The Legal 500

Bulgaria

Banking and finance

Banking and finance - ranked: tier 1

Djingov, Gouginski, Kyutchukov & Velichkov

‘Outstanding’ Djingov, Gouginski, Kyutchukov & Velichkov acts as local counsel to major national and supranational lending institutions, including the European Investment Bank and the Export-Import Bank of China. It stands out for providing ‘a flexible service and in-depth advice’ to lenders, syndicates and borrowers on real estate and energy projects and acquisitions. Practice co-heads Nikolai Gouginski and Vessela Stancheva-Mincheva specialise in project finance and the regulatory aspects of insurance. Georgi Tzvetkov has extensive experience in complex leveraged buy-outs.

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Capital markets

Capital markets - ranked: tier 2

Djingov, Gouginski, Kyutchukov & Velichkov

Djingov, Gouginski, Kyutchukov & Velichkov’s ‘clearly knowledgeable and experienced’ team is led by Vessela Stancheva-Mincheva. It handles a number of Bulgarian sovereign bond issues for lead managers including JP Morgan and Banca IMI. Georgi Tzvetkov advises a Bulgarian state SPV (designed to support the implementation of programmes co-financed by EU funds) on related capital markets regulation and structuring matters. The firm also has expertise in initial public offerings.

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Commercial, corporate and M&A

Commercial, corporate and M&A - ranked: tier 1

Djingov, Gouginski, Kyutchukov & Velichkov

Djingov, Gouginski, Kyutchukov & Velichkov’s ‘technically reliable’ team has extensive experience in high-value M&A, as well as assisting with privatisation initiatives. Zdravka Ugrinova worked alongside Dentons in advising CEFC China Energy on the Bulgarian law aspects of its global $680m acquisition of Rompetrol. Stephan Kyutchukov assisted Nepi Rockcastle with its €253m acquisition of the Paradise Center mall in Sofia. Violetta Kunze is also recommended. Other clients include Carlsberg Group and ČEZ Group.

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Dispute resolution

Dispute resolution - ranked: tier 1

Djingov, Gouginski, Kyutchukov & Velichkov

At Djingov, Gouginski, Kyutchukov & Velichkov, the group has ‘incredible efficiency when it comes to complex cases and tight deadlines’. It is representing the FSC in multiple proceedings before the Supreme Administrative Court in IsaOdit’s appeal against removal from an approved auditor list. The group is also defending Glorient Investment in a series of high-value real estate proceedings filed by NSN Investment. Practice head Angel Ganev and Gergana Monovska are practitioners of note.

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EU and competition

EU and competition - ranked: tier 1

Djingov, Gouginski, Kyutchukov & Velichkov

Djingov, Gouginski, Kyutchukov & Velichkov’s team provides ‘an international standard’, with ‘professional service of the highest quality’. Practice head Nikolai Gouginski is ‘diligent, knowledgeable and experienced in competition law’. The group represented OMV Bulgaria in investigations into horizontal price-fixing and a vertical tacit agreement before the CPC, negotiating the implementation of commitments without any penalties and a non-violation decision respectively. Violetta Kunze and Anton Petrov are also recommended.

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Energy and natural resources

Energy and natural resources - ranked: tier 1

Djingov, Gouginski, Kyutchukov & Velichkov

Djingov, Gouginski, Kyutchukov & Velichkov’s practice is led by Milan Pandev, who is ‘a highly knowledgeable practitioner of energy law’. The group handled some of the biggest transactions on the Bulgarian energy market, including the local aspects of Enel Green Power International’s €2bn pan-European consolidation of wind farm assets. Zdravka Ugrinova advised on CEFC China Energy’s $680m global acquisition of Rompetrol. Anton Krustev has substantial experience in energy disputes. ČEZ Group is another key client.

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Healthcare and life sciences

Healthcare and life sciences - ranked: tier 1

Djingov, Gouginski, Kyutchukov & Velichkov

Djingov, Gouginski, Kyutchukov & Velichkov produces ‘consistently high-quality work’. The group is advising Baxalta on the local aspects of its $32bn integration with Shire. The firm also assists AbbVie, and other pharmaceutical companies, with their IP portfolios, as well as advising on local pharmaceutical regulations, corporate and commercial matters. Georgi Tzvetkov is ‘persistent and practical’. Kalina Tchakarova heads the practice.

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Projects and PPP

Projects and PPP - ranked: tier 1

Djingov, Gouginski, Kyutchukov & Velichkov

Djingov, Gouginski, Kyutchukov & Velichkov’s ‘very strong’ interdisciplinary group advises private companies on the project finance aspects of public procurement mandates. On the contentious side, it represents local and central government, as well as contractors, in contractual disputes. Milan Pandev is local counsel to ContourGlobal Maritsa East 3, advising the company on financing matters and its operations in Bulgaria. Stephan Kyutchukov leads on concession and infrastructure projects. Anton Krustev has significant experience in project-related litigation.

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Real estate and construction

Real estate and construction - ranked: tier 1

Djingov, Gouginski, Kyutchukov & Velichkov

Djingov, Gouginski, Kyutchukov & Velichkov’s full-service practice is ‘exceptional in every aspect of its work’. Georgi Tzvetkov is advising Globe Trade Centre on the €62m sale of two malls to PKM Investments. Nikolai Gouginski assists Burgan Bank, as the arranger, with a syndicated facility to Garanti Koza for the construction of the Grand Canyon project in Sofia. Stephan Kyutchukov is advising Groupe Latécoère on plans to open a production plant in Plovdiv. Angel Ganev leads on several construction-related disputes.

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TMT

TMT - ranked: tier 1

Djingov, Gouginski, Kyutchukov & Velichkov

Djingov, Gouginski, Kyutchukov & Velichkov has ‘an excellent understanding of the market’. It counts major film production studios and telecoms providers as clients. Violetta Kunze and Kalina Tchakarova advise Universal 1440 Entertainment and Warner Bros on royalty, production and contractual issues. The group is also advising BSH Hausgeräte on the launch of internet of things services. Milka Ivanova is ‘a rising star in the Bulgarian telecoms market and an excellent adviser with technical and legal expertise’.

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