Commercial, corporate and M&A in Bulgaria

Boyanov & Co.

The corporate, commercial and M&A team at Boyanov & Co. works closely with the banking and finance practice to advise on many of the largest M&A deals in Bulgaria, including in the highly regulated telecoms and banking sectors. Following on from advising on elements of the transaction, the team is providing ongoing assistance with the integration of Piraeus Bank’s former subsidiaries into Eurobank Bulgaria, following the 2018 merger. The group has expertise in cross-border acquisitions, having advised ATI on its €50m acquisition of Telekom Albania from OTE. Raina Dimitrova and Yordan Naydenov jointly lead the team, while Mihail VishaninRalitsa Nedkova and Svetlina Kortenska are other names to note.

Practice head(s):

Yordan Naydenov; Raina Dimitrova


‘The team consists of professionals that are competent in many business areas. The team is motivated to render legal support whenever needed respecting the deadlines.’

‘Yordan Naydenov, head of the M&A practice group, is highly recommended.’

‘Extremely well-connected and has good insights beyond the actual legal know-how. There is clear leadership and focus.’

Key clients

Microsoft Corp.

European Investment Fund

Mondelez International

Piraeus Bank SA

National Bank of Greece


Eurobank Bulgaria

Inditex / ZARA

Jacobs Douwe Egberts

Work highlights

  • Advised Piraeus Bank on the €75m sale of its Bulgarian subsidiaries.
  • Acted for Alvogen on the internal restructuring and reorganisation of its group in south-eastern Europe.
  • Advised ATI on the acquisition of Telekom Albanian from OTE for €50m.


The ‘exceptionally business-oriented’ team at CMS is well placed to advise on cross-border mergers and acquisitions, as well as handling compliance, regulation and corporate governance for clients active within Bulgaria and the wider CEE region. The team is experienced in assisting foreign companies with entering and exiting the Bulgarian market, having advised on Hungarian bank OTP’s purchase of Société Générale’s Bulgarian subsidiaries in 2019. IBM and Cargill are among its other clients. The practice is jointly led by litigation specialist Assen Georgiev, Gentscho PavlovDimitar Zwiatkow and Atanas Bangachev. Counsel Nevena Radlova advises on suppliers' and distribution contracts, as well as the competition aspects of merger clearance.

Practice head(s):

Atanas Bangachev; Assen Georgiev


‘On corporate and M&A: incomparable.’

‘Excellent knowledge of the industry. Availability.  Tailored approach.’

Key clients

OTP Bank Group

Europa Capital

Fresh and Food Logistics

UniCredit S.p.A. and UniCredit Bulbank

UNIVERSALE International Realitäten GmbH

CA Immo International Holding GmbH

CEE Realty Beteiligungs GmbH

Revetas Capital Advisors

Scholz Recycling GmbH

Management Financial Group


Cofco International

The Sales House



Work highlights

  • Advising Fresh and Food Logistics on the acquisition of the logistics activities of Froneri.
  • Advising co-owners Universale International Realitäten, CA Immo International Holding and CEE Realty Beteiligungs on the €80m sale of a Sofia office building.
  • Providing IBM with day-to-day legal advice regarding its operations in Bulgaria.

Djingov, Gouginski, Kyutchukov & Velichkov

The corporate, commercial and M&A practice at Djingov, Gouginski, Kyutchukov & Velichkov is the largest in the Bulgarian market. Led by Violetta Kunze and Zdravka Ugrinova (‘one of the best, most reliable lawyers in the region’), the team advised on 34 M&A transactions in 2019, including cross-border deals in highly regulated sectors. Alongside White & Case LLP, the firm performed due diligence and drafted transaction documents for P.P.F.’s acquisition of Telenor’s assets in the CEE region, and were lead counsel for Auto Kelly’s acquisition of a stake in a local distributor of auto parts. The firm’s corporate practice is also experienced in share buybacks, restructurings and regulations concerning public procurement. Valentin Bojilov is another name to note.

Practice head(s):

Zdravka Ugrinova; Violetta Kunze


‘The team is deep, knowledgeable, very thorough, well organized and very client focused.’

‘DGKV’s team is confident, professional and dedicated. It’s a pleasure to work with them.’

‘Solid work in safe hands. We had a follow-up matter on a previous transaction. It was a no-brainer to contact DGKV.’

Key clients

P.P.F. a.s.


Hitachi Solutions Co. Ltd.

Hilti Italia S.p.A.

Nokia Corporation

ERG Insaat Ticaret ve Sanayi AS

Sony Europe Limited

Hanon Systems

Eleven Fund Cooperatief U.A.

Gradus AD

DOHLE Trading Group Holding LLC & Co. LP

Thunder Software Technology Co., Ltd.

Auto Kelly a.s.

Hamilton Data Services

SSM Partners

QuickBase, Inc.

Mitsuba Teklas Turkey Otomotiv A.S.

J.S. Hamilton Poland S.A.

Lemi Trafo EAD

Yazaki Europe Limited

CEE Equity Partners

Kharis Capital Advisory

Work highlights

  • Advised Sony Europe on the Bulgarian legal aspects of a cross-border merger.
  • Acted for the leading real estate developer Globe Trade Centre on its €94.5m acquisition of Mall of Sofia.
  • Advised Dohle Trading Group Holding LLC & Co. LP, on the sale of its HIT hypermarkets in Bulgaria.

Kambourov & Partners

Kambourov & Partners advises on major transactions in both the Bulgarian and wider regional markets. With M&A mandates in the energy, IT, telecoms and banking industries, the team is experienced in executing large transactions in highly regulated sectors. Recent work includes acting for Advance Media Group on its €185m acquisition of Nova Broadcasting Group. The group also advises on structuring complex payment and security arrangements for share transfers, and regularly handles corporate restructurings for large companies including Wizz Air and Naspers. The practice is led by the ‘strategicVladimir Rangeloff and the ‘committedVeronika Hadjieva.

Key clients

Advance Media Group

Stillfront Group

Bulgarian Telecommunications Company


Shareholder in Union Ivkoni




Barnes Global

Highgate Capital


Perfektüp Ambalaj San. ve Tic. A.Ş.

Regus Bulgaria


Mandjoukov Holding

Kaufland Bulgaria



Work highlights

  • Acted for Stillfront Group, a mobile gaming app developer on the acquisition of its competitor, Imperia Online JSC.
  • Advising Bulgarian Telecommunications Company on its possible sale.
  • Assisted Petroceltic International, an upstream oil and gas exploration and production company, with the sale to a third party of its Bulgarian subsidiary.


Kinstellar’s corporate and commercial practice is active across a wide range of sectors, with a particular expertise in cross-border work that draws on the firm’s network of offices across the CEE and central Asian regions. It has advised Meridam, part of a consortium including Flughafen München GmbH and the German construction giant Strabag on its winning bid for the €3.9bn concession to operate Sofia Airport and assisted Intervet International with restructuring its Bulgarian operations. Diana Dimova leads the team, and Nina Tsifudina is also highly regarded.

Practice head(s):

Diana Dimova

Key clients



Intervet International

Mezzanine Management

TUI Group

KBC Group

United Bulgarian Bank


MAN Energy Solutions

Work highlights

  • Advising, as a main legal counsel, the winning bidder for the €3.9bn Sofia Airport concession – a consortium led by the French infrastructure fund Meridiam and Flughafen München GmbH.
  • Assisted with the restructuring of Intervet’s local operations in Bulgaria.

Penkov, Markov & Partners

Penkov, Markov & Partners has recently handled high-value transactions for sellers in the energy, retail, and financial services sectors, and is advising buyers on M&A deals in the IT, manufacturing, and food production industries. A core focus of the team is structuring complex and robust SPAs in post-merger processes: in 2019, the firm advised on the post-closing arrangements of one of the largest transactions in Bulgaria in recent years – the sale of 100% of the equity interest of the Paradise Center Mall for €253m. Vladimir Penkov and Alexander Stefanov, who is ‘exemplary in his professional knowledge’, lead the practice. Atanas ValovRoman Stoyanov, Milena Gaidarska and Yura Mincheva are other key names.


‘They have a number of experienced individuals that can assist on commercial, corporate and M&A from all legal angles.’

‘The team of Penkov & Markov & Partners always strives to meet to the greatest extent the specific requirements we have and to provide legal services to the full satisfaction of our high expectations.’

‘We can always refer to their diverse and competent range of partners and associates for many different matters.

Key clients

ČEZ a.s.

Bul Dom OOD

Basildon Holding Sarl

Mondi Stambolijski EAD

Enikom-M EOOD

Industrial Capital Holding AD

Pierre Fabre Dermo-Cosmetics Bulgaria EOOD

BA Glass Bulgaria AD

Zlatna Panega Cement AD

Work highlights

  • Advised on the contemplated second attempt of energy distributor ČEZ to sell its Bulgarian subsidiaries.
  • Acted for Mondi Stambolijski on the negotiation of a high-value commercial contract with Siemens Group and its subcontractors for delivery and installation of production equipment.
  • Advised Zlatna Panega Cement and its Bulgarian affiliates on the post-merger process with its subsidiary Zlatna Panega Beton, conducted as part of an internal restructuring process.

Schoenherr (in cooperation with Stoyanov & Tsekova)

Schoenherr (in cooperation with Stoyanov & Tsekova) advises on high-profile and cross-border transactions, having assisted Telenor and Société Générale as the sellers with two of the highest value deals in recent years in Bulgaria. The group is also experienced in assisting companies seeking to enter the Bulgarian market, advising international companies Smurfit Kappa and Leoni on their multimillion-euro acquisitions of local competitors. The team also counts Woodside Energy and B2 Kapital among its clients, and is headed by Alexandra Doytchinova and Ilko Stoyanov. Associate Stela Pavlova is also noted.


“They provided us high quality advice, interfacing very well with the regulators, the local management, and their local counterparts.’

“They enabled us to successfully close the deal within the contemplated timeline, despite numerous regulatory constraints.”

“Ilko Stoyanov gave very wise advice.’

Key clients


Société Générale Group (“SG”)

Smurfit Kappa Europe B.V.

B2 Kapital, Norway (acting via its Bulgarian subsidiary Debt Collection Agency EAD)

Woodside Energy, Australia


Einkaufs-Center Sofia and Plovdiv

Work highlights

  • Advised corrugated packaging company Smurfit Kappa on the acquisition of Balkanpack and Elzem Bulgaria.
  • Acted for Woodside Energy on the farm-out agreement of Block Khan Kubrat 1-14 in the Black Sea with Shell International Exploration and Development Italia S.p.A.
  • Advised Leoni on its entry into the Bulgarian market via a €32m incorporation of a Bulgarian subsidiary.

Wolf Theiss

The corporate, commercial and M&A team at Wolf Theiss works across the CEE region, advising on M&A transactions involving Bulgarian and international corporates. The firm is particularly active in energy and technology; in the latter space, it assisted fintech company Software Group with a venture debt investment – the first of its kind in the country. The group also provides ongoing strategic and transactional advice to major international clients including Visa Europe and Siemens. The team is led by Richard Clegg , Katerina Kraeva and Anna Rizova, who is known for her ‘excellent legal skills’ . Senior associate Jasmina Uzova is also recommended.


‘Exceptionally skilled team, easy to deal with, responsive and good communicators, particularly, when it comes to explaining local laws.’

‘An international law firm with a very strong presence and reputation on the Bulgarian law market.’

Key clients

Visa Europe



Gramercy Emerging Markets Fund

Arco Capital Corporation

Software Group

Axpo Bulgaria

Frea Axpo


Sensata Technologies Holding N.V.







ERG Renew

STS Medical Group


Work highlights

  • Advising Micronix Group on the process of acquisition of a portfolio of operational solar power projects from Samsung.
  • Acted for Software Group BG on a venture capital investment.
  • Assisting US-based fashion retailer Forever21 with buying back its franchised businesses in Bulgaria.

Andrey Delchev and Partners - Eurolex Bulgaria

The corporate, commercial and M&A practice at Andrey Delchev and Partners - Eurolex Bulgaria is focused on providing regulatory advice to domestic and international companies operating in a range of sectors including telecoms, real estate, construction, defence, and natural resources. Practice head Andrey Delchev has extensive experience of commercial law and contracts, and has significant legislative experience. Magdalena Valova advises companies on concession procedures and public tenders. The firm counts Communicorp and Allianz Group among its clients.

Practice head(s):

Andrey Delchev

Key clients

Communicorp Group

DK Energy Bulgaria EAD

Allianz Group

F&B Analyses JSC

Asarel – Medet

Trace Hold Group AD

Hydrolia AD


Work highlights

  • Advising DK Energy Bulgaria on an ongoing basis regarding regulations, contract negotiations, and commercial agreements.
  • Acting for Kintex, the largest Bulgarian defence equipment contractor, on export control regulations.
  • Advising Assarel-Medet, a mining company, on concession agreements and acquisitions on an ongoing basis.

Deloitte Legal Law Firm

Deloitte Legal Law Firm advises national and international companies on M&A transactions, intra- and inter-group corporate restructurings, debt refinancing, and tax. Reneta Petkova and Kaloyan Yordanov lead the team. Zvezdelina Filova is active in matters concerning the transfer of intellectual property, Miglena Micheva advises on commercial and employment law, and Yoana Zhechkova focuses on conducting due diligence and cross-border transactional work. The firm has experience in a wide range of major sectors, including real estate, banking, telecoms, manufacturing, energy and pharmaceuticals.

Practice head(s):

Renata Petkova; Kaloyan Yordanov


‘The legal practice supplements the finance and tax advisory practices of Deloitte when performing due diligence, allowing them to provide a complete service when complex due diligence is required.’ 

Work highlights

  • Advised Squircle Capital Advisory on the €185m restructuring of Mercury, to facilitate the acquisition of the latter.

Dimitrov, Petrov & Co

The ‘exceptional team of professionals’ at Dimitrov, Petrov & Co are highly regarded by for their ‘ability to cover a wide range of areas’ and so provide ongoing and day-to-day strategic, transactional and regulatory advice across a broad spectrum of economic sectors. In 2019, the firm advised on mergers and acquisitions for clients in the IT, energy, and pharmaceutical sectors. Zoya Todorova, a ‘brilliant lawyer’, leads the team, assisted by partner Boyana Milcheva, ‘whose expertise spans through corporate, commercial, employment, tax and real estate law’. Associate Radina Tomanova is ‘dedicated’.

Practice head(s):

Zoya Todorova


The lawyers have often been challenged with complex problems and/or tough timings, but I’ve never heard them declare something impossible.

Pragmatic, high quality, responsive, and value for money.

Dimitrov, Petrov & Co. have provided us with outstanding service. We particularly value their quick response to requests and their ability to present the results in a concise and timely manner.

We would recommend the whole team for their expertise, responsiveness and engagement.

Key clients

Iron Mountain International Holdings

Philips (Bulgaria)

Neveq III

Pepkor Europe (Pepco Group)


Zühlke Technology


Evrotrust Technologies


Alpiq Energy SE

Şişecam Group

Mareshki Group of companies

Endress+Hauser Instruments International AG

FiberSol GmbH

LPP Fashion Bulgaria

Sealed Air

Titan Gate

Work highlights

  • Advised the data and records management service provider Iron Mountain on the acquisition of local company Hamilton Data Services.
  • Provided legal services to Pepkor Europe GmbH, the large European retail chain, on entering the Bulgarian market.
  • Provides full corporate and regulatory assistance to Alpiq Energy SE regarding its activities in Bulgaria.

Dinova Rusev & Partners

Dinova Rusev & Partners‘highly motivated’ team advises on structuring joint ventures, spin-off arrangements, corporate restructurings, and revisions of options and shareholders’ agreements. The firm provides ongoing advice to major clients, including 3M, Monsanto and McDonald's, as well as to a number of players in the mining and energy sectors. Anelia Dinova heads both the firm and practice area and Diana Valkova specialises in M&A work. 'Excellent' duo Iliya Grozdanov and Georgi Vladov have expertise in structuring commercial agreements and advising on corporate governance, respectively.

Practice head(s):

Anelia Dinova


“Very good service. They are highly motivated people with good knowledge.’

“All details are reviewed and analysed – their response always gives us all options and scenarios possible.’

Key clients



Eko Petroleum Bulgaria EAD


Assos Capital Bulgaria

Northrop Grumman

Danaos and Fourlis Group

Marks & Spencer

Sephora Bulgaria

Marinopoulos Group


Imerys Minerals Bulgaria

Sofia Hotel Balkan AD

Economou Shipping

Beit AD

Devico Bulgaria EOOD

Vitasource EOOD

Catechin Water Laboratories OOD

Il Cosmetics

Astron Chemicals

IPA Architects

Work highlights

  • Advised on structuring multiple joint venture entities and shareholders’ relations in a large-scale gold mining project in Bulgaria.
  • Acted for Beit, a manufacturer of household cleaning products, on implementing an in-kind contribution of real estate into the capital of a company and the subsequent sale of the company’s shares.
  • Handled a corporate restructuring for logistics company Elgeka, which included legal support with corporate issues and shareholders’ issues.

Hristov & Partners

Hristov & Partners works in conjunction with major international law firms to advise clients on entry into and exit from the Bulgarian market, corporate reorganisations, and amendments to regional distribution agreements. EU and competition law is a particular strength of the firm, which bolsters its M&A work, and allows it to draft internal rules for companies regarding trade secrets and licensing agreements. The team also assists companies and consortia with their participation in public tender procedures. Pavel Hristov leads the team, with Biliana Shagova active in M&A transactions, and associate Dragomir Stefanov advising on corporate compliance and data protection.

Practice head(s):

Pavel Hristov


‘I highly recommend Hristov Partners as a reliable and trustworthy company.’

Key clients

Aena International

DanubeTruck Bulgaria

Bright Marketing Research


Telus International

ALD Automotive

PureTech (Breaktime group)

DMG Bulgaria

Elite Car

Pappas Holding


Webit Foundation



Gess Research


Bio Future

MTD Europe Holding

Work highlights

  • Advised Aena on its bid for the €3.9bn Sofia Airport concession.
  • Handled Elite Car’s acquisition of a competitor and simultaneous sale of its minority stake.
  • Acting as lead legal counsel for the Webit Europe conference.

Tsvetkova Bebov Komarevski

Tsvetkova Bebov Komarevski’s group advises on a wide range of transactions, including share deals, M&A deals, spin-offs and transfer of business arrangements. In 2019, the team advised on M&A transactions in the media, pharmaceutical and transport industries. Outside of transactional work, the team provides ongoing assistance to big players across a wide range of sectors, having been retained by AstraZeneca, Deutsche Bahn, Glencore, and Mars on ongoing matters for several years now. Irina Tsvetkova and Venelin Dimitrov (‘a visionary – creative and smart’) jointly head the practice.


‘Their advice has been right on target providing the most effective and efficient solutions. The team goes above and beyond what would ordinarily be expected of a legal practice.’

‘The perfect team for Bulgaria. Extremely professional.’

‘They deliver what everyone else promises. Easy to communicate and be updated almost instantaneously. Proactive.’

‘Their positive attitude, timely support, and their understanding of the needs of our business make them really unique.’

Key clients



Deutsche Bahn (DB Cargo Bulgaria)

Eastern European Media Holdings

Eldon srl





Japan Tobacco International


Mars, Inc.

Micro focus

Mogo Finance





Work highlights

  • Advised Eastern European Media Holdings on all Bulgarian legal aspects concerning the €185m sale of its stake in Nova Broadcasting Group.
  • Acted for Laboratoires Théa, an independent optical pharmaceutical company, on its acquisition of Synapsis, a Bulgarian distribution company.
  • Advised Eldon, a manufacturer of steel industrial components, on acquiring a minority stake in its publicly-traded Bulgarian competitor, Torgoterm.

Atanassov & Ivanov Law Firm

Atanassov & Ivanov Law Firm assists major international and domestic clients from a wide variety of sectors with their day-to-day operations in Bulgaria, including advising on regulatory compliance, tax, employment and labour issues, data protection, and various contractual agreements. The firm has experience of corporate restructuring and the establishment of SPVs and joint stock companies. The firm has a strong track record in assisting start-ups with initial financing and company structuring. Iliyan Ivanov has acted for Michelin, Toyota, and Nike, while Stoyan Atanassov counts Dr. Oetker and Deichmann among his clients.

Practice head(s):

Iliyan Ivanov; Stoyan Atanassov


‘Great team with good coordination and  availability at all times.’

‘What makes the difference in our partnership with Atanassov and Ivanov Law Firm, is their personal involvement in each issue.’

‘Professional, precise, and prompt.’

Key clients

Toyota Balkans

Amorim Cork Bulgaria

Salini Impregilo S.p.A

Michelin Group

Cheque Dejeuner Group Ltd

Metrilo Ltd

Analytics for Everyone Ltd (A4E)

Pulsio OOD

Dr. Oetker



Do It Wise

Elton Corporation

Liberty Bulgaria

Vinprom Biala



Work highlights

  • Providing ongoing commercial advice to Park Place Energy Corp.
  • Advised Metrilo, an IT start-up, on investment rounds.
  • Advising Pulsio on restructuring.


CasePro has a core focus on the IT and tech sectors. The firm has advised SumUp, a producer of mobile payment processing software and hardware, since its inception, having guided it through several rounds of funding and subsequent global expansion. Other work for tech companies include assisting with corporate restructurings, market entry, M&A deals, and capital increases. The group has also been retained to manage capital increases and the acquisition of receivables for the State Consolidation Company, a government-owned SPV which owns shares in companies whose activities have national security and strategic aspects.

Practice head(s):

Damyana Lazarova; Boyan Lazarov


‘I am very happy with the quality, attentiveness and responsiveness of the services provided by CasePro. I find the team to be very knowledgeable on business law matters as they came up, and true experts in corporate and commercial issues.’

‘What I value most is the flexibility, pro-activity and the eagerness of the team to provide various and complex legal services.’

‘CasePro team has advised my company mainly on commercial, corporate and employment matters and I can confirm that I continuously receive an outstanding level of service from their professionals.’

‘CasePro has a team of legal advisors with a rare combination – they consistently exhibit great skill and knowledge with a friendly, direct approach that is refreshing.’

Key clients


WHG Services (Bulgaria) Limited EOOD


SumUp Holdings Luxembourg S.a.r.l

SumUp Services GmbH

Taulia Bulgaria EOOD

Paysafe Bulgaria EOOD

Lufthansa Technik Sofia OOD

GrEco Bulgaria EOOD

Scale Focus AD

Breaktime AD

Rhythm Engineering – Bulgaria EOOD

Upnetix EAD

HelpKarma Foundation

MariaDB Bulgaria EOOD

Intertainment Services Jsco

Astrea Staffing

Foris Europe EOOD

Enco Vending OOD

Melexis Bulgaria EOOD

Milestone Systems Bulgaria EOOD

Tide Platform Ltd – Bulgaria Branch

Leviter OOD

Effie and Philip OOD

Koleff and Partners

Astea Solutions AD

Debitoor Holdings Limited S.a.r.l

State Consolidation Company JSC


Hilltop Recruiting

Tamarind Properties OOD


Direct Credit Bulgaria EOOD

WWF-World Wide Fund for Nature, Danube- Carpathian Program Bulgaria

Trust for Social Achievement Foundation


New Power OOD


Alboran Continental Properties Limited

Kapok Ltd.

Pure Energy Ventures Limited

Martindale Holdings Ltd.

Tangerine Ltd.

Quanterall OOD

Work highlights

  • Advised SumUp on its acquisition of the multi-channel e-commerce platform, Shoplo.
  • Assisted the State Consolidation Company with a capital increase.
  • Advised Upnetix on its acquisition by ScaleFocus.

Georgiev, Todorov & Co

Georgiev, Todorov & Co's team has experience of structuring complex contracts between companies - including joint venture agreements, outcome-dependent quality control agreements and amendments to shareholders’ agreements. The group also provides consulting services to corporate clients in a variety of sectors regarding regulation and compliance. Managing partner Ivan Todorov and the ‘highly experienced’ Arno Mamasyan lead the team, with ‘passionate and dedicated’ senior associate Tsvetelina Dimitrova also noted.

Practice head(s):

Ivan Todorov; Arno Mamasyan


‘The practice is outstanding due to the team’s professionalism and tremendous expertise in the field.’

Key clients

METRO Cash & Carry


Hill Clinic JSC

Roche Bulgaria

Experian Bulgaria

Dench eGaming Solutions

Comsed Jsc.

Pasha Global

Resalta Bulgaria


Entrea Capital

Alliance Print

Bulgarian Telecommunication Company

On Clinic

Infinity travel

Awantys GmbH

Ciela Norma

Bulgarian-American Credit Bank


Amdocs Bulgaria

Work highlights

  • Assisting Bulgarian Telecommunication Company and Bulgarian-American Credit Bank with establishing a joint venture to deliver digital payment services on the Bulgarian market.
  • Advising payment processing company Borica on compliance regarding its mobile payments application.
  • Advised GPS Bulgaria on the acquisition of the second largest GPS operator in Turkey.

Kinkin & Partners

Kinkin & Partners, which is known for its ‘creative solutions’, has a successful track record in amending shareholders’ agreements, structuring transfers of ownership, and altering company structures. The firm has extensive experience in advising on business reorganisations for companies with complex and cross-border ownership structures, as well as advising on cross-border M&A deals for small and medium-size businesses Vladimir Kinkin leads the team. Senior associates Tsvetelina Stoilova and Nikolay Radev are also noted.

Practice head(s):

Vladimir Kinkin


‘The whole team of Kinkin & Partners consists of highly educated and experienced professionals, who are well versed and fully cover all aspects of our needs, especially in corporate law.’

‘They are experienced, knowledgeable and efficient in their work. They provide us with comprehensive protection of our legal interest.’

‘We appreciate their quality expertise and thorough work on complicated legal matters.’

Key clients

Bulavto-Lada Ltd.

Elvistar Trading Ltd.


J.K. Management S.R.L.

Kampo 2007 Ltd.

Logimoda Ltd.

Nelas Auto Parts Ltd.

Penguin U.N. Ltd.

Real Fruit Ltd.


Work highlights

  • Advised the shareholders of Logimoda, an Italian-owned company, on a business separation plan between the shareholders of its Bulgarian subsidiaries.
  • Acted for the shareholders of Penguin U.N. on a company separation plan, whereby two of the three transferred their shares in exchange for separating the company’s assets.
  • Assisted a shareholder in a fruit-farming business with the transfer of his shares, financed through a cession arrangement.

Spasov & Bratanov

Spasov & Bratanov has historical experience of a wide range of corporate matters. Boyko Bratanov has experience in privatisations, while Georgi Spasov  advises on the financing aspects of large scale mergers.

Velchev & Co. Law Office

Velchev & Co. Law Office advises on compliance, drafting and amendments to commercial contracts, restructurings, and employment law matters. Transactional work includes carrying out due diligence on Piraeus Bank, alongside CMS, prior to the acquisition of its Bulgarian subsidiaries by another bank. The team is led by Pavel Velchev, with Alina Ilieva and Velislav Dimitrov  also playing key roles. Other clients include A1 Bulgaria, Port Bulgaria West and M&BM Express.

Practice head(s):

Pavel Velchev

Key clients


Port Bulgaria West EAD

Bulgarian-American Credit Bank AD

A1 Bulgaria EAD


New Games AD, National Lottery AD

Lagardere Travel Retail EOOD

M&BM Express OOD


Next Consult OOD

ESI Transport AD

Amfisia Consortium

Work highlights

  • Advised of a due due diligence exercise for Piraeus Bank Bulgaria ahead of its €60m acquisition by United Bulgarian Bank.
  • Providing ongoing corporate and commercial advice to A1 Bulgaria.

Arsov Natchev Ganeva

The team at Arsov Natchev Ganeva advises on public and private mergers concerning a wide range of sectors, including banking, utilities, retail, food production, media, and manufacturing. Jivko Rokov's practice is focused on M&A work, restructurings, private equity transactions and corporate governance, with particular expertise in the energy sector.

BWSP Ilieva Voutcheva & Co Law Firm

BWSP Ilieva Voutcheva & Co Law Firm has extensive experience of corporate restructuring – acting for clients in a range of sectors including construction, manufacturing, financial services and food production. The team, led by Diliana Ilieva and Rossitsa Voutcheva, also advises on M&A transactions for small and medium-sized businesses – arranging acquisition financing, structuring the transaction, and setting up security arrangements and in-kind contributions as required.

Key clients


FTC International Ltd.

Incotex Trade Europe Ltd.


Daramis Holding Ltd.

Alu-Light Technology

V.P. EcoSolutions Ltd.

Isiklar Holding A.S.

1 Meter Chocolate Ltd.

EcoSafe Ltd.

Grant Thornton Greece


MJ Pack Ltd.

Work highlights

  • Advised Siif Energies Bulgarie SAS, a subsidiary of EDF, on the sale of 100% of the capital of its local Bulgarian subsidiary, which owned and operated four hydroelectric power plants.
  • Acted for CPC Machines USA on setting up a special purpose vehicle to facilitate the transfer of assets in order to secure €3m of investment.
  • Advised Daramis Holding on a €5m corporate restructuring.


As well as having experience in traditional M&A work, the team at CERHA HEMPEL Gerginov has advised on non-merger business transfers; the team advised Hewlett Packard Enterprise on the transfer of assets and staff to Midis, which assumed part of its operations in central Europe. The firm also structures outsourcing and insourcing arrangements, with a particular focus on the technology sector. Boyko Gerginov has particular experience in structuring corporate transactions and drafting co-ownership arrangements. Senior associates Kalin Bonev and Gergana Antonova advise on the competition aspects of M&A transactions.

Practice head(s):

Boyko Gerginov

Key clients

Hewlett-Packard Enterprise (HPE)

Samsung Bulgaria

Micro Focus


HP Inc.

B2Kapital Portfolio Management S.R.L.

Coface Finanz GmbH

Work highlights

  • Advised Hewlett-Packard Enterprises on the merger of two of its local entities, Hewlett-Packard Bulgaria and Hewlett-Packard Global Delivery Bulgaria.
  • Acted for on an insourcing transaction related to the provision of certain managed services previously outsourced to Modis, which involved the transfer of 200 employees.
  • Advising Samsung Bulgaria on an ongoing basis regarding its operations within the country.

Dyulgerova & Penkova Law Firm

Dyulgerova & Penkova Law Firm handles day-to-day corporate matters for clients, including drafting, amending and terminating contracts, writing internal rules, ensuring compliance in marketing and promotional campaigns, and safeguarding personal data. Practice head Victoria Penkova specialises in handling complex transactions and acquisitions. Diana Milkova is another key contact.

Practice head(s):

Victoria Penkova


‘Dyulgerova & Penkova Law Firm’s team is highly skilled and provides full scope, useful legal advice.’

‘They are very flexible, adaptive to customers’ needs and have proved the high quality of their work and advice throughout the long relationship we have with them.’

‘The legal services provided are always to the highest standard.’

Key clients

adidas Bulgaria EAD

ExlService Bulgaria EAD


Berg Montana Fittings EAD

Isolfin Bulgaria AD

GK Bulgaria EAD, GK EAD, GK Construction EAD

Sofstok AD

Work highlights

  • Providing ongoing day-to-day advice to adidas Bulgaria.
  • Advised on the liquidation procedure for Isolfin Bulgaria.
  • Advised A-Lign BG on its incorporation as a limited-liability company.

Gugushev & Partners Law Office

Gugushev & Partners Law Office handles corporate restructurings, mergers and acquisitions, and the sale and acquisition of shares. The team advised venture capital firms on the disposal of shares, negotiated amendments to shareholders’ agreements, and handled capital increases via share purchase. The team also provides ongoing corporate and commercial advice to companies operating in a variety of sectors. Stefan Gugushev, a tax expert, and Dimitrinka Metodieva, who is experienced in M&A transactions and financing, lead the team.


‘Mr. Stefan Gugushev is an impressively professional and experienced lawyer, whose unique combination of business and legal skills allows him to contribute to a deal in a way that other lawyers could not.’

‘Accurate and very professional.’

‘Exceptionally good in corporate and commercial legal matters, with an outstandingly high quality of service.’

Key clients

Hareon Solar Technology Co Ltd.

Armada Capital JSC

Agrotime Ltd.

Debt Collection Agency JSC

BrightCap Ventures

Malex Management Ltd.

Greenlife JSC

Softaxi JSC

Work highlights

  • Acted for Hareon Solar Technology on the €12m sale of the shares of three Bulgarian subsidiaries operating solar power plants.
  • Advised the investment fund Armada Capital JSC on the disposal of its minority stake in SoftGroup JSC.
  • Advised on the structure of Brightcap Ventures, a growing investment fund which focuses on tech start-ups.

Murgova & Partners Attorneys at Law

The team at Murgova & Partners Attorneys at Law has extensive experience of advising on the incorporation of the Bulgarian subsidiaries of international firms. Compliance is another key strength; as well as assisting clients with meeting GDPR and AML obligations, the firm provides analyses of innovative payment and risk-sharing structures to ensure they meet regulatory requirements. The team, led by Petya Murgova and Alexander Moskov, also has a strong track record in corporate restructurings for national and international clients. Silvana Dzharkova-Aleksandrova specialises in tax matters.

Practice head(s):

Petya Murgova; Alexander Moskov


‘Murgova & Partners has an exceptionally strong eye for detail that has been a benefit to our firm on more than one occasion.’

‘Each individual is very experienced in his own field of activity and their expertise is used by everyone in the team.’

‘We are impressed by the expertise of the team (especially that of Mrs. Murgova), by the project management skills, time management and also by the advice we have received.’

Key clients

PIM Haskovo

Internet Corporated Networks (ICN)

Simonas cards

Lemi Trafo


Innovative Product


Viber Media Bulgaria

Work highlights

  • Providing ongoing corporate and commercial advice to Viber Media Bulgaria.
  • Advising investment company El Toro on the spin-off of part of the business.
  • Assisted Finex with the €200,000 acquisition of a competitor.

Popov, Arnaudov & Partners

The corporate, commercial and M&A practice at Popov, Arnaudov & Partners undertakes the full spectrum of commercial work, including advising on contract amendments, regulatory compliance, employment issues, restructuring, revision of shareholders’ agreements and M&A transactions. The team has facilitated capital reductions to free up shareholder funds, and negotiated amended distribution agreements. Sibina Eftenova and the 'business-oriented' Benislav Vatev lead on most of the firm’s matters. Managing partner Emiliyan Arnaudov is also noted.


‘Responsives, business-minded and knowledgeable, Popov, Arnaudov & Partners Law Office provides superior service.’

‘The Team at Popov, Arnaudov & Partners Law Office has a strong understanding of the market, and possesses excellent knowledge of legal issues.’

Key clients

AIKO, Moemax – part of the XXXLutz group

odelo Bulgaria


Axereal Bulgaria

Europapiеr Bulgaria

GFK Bulgaria

WSS companies

Dicon Group

Soitron Bulgaria

Gorubso – Kardzhali


Black sea Capital Bulgaria

Clico Bulgaria

Alpen Pharma Bulgaria

Huawei Technologies Bulgaria



M Wine World

Harrison Clark

Rickerbys Limited

International Industrial Services

IBS Scherer Bulgaria

Beyond Fabrics

Trio – Interactive International

ATC Access Trading and Rental

Valer Couching



M & K Shaydl Bulgaria

Tempus Motu

Terra Mix Bulgaria

Hofer Rocket

CRA Services

Ja Ja Services

Work highlights

  • Provides ongoing legal advice to the Bulgarian subsidiaries of XXXLutz.
  • Acted as data protection officer for the WSS Operator for Pleven.
  • Assisted Brooser with its BGN1.7m capital decrease.

Stankov, Todorov, Hinkov & Spasov

Stankov, Todorov, Hinkov & Spasov has experience advising on cross-border distribution contracts, shareholder relations, debt recovery, and M&A transactions. It recently acted for Peltina on its sale to a Luxembourgish food production company. The practice is jointly led by Mihail Stankov and Teodor Todorov.

Practice head(s):

Mihail Stankov; Teodor Todorov

Key clients

Bester Generacion Bulgaria Ltd.

Devin EAD

Cipy Corporation Ltd.

Besta Med Ltd.

Tyrbul EAD

Baka 357 Ltd.

Fish Invest Ltd.

Grainchart Ltd.

Max Covering Ltd.

The Slovenian Embassy in Sofia

MD Build Ltd.

Peltina Ltd.

PAN Chemicals Ltd.

Medis Pharma Bulgaria Ltd.

MR Energy Ltd.

Tsaki Ltd.

Work highlights

  • Acted for Baka 357 on negotiating a distribution contract with a North Macedonian soft drinks manufacturer.
  • Advising Marsfield Railway logistics on structuring new shareholders’ agreements.
  • Assisting PAN Chemicals with negotiating distribution contracts across the EU.

Stoeva, Tchompalov & Znepolski

Stoeva, Tchompalov & Znepolski advises on high-value M&A deals, reviews and amends sales and distribution contracts and assists participants with public tender procedures. Iordan Tchompalov advises on the M&A deals of publicly traded companies, structuring intragroup relationships and corporate governance. Irina Stoeva, who jointly heads the group with Tchompalov, has experience of agency and distribution agreements, tender documentation, and data protection. Of counsel Yasen Nikolov  and Vania Todorova, and senior associate Miroslava Iordanova are names to note.

Practice head(s):

Iordan Tchompalov; Irina Stoeva


‘STZ is comprised of very diligent and trustworthy lawyers with extensive legal expertise and experience, who are dedicated to providing top quality legal services to their clients.’

‘The STZ team is a unique combination of very experienced partners and young dedicated lawyers. For more than 10 years we never received wrong advice or inappropriate suggestions from Irina and her colleagues.’

‘Their professionalism and approach to our specific problems is unmatched and finding solutions for us has been their specialty throughout the years.’

‘Ms Irina Stoeva is an outstanding lawyer with in-depth knowledge and impressive experience in commercial litigation. She is very responsive, flexible and persuasive.’

‘Iordan Tchompalov is knowleageable, responsive and pragmatic.’

Key clients

Eurohold Bulgaria AD

GlaxoSmithKline (Bulgaria, UK)

The Bulgarian Association of Insurance Brokers

SDI Group

UBB Insurance Broker

Carrier Corporation

Dialogue Plus Ltd, Bulgaria

Samex Ltd.



Vox On International Ltd.

Sofia Business Consulting Group

Work highlights

  • Advised Eurohold Bulgaria on its intended €335m acquisition of ČEZ’s Bulgarian assets.
  • Handled a review of Perrigo’s sales and distribution contracts.
  • Assisted Cardbox, an app developer, with data privacy regulations.

Tocheva & Mandazhieva Law Office

Tocheva & Mandazhieva Law Office’s team has experience of advising companies on the sales of subsidiaries and divisions, having assisted Euromoney Transfer with selling its Bulgarian payment services business. The firm provides ongoing advice on the day-to-day operations of national and international companies, advising on regulatory compliance, negotiations with commercial partners, outsourcing and licensing agreements, and employment issues. Ivana Bliznakova heads the practice, which also includes experienced M&A practitioner Zhulieta Mandazhieva.

Practice head(s):

Ivana Bliznakova

Key clients

Sky Asset Management Company


Elana Trading

Euromoney Transfer

Ideagen Plc

Econt Express



BGO Media

Work highlights

  • Advised Sky Asset Management on altering internal rules and structures in order to comply with AML and MiFID II regulations.
  • Acted for Euromoney transfer on the sale of its Bulgarian payment services business.
  • Advised Skadit, an IT outsourcing company, on its corporate restructuring and shareholders’ agreement amendment.