The Legal 500

Borislav Boyanov & Co has stood at the vanguard of privatisation since the process began in earnest towards the beginning of the 1990s, and has had a key role for foreign private investors in most of the key industries affected. Although the process is now almost complete, the firm has a key role advising the Privatisation Agency on the privatisation of state-owned Bulgartabac Holding, the largest Bulgarian cigarettes and tobacco products manufacturer. Outside of the privatisation process, the firm advises a host of blue-chip corporates engaged in investment activity in the country. As well as advising InBev on the sale of its business in CEE, the firm has also recently represented NewsCorp on the $400m disposal of its largest domestic operation – bTV, the first private national TV channel. Yordan Naydenov and Alexander Chatalbashev jointly head the team.

Able to tap into its pervasive network of international offices, CMS Cameron McKenna in cooperation with Petkova & Sirleshtov Law Office excels at advising foreign corporates investing in Bulgaria. Recent high-profile mandates include advising US-corporate Tishman International on its €250m acquisition of land in Sofia for the development of a multi-purpose mix of offices, logistics, storage facilities and hotel buildings. On the PPP side, the firm advised Gamesa on its contract with the municipality of Novi Pazar for an 80MW wind-power project.

‘Very responsive, pragmatic, solution orientated and hands-on’, Djingov, Gouginski, Kyutchukov & Velichkov provides ‘in-depth legal knowledge’ to an august roster of foreign clients seeking to invest in the country. Zdravka Ugrinova advised Mid Europa Partners on the acquisition of Interactive Technologies, following a successful debt restructuring.

Georgiev, Todorov & Co provides an ‘extremely good service’ and has a prominent reputation within the burgeoning PPP market. Also very active on foreign investment deals, notably the firm advised Arton Capital on an immigrant investor programme allowing direct foreign investments of more than BGL1m each to enter the country.

Praised for its ‘responsive and focused’ service, Kambourov & Partners is often the first port of call for clients involved in complicated and politically sensitive privatisation mandates. Following on from its privatisation of the National Film Center by Nu Image, the team is currently advising the new structure on investments in the construction of new film studios in Bulgaria. ‘Professional, responsive and practical’ managing partner Vladimir Rangeloff led the aforementioned deal and is an integral part of a team that also includes the ‘magnificent’ Stefan Tzakov.

Seamlessly integrated with other practice areas such as corporate, finance and tax, Penev LLP’s PPP and foreign investment practice has consolidated its position within the market. Headed by the ‘knowledgeable and commercial’ Sergey Penev, the team recently advised York Capital Management on the privatisation tender for the Bulgarian national air carrier Bulgarian Air.

During the privatisation boom, Penkov, Markov & Partners was seen as a go-to-firm for public-sector entities and advised the Privatisation Agency on several deals including the privatisation of Navibulgar. Although this work has now dried up, the firm handles a raft of mandates for international corporates investing in the country particularly within the energy sector. Led by Vladimir Penkov, the firm represented Scandinavian energy company Wartsila Corporation on its entry into the Bulgarian market. ‘Professional, organised, responsible and easy to communicate with,’ Svetlin Adrianov and Milena Gaidarska are key members of the team.

Acting either directly for the foreign investor or through a referral, Spasov & Bratanov is a market leader for handling foreign investment and to date has handled the establishment of joint ventures and companies in Bulgaria for clients from more than 15 countries. The firm is also a recognised leader at handling utility concessions and has had an active role in the privatisation process – most recently advising the Privatisation Agency on the sale of the Navibulgar, the Bulgarian maritime fleet.

Given the name partners’ backgrounds at foreign firms, it is perhaps unsurprising that Andonov & Radinska derives a substantial proportion of its mandates from international corporates. For example, the team continued to advise the Gradus Group on a contemplated PPP with the Municipality of Burgas for the €80m development of a mixed-use complex in the city centre.

Andrey Delchev and Partners – Eurolex Bulgaria continues to blaze a trail in the market for advising public sector entities on advisory work within the PPP market. The firm is advising the Municipality of Smolian on development and extension of a heating network in the town. On the privatisation side, the firm has advised the Municipality of Panagiurishte on preparing the tender documents for the privatisation procedure.

Foreign investment mandates are a staple part of Arsov Natchev Ganeva’s workload. Indeed, the firm has continued to handle a raft of work for discount supermarket chain Lidl since its entry into the Bulgarian market in 2003. The firm also has a market-leading reputation within the concession and infrastructure domain; an accolade that was recently underscored by the practice’s recent involvement in the Sofia waters concession and the concession of Varna and Bourgass international airports. Marin Arsov heads the team.

Borissov & Partners has a strong track record within the privatisation market, on both the buy and sell sides. The firm is advising the Bulgarian government, as seller, and also a consortium between Koc Holding and Turk Telecom as potential purchaser, of the Bulgarian Telecommunications Company. Accomplished at advising corporates from many countries on investment in the country, the firm recently advised Turkish company Mobilera on establishing a joint venture with a local partner.

Now no longer restricted by its ties with Ernst & Young and also benefiting from a fertile relationship with former PI Partner colleagues Potamitisvekris in Greece, Dinova & Rusev excels at advising on foreign investment mandates. Recent highlights include advising Mitsubishi Heavy Industries on the establishment of a joint venture with a Bulgarian partner regarding the construction and exploitation of a photovoltaic energy park. Anelia Dinova and Milen Rusev are recommended.

Led by department head Vladimir Kinkin, Dobrev, Kinkin & Lyutskanov Law Firm recently performed due diligence necessary for the €17m acquisition of a 8,000 sq m business centre in the town of Yambol. Notably, the project also included a PPP with the town’s municipality for the construction and operation of a public parking lot in front of the trade and business centre. Foreign investment also features heavily in the firm’s workload, a fact that is underscored by its representation of European Land in a project for the acquisition, re-grouping and rezoning of in excess of 150,000 sq m near Sofia airport.

Kalaidjiev and Georgiev has gleaned significant expertise within the oil and gas sector off the back of its recent work for Royal Dutch Shell on its Bulgarian investment activities.

Co-operating closely with lawyers across Europe and the US, LEGACOM Antov & Partners Law Firm has a good track record for advising on foreign investment mandates. The firm has also been involved at the vanguard of the privatisation process in the country and has secured countless instructions for buyers and sellers across a myriad industry sectors

Atanassov & Ivanov Law Firm provides a ‘phenomenal work ethic and attention to detail’ to US, UK and Greek foreign investors, particularly in relation to their engagement in energy projects.

Led by Kaloyan Nedelchev, Danailov, Mihaleva, Nedelchev & Co/Lex Locus advised KESZ, the largest Hungarian construction company, on establishing its operations in Bulgaria.

In the PPP arena, Delchev & Partners is advising the private company responsible for the construction of a landfill in the Municipality of Kostinbrod.

Although privatisation work has largely dried up in the country, Gugushev & Partners has an excellent pedigree and has handled some of the most significant matters in the past three years (including the privatisation of Bulgartabac Holding, Plovdiv City Transport and the Bulgarian Telecommunication Company). Stefan Gugushev is recommended.

‘Reactive and knowledgeable’, Popov & Partners handles work for foreign investors engaged in power engineering, hydro-construction and infrastructure projects, among others. ‘Sharp and spot on in its advice’, the firm recently advised new client Stroyrent on the expansion of the company’s business by the foundation of a new company on Serbia. Led by the ‘strategic and analytical’ Elisaveta Jotova, the firm continues to advise the Dicon Group on a range of projects including the management, planning and preparation of the project proposals of several candidates to obtain grants from EU funds.

Simeonov & Dermendjiev’s key litigator Ivaylo Dermendjiev is regularly involved in contract-related privatisation disputes. Dermendjiev recently successfully represented the Privatisation Agency in a breach of warranty dispute with Austrian company EVN, conducted before the International Chamber of Commerce International Court of Arbitration.

Headed by Nelli Tascheva, Law Partnership Tascheva & Partner often acts for foreign corporates from central Europe looking to invest in Bulgaria. In her capacity as official representative of the Ministry of Economy of Rheinland-Palatinate in Bulgaria, Tascheva took part in conferences aimed at identifying potential business oportunities for doing joint business between Germany and Bulgaria.

Tsvetkova Bebov & Partners (Landwell) advised Deutsche Bahn on a major foreign investment.

Varadinov & Co Attorneys-at-Law advises foreign investors across a range of different sectors including finance, aviation carriers, hotel and restaurant managing companies, telecommunication operators and companies interested in gas exploration. The firm also has experience across the lifecycle of the privatisation procedure from the preparation of documentation for tender to registration of change of ownership before the court.

Yonev Valkov Nenov is a member of the German-Bulgarian Chamber of Industry and Commerce and regularly assists German companies on their establishment in Bulgaria.