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Penkov, Markov & Partners

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Bourgas, Dobrich, Lovetch, Pleven, Rousse, Sofia and 2 more

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One of the Most Significant M&A Deals for 2016 Entered into Process of Finalization

June 2016

PM&P as a consultant and legal advisor of 4 FINANCE has successfully launched and finalized the procedure for obtaining a preliminary approval from the Bulgarian National Bank for indirect acquisition of 100% of the share capital of TBI Bank. The announcement for the approval was published on the Bulgarian National Bank website on 27.05.2016.

For the implementation of the deal PM&P was in charge of the organization and headed a team of international lawyers in order to carry out the legal due diligence of TBI Bank, the branch and the subsidiaries of the bank in Romania and has also elaborated a full-scale mechanism for the restructuring of the groups of companies of the seller Kardan Financial Services B.V which was one of the essential conditions for closing of the deal.

PM&P team has also provided overall support throughout the negotiations between the seller and the buyer 4FINANCE HOLDING S.A by executing all necessary documents and contracts for the transfer of the shares from the capital of the bank’s sole owner TBIF Financial Services< B.V.

4FINANCE group is one of the fastest growing groups providing mobile and online consumer lending in Europe and is currently operating through local legal entities in 14 countries: Argentina, Armenia, Bulgaria, Czech Republic, Denmark, Finland, Georgia, Latvia, Lithuania, Mexico, Poland, Romania, Spain and Sweden. The planed deal is entirely in line with the objectives of the holding and is directed towards new investments in companies providing financial services.

Currently we are continuing to consult 4FINANCE in connection with the implementation of the pending conditions under the deal which is still in progress.

For the purpose of the deal are assigned over 15 qualified lawyers led by the Managing Partner Vladimir Penkov and the Partners Ivan Markov and Svetoslav Dimitrov.

Legal Developments by:
Penkov, Markov & Partners

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    All investors, especially those from abroad, when asked about the investment climate in the country indicate a number of factors, besides tax rate, that influence their overall assessment. These factors relate to different areas of business and life in general, but have so far unfortunately gone unnoticed by governments.
    - Penkov, Markov & Partners

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