laud Plamen M Borrisov for being ‘swift, timely and a lawyer you know is on your side and looking out for your interests’. Significantly, the firm entered into a strategic alliance with IP Consulting in 2008, greatly boosting the firm’s IP offering.

Dimitrov, Petrov & Co is ‘one of the finest Bulgarian firms for technology and telecoms work; they have an intimate knowledge of the sector and know how to handle customers’. The M&A practice builds on its industry clients, with work headed by partner and TMT expert Bogdan Petrov. In 2008, the firm advised Net Info on the acquisition of V Box, a leading online video-sharing operator in Bulgaria. The firm further acted for Net Info as seller in an acquisition of 82% of its shares by European print media company Sanoma Magazines International. The firm was mandated by the Ministry of State Administration and State Reform, contributing to the drafting of the State Seal and National Flag Act and the National Anthem Act. Other corporate clients include information security companies such as WISEeKey and Bankservice.

Georgiev, Todorov & Co has a ‘commercially minded and talented’ corporate and M&A team, headed by partners Alexander Katzarsky and Arno Mamassian, and corporate clients include British American Tobacco, Cisco Systems and Tyco International. The firm has particular sector expertise in the pharmaceutical and health industries acting for international giant Astra Zeneca, as well as numerous smaller domestic and foreign companies including Bulgarian leader Sopharma, Sanofi Aventis, and On Clinic Bulgaria.

Young partner Mitko Karushkov – praised by clients for ‘skill, depth of knowledge, both developed beyond his years’ – leads on corporate and commercial work at Kambourov & Partners having made his name with his work for Nokia Corporation, and particularly the mergers with Intellisync Corporation and Siemens. Highlights of 2008 included assisting the Austrian steel production company Voestalpine on the possible launch of a €7bn steel manufacturing enterprise in Bulgaria. If brought to fruition, the investment would prove the single largest in Bulgaria’s history. Other key clients include Providence Equity Partners, whom the firm advised on the payment of dividends in a gambling industry company, and Bruce Power, whom the firm advised on possible investment in the Kozloduy nuclear power plant. M&A work is headed by managing partner Vladimir Rangeloff. In 2008, the practice acted for Maxima, Lithuania on the acquisition of the Bulgarian supermarket chain Familia.

Greek regional firm Dinova & Rusev Law Office enjoys a strong presence across SEE. ‘Friendly, focussed and truly talented’ managing partner Anelia Dinova is the main contact for M&A work and, in 2008, the firm advised on Klockner & Co’s landmark acquisition of metal distribution company Metalsnab Holding, including representing the client in post-merger anti-monopoly clearance proceedings. The firm also acted for Renault Trucks in its €5m acquisition of Bulgarian entity Torino Motors and the company’s subsequent entry into the Bulgarian market. Regionally, the firm advised Fourlis, the SEE franchisee for IKEA, on a €120m real estate acquisition, including advising on the establishment of a Bulgarian joint venture with a strategic partner.

Penev & Partners Law Offices boasts an impressive corporate client base, which includes leading US investor, York Capital Fund, and Spanish holding company Inditex. The latter is an important client of the firm and owns popular clothes retailer Zara amongst a range of high-street brands. The firm’s commercial client list stretches across the retail, finance and energy sector, and includes major player Shell Gas (LPG) Holdings.

No observer of the market doubts the abilities of Peter Valert, the sole partner in DLA Piper’s Bulgarian office, Rizova & Partners Law Firm (part of DLA Piper), who led CMS Cameron McKenna in cooperation with Petkova & Sirleshtov Law Office for two years and has been a prominent figure across central, eastern and south eastern Europe for over 12 years. Valert appears to be succeeding in developing this local office of the European heavyweight into a thriving, self-sufficient practice. Clients consider it to be ‘a slick, smooth operation, with a real sense of corporate business imperatives’. Corporate clients include Tradus, whom the firm advised on establishing itself in Bulgaria. In 2008, the firm also acted for ASA International Environmental Services on the acquisition of one of the biggest waste management companies in Bulgaria.

Schönherr enjoyed a strong year for M&A transactions in 2008, particularly in the TMT sector. The firm advised a significant European broadcaster on an acquisition bid for the national radio and TV stations of former state-owned Bulgarian Telecommunications Company (BTC), and acted for a leading US broadcaster on the indirect acquisition of two Bulgarian broadcasters, one entertainment and the other sports. In other industries, the firm acted for Generali Holding Vienna on the €70m acquisition of three domestic insurance companies. Partner Alexandra Doytchinova, endorsed by clients for ‘timeliness and clarity of advice’, heads a team that ‘without a doubt understands the market realities of M&A transactions’.

Tsvetkova Bebov & Partners (Landwell) is a new partnership (formerly Landwell Bulgaria) with Galina Bunkova, Nikolay Bebov and Peter Takov all promoted to partner. The corporate and commercial client base remains a compelling blend of international and domestic clients, including DHL, Halliburton and the University of Oxford. In 2008, the firm also acted for Mars on a wide range of issues including agreements with local distributors, trade mark advice and conformity with Bulgarian advertising regulations. The M&A highlight of the year was advising Amer Sports Corporation, Finland on the acquisition of the domestic ski and ski boots producers Pamporovo Ski and Orion Sport. The firm dealt with due diligence, negotiations advice, the transfer of employees, transaction registrations and the drafting of the acquisition agreement and project documentation. The team is considered ‘amongst the best the Bulgaria has to offer’ by clients.

Andonov & Radinska comprises two well-respected partners: Hristo Andonov and Diliana Radinska. In 2008, the firm was mandated by the South Eastern Europe Equity Fund, with $520m of equity, to advise on the corporate restructuring of the 14 medical service companies constituting Bulgaria’s largest private medical group, United Medical. After the restructuring was completed, the firm was retained as lead legal advisor to all 14 companies for corporate and commercial matters. The firm also acted for Cinema City International, Netherlands and OCIF Investment and Development, Israel on the restructuring of their Bulgarian portfolio of jointly controlled project companies. In M&A, the firm managed a remarkable 15 transactions during 2008. Given its real estate sector expertise, it is no surprise that the firm’s M&A transactions are primarily concerned with real estate holdings. A key client of the company is Quinlan Private, Ireland, a very significant investor in Bulgarian real estate. The firm’s leading transaction of 2008 entailed advising a US-Irish joint venture on the disposal of 100% of the shares in a commercial and office development to a German equity fund. For ‘top-drawer real estate corporate expertise, you would be hard pushed to find a better firm or better lawyers’.

Antoaneta Dimolarova, Rozalina Gradinarova and Partners – Attorneys at Law’s M&A work is headed by partner Antoaneta Dimolarova. On the corporate side, the firm has particular strength in insurance, acting for global insurer Allianz’s domestic subsidiaries and being appointed to advise the Financial Supervision Commission’s Insurance Supervision Department on amendments and supplements in the Bulgarian Insurance Code.

During 2008, five-partner Arsov Natchev Ganeva was particularly busy in M&A work. The firm acted for Essilor International on the acquisition of a leading Bulgarian ophthalmic company and advised German tourist giant TUI on the restructuring of its Bulgarian subsidiaries after its merger with Britain’s First Choice Holidays. Additionally, the firm acted for Publicis Groupe on the acquisition of several Bulgarian companies and their subsequent merger into one entity. Clients appreciate the practice’s ‘business like approach’ saying ‘they are a firm that understands and can respond to the commercial pressures and deadlines of our world’. Partners Marin Arsov and Stoil Hristov are both recommended.

Ilian Ivanov and Stoyan Atanassov are the two partners at Atanassov & Ivanov Law Firm. In 2008, the team was mandated to advise the Bulgarian distributor of Volvo construction equipment, Sigma Bulgaria. The practice advised the Balkan Accession Fund on a series of post-acquisition issues relating to Darko and Ice Line; and also assisted the Fund on the acquisition of further shares in existing investment, Industrial Access. Clients consider the team to be ‘professional – they always seem to understand our priorities’.

Two-partner practice Boteva & Kantutis advises medium-sized Greek companies such as Polykem, as well as French and Russian businesses looking to invest in Bulgaria. The firm also acted for General Electric on a local M&A transaction.

Ten-partner practice Braykov’s Legal Office is a full-service corporate and commercial firm, with strong lawyers in commercial litigation, IP, employment and contract law.

Delchev & Partners is a two-partner practice whose main strength is tax law. Managing partner Emil Delchev also advises clients on general corporate and commercial issues, and leads on M&A transactional work. In 2008, the firm advised Heitman on a real estate acquisition structured through a share purchase agreement between the buyers – Equest Balkan Properties and Heitman European Property Partners III – and the seller Auriga EAD. The real estate purchased was the City Center Sofia Shopping Mall, at a price of €101.5m. The firm also gave sale-side advice to Pamporovo Ski on its acquisition by Amer Sports.

Georgieva, Petrov, Nenkov, Georgiev Law Firm is a four-partner firm of ambitious young lawyers, primarily focussed on real estate work. Alexander Nenkov leads on M&A deals. In 2008, the practice advised leading security services company VIP Security on the acquisition of a 100% stake in Optima Financial Services, until then controlled by UniCredit Bulbank. Clients note that the firm is ‘up-and-coming and hungry to prove itself’. Other clients include Pilatus Aircraft, whom the firm advised in is negotiations and execution of a contract to supply aircraft to the Bulgarian Ministry of Defence.

Gugushev & Partners’ M&A practice is led by managing partner Stefan Gugushev. In 2008, the firm acted for New York-based Berkshire Betterway on the €5m acquisition of Czech film industry player Comfac SRO. On the seller side, the firm also advised MRI International on the acquisition of all its companies by a Dublin-based holding company. Clients feel the firm offers ‘a dependable service, with intelligent lawyers who know how to put the customer’s wants first.’

Kalaidjiev, Georgiev and Minchev services corporate and commercial clients across various industries, and has a particularly prominent presence in publishing, advising Prosveta-Sofia, one of Bulgaria’s longest-established publishers. The practice is also active in M&A deals.

Lex Locus Law Offices is a young and enthusiastic practice headed by former Georgiev, Todorov & Co partner Dimitar Danailov. In 2008, the firm advised FairPlay International and FairPlay Properties REIT on the acquisition of licensed investment broker EvroGarant. On the seller-side, the firm acted for Publicis in the sale of a majority stake to the Publicis Groupe. Lawyers in the team ‘know the market and certainly run a tight ship, delivering impressive service’.

Four-partner firm Sabev & Partners Law Firm completed its advice to a large, domestic corporate on a €25m restructuring in 2008, which included advising on appropriate measures for selling shareholdings in subsidiaries. The firm also advised a Bulgarian company on the sale side in relation to the disposal of shares in Burlex, the operator of a domestic superstore chain. Clients describe the firm as ‘trustworthy and effective’,

Simeonov & Dermendjiev’s core strength is undoubtedly litigation and arbitration. Senior partner Ivaylo Dermendjiev has substantial experience as a counsel before the arbitration courts at the Bulgarian Chamber of Commerce and the International Chamber of Commerce (ICC) in Paris. The firm’s international arbitration and litigation department is ‘unique and invaluable’ according to clients, and forms the central pillar of the firm’s offering to corporate clients.

Bazlyankov Stanoev & Tashev is a three-partner practice based in Plovdiv, with a small office in Sofia manned by partner Genadi Dishev. Partner Boyan Stanoev is the key partner contact for M&A work. In 2008, the firm advised on a series of real estate M&A transactions, particularly for Israeli clients. Additionally, the firm acted as counsel to the claimant and main creditor in the insolvency case of Gradski Transport, the leading transport company in Plovdiv.

Since November 2008, Dimitrov, Tchompalov & Todorova Ltd and Stoeva, Kuyumdjieva & Vitliemov have been operating out of a shared office as Dimitrov, Tchompalov & Todorova Ltd, although the two firms have not yet officially merged. The latter brings a significant amount of experience in M&A transactional work. In 2008, Dimitrov, Tchompalov & Todorova Ltd advised seller Bulgarian-American Enterprise Fund (BAEF) on the sale of a 49.99% interest in Bulgarian-American Credit Bank (BACB) to Allied Irish Banks for €216m.

Since June 2008, four-partner practice Dobrev, Kinkin & Lyutskanov Law Firm has been assisting Adecco Bulgaria, the local subsidiary of the international HR company. Other clients include the Bulgarian subsidiary of the Austria-based Baumit Group, whom the firm advised on corporate restructuring.

Despite its name, Goleminov & Goleminov is run by three partners called Goleminov: Tchoudomir Goleminov, Yordan Goleminov and Savina Goleminov. The firm enjoys a client base of corporate and commercial clients across diverse industries including IT, financial services, sport and media.

Greek firm IKRP Rokas & Partners OOD’s Sofia office is run by Kafetzidis Evagelos and primarily acts for Greek clients of the network investing in Bulgaria.

The headline deal of the year at Ilieva, Voutcheva & Co Law Firm was its role advising Greek media player Antenna Group on the disposal of Nova Televizia – a domestic TV company – to Modern Times Group for €620m. The firm also acted for a waste collection holding, Titan International, in its acquisition of CSKA, a leading Bulgarian football team.

KLC Bulgaria EOOD is the Bulgarian outpost of a leading Greek firm and is mainly concerned with handling any local issues for its Greek and European clients. In 2008, the firm provided due diligence and documentation for ELCO Group’s Bulgarian subsidiary’s entry in the Alternative Investment Market in the London Stock Exchange.

Tax expert Gergana Georgieva heads the corporate and commercial team at Law Firm Kolcheva, Smilenov, Koev and Partners. The firm advises on labour law, including assisting with residence and work permits. Clients include BTC and the Bulgarian-American Credit Bank (BACB).

‘Small but significant and talented’ law firm McGregor & Partners has an office in Sofia and Bucharest and offers a micro-regional service across the two jurisdictions. In 2008, the firm advised Unilever on a range of corporate issues, including regulation, employment and consumer protection. Asya Vladimirova was promoted to partner on 1 August 2008, and joins partner Julian Spassov in the Sofia office. The firm is particularly recommended by clients for its expertise in energy sector M&A deals.

Working closely with West Coast US firm Niesar Curls Bartling LLP, Niesar & Diamond LLP and Todorova Law Offices Business Banking Corporate Environmental Legal Consultancy is a small operation specialising in environmental law. Respected environmental expert Liliana Maslarova heads the practice, which services primarily US companies moving into Bulgaria, as well as European clients such as Rolls-Royce and Prudential.

Popov & Partners is a young six-partner practice headed by ‘increasingly respected’ senior partner Galin Popov. In 2008, the firm continued to act for Panda Cooperative – the master franchisee of Office 1 Superstores International in Bulgaria – and advised the company on the acquisition of mobile phone store chain Phonex. The firm also advised S&V OOD on the acquisition of minority shares and management control in three companies: Prestige Business, Q Electronic and VIP Office Service.

Spasov & Bratanov has a capable M&A team, with a focus on transactions in the financial services industry.

The Bulgarian branch of Italian firm Studio Legale Sutti is headed by partner Tzetelina Dimitrova. The office acts as a gateway for Bulgarian clients hoping to enter the Italian market and for Italian investors interested in Bulgaria.

The bulk of the M&A work at Law Partnership Tascheva & Partner consists of real estate purchases through SPVs. The practice is strongly orientated towards inward investment by central European companies. Senior partner Nelli Tascheva is recommended.

Tokushev and Partners Law Office is a new four-partner practice headed by Viktor Tokushev. In 2008, the practice lodged a claim for damages for the minority shareholders of the Bulgarian Holding Company.

Toncheva & Partners/Modus Consult/ provides corporate and commercial advice to domestic and European companies, as well as the local subsidiaries of international companies. Clients include Whirlpool Bulgaria and German cosmetics company WALA Heilmittel.

Varadinov & Co Attorneys-at-Law is a three-partner practice, led by managing partner Yavor Varadinov. The practice advises on various corporate and commercial issues, such as the establishment of local branches, representative offices and subsidiary companies. The team has expertise in litigation, insolvency and debt recovery. Partner Anna Penakova is the contact for M&A work.

Yonev Valkov Nenov advised international clients Nestlé and Siemens on the Bulgarian end of global and regional acquisitions and carve-outs in 2008.