The Legal 500

Led by the ‘knowledgeable and systematic’ Yordan Naydenov, Borislav Boyanov & Co’s four-partner team has the strength and depth of resources to provide a ‘highly specialised service’ to both public companies and private equity firms on both domestic and cross-border transactions. Benefiting from industry specific knowledge across a raft of sectors including a particularly strong offering in TMT, the team advised NewsCorp on the $400m disposal of its largest Bulgarian operation bTV. The group also advised a private equity fund on the acquisition of a minority stake in a large animal health product company.

Leveraging off its impressive international network, CMS Cameron McKenna in cooperation with Petkova & Sirleshtov Law Office’s four-partner team excels in handling cross-border deals often involving complex structures. The firm represented MetLife throughout Europe on the acquisition of Alico (the rebranded AIG life insurance business). Also active on the private equity side, the firm has a close relationship with local private equity sponsor Advent International and recently represented it on the acquisition of a majority stake in Devin, Bulgaria’s leading mineral water bottler. David Butts is recommended.

Jointly headed by Zdravka Ugrinova and Violetta Kunze – the latter who splits her time between the firm’s Sofia and Berlin offices – Djingov, Gouginski, Kyutchukov & Velichkov’s seven-partner team has the critical mass to handle some of the largest transactions in the market. Praised for its ‘reliable, responsive and personal service’, the team has recently been involved in a raft of distressed acquisitions including PCCW’s acquisition of a majority stake in the domestic telecoms operator BTC. Active across a spread of industry sectors, the firm has a particular strength at handling TMT mandates, and as well as the aforementioned deal, recently advised Mid Europa Partners on the acquisition of Interactive Technologies, following a successful debt restructuring. As well as transactional work, the firm has also witnessed an increase in handling day-to-day corporate mandates for a flourishing roster of clients that includes Bunge, CEZ, Dow, General Electric Company and Johnson Controls.

Based in Sofia, but also benefiting from other offices located throughout the country, Penkov, Markov & Partners has the critical mass and geographical spread to handle transactions regardless of size or location. While the practice has been involved in fewer big-ticket transactions recently, it has benefited from loyal corporates that continue to provide a steady flow of ongoing commercial work. For example, led by Vladimir Penkov and Svetlin Adrianov, the team continued to act for Nokia Siemens Networks across a range of matters including on its bid for outsourcing of maintenance activities for a major domestic telecoms company. Other clients include Carrefour, Daimler, Heineken, Knauf and Saint Gobain Weber.

Able to rely on a steady flow of general commercial work from its loyal cadre of corporate clients, Andonov & Radinska has coped better than many in the market from the economic downturn. The firm handled 12 transactions in 2010 including three matters for SEEF II (including the acquisition of a hospital unit in Varna). Name partners Hristo Andonov and Diliana Radinska are recommended.

The ‘reliable and friendly’ corporate team at Andrey Delchev and Partners – Eurolex Bulgaria provides the ‘optimal advice’ to clients from a range of industry sectors. Benefiting from a longstanding reputation for handling M&A transactions, the firm is often the first port of call to clients seeking ‘sophisticated and strategic expertise’ on high-stakes transactions. Recent highlights include advising Communicorp Group on the acquisition of the remaining shares in Radio City. The firm also maintains its strength at the intersection of projects and M&A as exemplified by its representation of Salarpro Holding on the sale of four of its existing subsidiaries established to operate the existing photovaltaic power plants. The ‘very intelligent’ Andrey Delchev heads the three-partner team.

Borissov & Partners prides itself on maintaining strong and loyal relationships with its corporate clients. This approach has ensured the firm has weathered the economic downturn better than most. It continues to provide advisory services to Hungarian manufacturer Masterplast Group on an ongoing basis and also advised Akita on corporate restructuring matters. Plamen Borrisov is recommended.

Led by the ‘experienced’ Bogdan Petrov, Dimitrov, Petrov & Co provides ‘strict, correct, responsible and professional advice’ to a range of domestic and international clients across a plethora of industry sectors including telecoms and banking. The ‘very reliable, sophisticated, responsive and shrewd’ Alexander Todorov represented a pharmaceutical company on the sale of a minority shareholding. The team is often involved at the nexus of energy and corporate matters and recently represented a German wind farm developer and operator on the sale of 50% of the shares in its Bulgarian subsidiary.

The ‘knowledgeable, experienced, hardworking and ethical’ team at Dinova & Rusev has an excellent reputation at advising domestic and international corporates on both big-ticket mandates and regular day-to-day commercial matters. Benefiting from a ‘well co-ordinated’ team, which includes the ‘efficient and solution orientated’ Milen Rusev, the firm has a particular prowess at advising international corporates who are establishing or expanding their business in the country. For example, the team continues to advise leading Greek commercial, retail and industrial group, the Marinopoulos Group, on its Bulgarian operations. The ‘technically solid and international standard’ Anelia Dinova leads from the front and is ‘always an asset when she participates in negotiations’. Clients include Mitsubishi Heavy Industries, S&B Industrial Minerals, the Grecotel Group and SBS Prosieben.

Georgiev, Todorov & Co is able to ally its excellent competition strength with corporate nous to ensure that it can represent clients on the full lifecycle of a transaction. As well as advising on transactional matters, however, the firm has kept itself busy with a regular flow ongoing commercial mandates such as its work for Sofia Outlet Centre and Arton Capital, the latter who it advised in relation to an immigrant investor programme. Other clients include BTC, Roche, Titan International Holding, Gallup, Kaufland and Sys Industries.

Headed by Mitko Karushkov, the ‘responsive, results-orientated and business-sensitive’ Kambourov & Partners’ corporate team continues to pick up market share. Attracting instructions from a range of sectors including the banking, energy and automotive industries, the firm has the critical mass to handle big-ticket M&A mandates that require significant resources. The ‘creative and hugely experienced’ Vladimir Rangeloff is a key member of the team and along with Karushkov recently represented CVC on the €2bn acquisition of the Bulgarian business of InBev. One of the standout deals in the market, the mandate showcased the firm’s ability to provide cross-border transactional advice as well as the concomitant competition expertise. The firm also handles day-to-day commercial mandates for E.ON Energie and Nu Boyana Studios.

Praised for its ‘responsive service’, Penev LLP provides ‘expert level business acumen and industry knowledge’ to an ever-expanding roster of clients including Lucent Technologies, Coca-Cola Hellenic Bottling, Time Warner, Inditex and Moeller Electric. Sergey Penev heads a two-partner team that, in addition to transactional work handles a significant amount of day-to-day commercial work, including corporate structuring and governance, employment relations and tax structuring, a factor which has sustained the practice during difficulty economic times.

Headed by Alexandra Doytchinova, Schoenherr’s four-partner team has a determinedly international focus to its client base and is able to leverage off its Austrian links. Recent highlights include advising Siemens on the demerger of part of its business. Other work included advising UNIQA on the acquisition of a controlling interest in UNIQA Insurance.

Headed by Georgi Spasov, Spasov & Bratanov’s small team punches above its weight, and is ‘professional and very good at large-scale work’. This was recently exemplified by its role for a consortium of private equity sponsors on the attempted acquisition of a privately held corporate. Vassil Hadjov is also recommended.

Tsvetkova Bebov & Partners (Landwell) advises clients across a range of commercial and transactional matters, from the establishment of subsidiaries to M&A mandates. Recent highlights include advising Mars on corporate and commercial matters. The ‘exceptional’ Galina Bunkova receives fulsome praise for her ‘knowledge’, ‘compassion’ and ‘professionalism’, and has a particular niche within the software industry.

Austrian headquartered Wolf Theiss has made a significant impact in the market since its establishment in Bulgaria in 2008 and is set to gain even more traction following the arrival in January 2011 of the Rizova & Partners Law Firm (part of DLA Piper) team. As well as generating considerable work from Austrian clients, notably the firm has successfully secured mandates from a raft of domestic clients. For example, the team advised Mancelord on the acquisition of Bulgaria Telecommunications Company’s TV and radio business NURTS. Managing partner Richard Clegg is recommended, as is former managing partner of Rizova & Partners Law Firm (part of DLA Piper) Anna Rizova-Clegg.

Antoaneta Dimolarova, Rozalina Gradinarova and Partners – Attorneys at Law advises both domestic and foreign corporates on incorporation matters, as well as day-to-day commercial work.

Headed by Marin Arsov, Arsov Natchev Ganeva represents domestic and international corporates on day-to-day advisory work as well as on big-ticket M&A mandates. Notably, the firm represented Veolia Water on acquiring a controlling stake in Sofiyska Voda, in what was one of the largest transactions in the domestic public utilities sector. Led by Jivko Rokov and Svetlana Ganeva, the team represented EADS, a leading aerospace company on the formation of a joint venture in the field of trading aircraft spare parts and components. The team also continues to advise Bloomberg on various commercial, licensing and regulatory matters regarding the expansion of electronic trading platforms in securities in Bulgaria.

Atanassov & Ivanov Law Firm provides a ‘professional and accurate’ service to clients at a ‘very reasonable price’. Praised for its ‘attention-to-detail and phenomenal work ethic’, the firm is instructed across a healthy mix of commercial and transactional work. Recent highlights include advising Germanos Telecom Bulgaria on a number of matters related to the post-closing restructuring of its activity. Illian Ivanov has a ‘very strong work ethic, is very analytical and excellent under pressure’.

Danailov, Mihaleva, Nedelchev & Co/Lex Locus continues to pick up market share and has handled a dynamic mix of commercial advice and transactional work. The firm recently represented Megalan Network – the largest internet service provider in Sofia – on its acquisition by Mobiltel. It also advised private equity firm Rosslyn Capital Partners on three investment projects in the renewable energy sector with a combined value of €40m. Managing partner Dimitar Danailov is regularly involved in the most significant projects handled by the firm.

Delchev & Partners has a solid track record for transactional and ongoing commercial work for both domestic and international clients. As well as its recent involvement in the Bulgarian Telecommunications Company’s acquisition of 2be, the practice also had a role in Amer Sports’ acquisition of ski manufacturer Pamporovo Ski. Restructuring work has also figured heavily in the firm’s workload including a major cross-border mandate on behalf of East Balkan Properties. Managing partner Emil Delchev is the focal point of the practice.

Dobrev, Kinkin & Lyutskanov Law Firm provides a ‘highly professional’ service to international and domestic corporates from a myriad industry sectors. The firm has a close relationship with manufacturing company Sparky Group and continues to advise it across many different areas including on its reorganisation plan – including the acquisition of domestic and foreign subsidiary companies, as well as various share transfers within the group. Theodor Bojinov heads a team that includes the ‘very experienced and reliable’ Grozdan Dobrev.

Since its inception in 2004, Gugushev & Partners has made great strides in the market and is viewed as a ‘credible alternative’ to some of the major traditional firms. As befits a full-service firm, it is able to provide the cradle-to-grave service including any litigious elements that may arise. The firm is also the beneficiary of its membership of the Lexwork International network and regularly receives referral work as a result. Clients appreciate the team’s ability to provide ‘extensive analysis of the issues and come up with a workable solution’. The ‘brilliant’ Stefan Gugushev is a ‘deal closer’, and senior associate Elena Nenova is ‘very precise, well prepared and always finds the right solution’.

At Boteva & Kantutis, Teodora Kantutis recently advised Medical Diagnostic Laboratory on its acquisition of a competitor.

Founded in 1990, Braykov’s Legal Office’s 15-lawyer practice specialises in advising on commercial law, contracts and company law, and also handles commercial litigation should the matter become contentious. Instructed by a number of foreign corporate, clients include IBM, Xerox, HBO and Diageo.

DTT recently advised on the reorganisation of Alfa Finance Holding. Dimitar Dimitrov advised ELARG – the largest domestic REIT for investing in agricultural land – on various compliance and regulatory concerns.

Lacking the transactional focus of some of competitor firms, nevertheless Georgieva, Petrov, Nenkov, Georgiev Law Firm picks up a slew of work for corporates both on the establishment of their business in the country as well as on ongoing commercial work. Partner and founding member Roumen Petrov is recommended.

Best known for its banking and finance expertise, Kalaidjiev and Georgiev is active in corporate matters across a range of sectors including publishing – where prominent company Prosveta-Sofia is a major client of the firm.

Sabev & Partners Law Firm advises clients on M&A transactions in addition to ongoing commercial work including advising corporates on company procedural work.

Although it is best known for its litigation capability, Simeonov & Dermendjiev also has a track record for handling foreign investment and corporate and commercial work.

Better known for its finance capability, Tokushev and Partners Law Office also provides ‘extremely efficient and highly professional’ corporate advice. The ‘very ambitious and bright’ Ivaylo Kostov ‘always offers a variety of solutions with the pros and cons and reasoned arguments as to the way to be chosen’.