The Legal 500

For purposes of ranking, greater weight is given to practices that undertake the full range of work across firms’ privatisation, PPP and foreign investment. Strong energy practices will be considered within the context of a wider foreign investment practice, but please refer to the Projects, energy and natural resources table for specific assessment of energy practices.

Arsov Natchev Ganeva advises clients such as Danone, Bloomberg and Decathlon, and has a strong reputation among foreign investors. It was appointed to advise the Invest Bulgaria Agency on its promotional initiatives. The team also acted for the Post-Privatization Control Agency in arbitration against two companies regarding the privatisation of Bulgarian Telecommunications Company.

Borissov & Partners advised Bulgartabac Holding on its restructuring and the sale of its manufacturing, processing and packaging business, and acted for the Bulgarian government as seller, and Koc Holding and Turk Telecom as potential purchasers, in the privatisation of Bulgarian Telecommunications Company. The firm also has a strong foreign investor client base, and recently advised Germany’s Kostal, Turkey’s Mobilera and US-based Medpace on investment into the country.

Boyanov & Co advised the Privatization Agency on the privatisation of state-owned cigarette and tobacco manufacturer Bulgartabac Holding, one of the few privatisations in Bulgaria in 2010. The team, which is led by Yordan Naydenov, also advised US, Canadian and Russian investors on foreign direct investment.

CMS Cameron McKenna LLP – Bulgaria Branch’s work in 2011 was split between PPP and foreign investment. It is advising the Invest Bulgaria Agency on drafting its public procurement process concerning a project to promote investment opportunities in Bulgaria. The team also recently advised global defence company EADS on a project for the Ministry of Internal Affairs, and Balkantel on its projects for the Ministry of Defence. It also has a strong foreign investor client base within the energy sector.

Djingov, Gouginski, Kyutchukov & Velichkov acted on two of the country’s scarce privatisation transactions: advising KT&G Corporation on a possible tender bid for a stake in Bulgartabac Holding, and PCCW on its proposed €1.6m acquisition of a majority stake in Bulgarian Telecommunications Company. The practice also remained active in the PPP sector, advising the Foundation Center for Economic Strategy on a renovation PPP with Sofia University.

Recent highlights for Kambourov & Partners include advising the International Finance Corporation on a World Bank financed project for public participation in the Water and Sewage Company of Pleven, and advising on the privatisation of Municipality of Sofia. On the foreign investment side, it is advising Germany’s WTTE Automotive on its investment into the development, construction and operation of a car parts production plant. Stefan Tzakov is the key contact.

Spasov & Bratanov’s strong presence in the energy sector makes it a natural choice for renewables and oil and gas investments. It also represented Philip Morris International in its privatisation bid for a majority stake in Bulgartabac Holding.

Andonov & Radinska Law Firm advised the Gradus Group on a PPP with the Municipality of Burgas for the joint development of an €80m mixed-use commercial centre, as well as a potential PPP with the Municipality of Panagyurishte for the establishment of a private museum. ZyXEL and PCC are foreign investor clients.

In 2010, Andrey Delchev and Partners – Eurolex Bulgaria continued to build on its excellent reputation for advising public sector bodies: it acted for the Ministry of Regional Development on the modernisation of the public transport system in Rousse, and the Municipality of Smolian on transport tender matters.

Dinova, Rusev & Partners has a strong foreign investor client base, which includes a number of leading Greek companies. It recently advised Panel Group on a PPP with Municipality of Dupnica, and IsBank on its entry into Bulgaria. The firm is also recommended for its ‘extensive experience in renewable energy projects’.

Dobrev, Kinkin & Lyutskanov has ‘extensive knowledge’ of the foreign investment market, and in 2010 acted for a number of energy sector clients on plant developments, including VEZ on the construction of hydropower plants. It also advised The Yambol Business Centre on a PPP with the Municipality of Yambol to build a public car park and business centre.

Georgiev, Todorov & Co’s current focus is on foreign investment and it continues to advise Arton Capital on its innovative immigrant investor programme, which provides assistance to companies investing more than BGL1m into the country.

Penev LLP continues to advise foreign companies on their entry into Bulgaria, including Sonema Turnkey Telecommunications. It is also advising outbound Bulgarian investors on establishment in Indonesia.

Penkov, Markov & Partners advises on privatisation and foreign investment. It has a well-respected renewable energy practice.

Gugushev & Partners Law Office advised Netcare Hospital on a PPP project in Bulgaria, and Kapsch on a PPP with the Municipality of Bourgas for the modernisation of the town’s transport. Elena Nenova is ‘brilliant’ for public procurement and PPP projects.

Kalaidjiev and Georgiev is recommended for its foreign investment practice and its expertise within the oil and gas sector.

LEGACOM Antov & Partners Law Firm has strong ties with US and UK investors, and has a well-earned reputation in the field of privatisation.

Popov & Partners advised Dicon on its research studies financed by the Bulgarian government. It also advised on a number of foreign investment projects, including a mandate involving the establishment of agricultural land zoning in Vladaya village.

Varadinov & Co Attorneys-at-Law advised on the privatisation of Technoexport International.