Next Generation Partners

Firms To Watch: Commercial, corporate and M&A

Previously Tocheva & Mandazhieva Law Office, newly rebranded firm Kaldamukov, Dinev Bliznakova & Mandazhieva Law Office fields a team of experienced lawyers handling major M&A and restructuring matters.
Angel Angelov and Nikolay Kolev lead the practice group at Kolev, Angelov & Miteva Law Firm, and bring considerable experience in M&A, restructuring, corporate governance and commercial matters.
M&A specialist Venelin Dimitrov and corporate partner Ilya Komarevski recently founded Komarevski, Dimitrov & Partners, following their departures from Tsvetkova Bebov & Partners, a member of Eversheds Sutherland in September 2021.

Commercial, corporate and M&A in Bulgaria

Boyanov & Co.

Boyanov & Co. continues to demonstrate ‘tremendous expertise’ in major M&A transactions and boasts an impressive roster of international clients, including Microsoft, Amazon and Mondelez International. Standout practice leader Yordan Naydenov is praised as an ‘expert in corporate and M&A’, with over 20 years’ experience in this space. The team includes Raina Dimitrova, who heads the commercial practice group, and Alexander Chatalbashev, who advises clients in the energy sector on M&A deals and corporate transactions. One client praises Nikolay Zisov as ‘enthusiastic, young and a capable leader’.


‘The team has tremendous experience, business knowledge and offer fast and effective solutions.’

A reactive team with expert skills encompassing a broad range of legal matters.’

Borislav Boyanov is well known in Europe, a strategic thinker, advisor and leader. Excellent management of the whole team. Yordan Naydenov is super expert in M&A and corporate, with innovative solutions and broad knowledge. Nokolay Zisov is enthusiastic, young and a capable leader from the tech generation.’

‘Very knowledgeable and hard-working team with a lot of experience in the related field.’

Yordan Naydenov is a reactive, business-oriented and skilled lawyer.

‘Extensive knowledge and great service.’

Key clients

Microsoft Corp.

European Investment Fund

Mondelez International

Oman Investment Authority

NN Group


Eurobank Bulgaria




Concord USA, LLC


Valea Foundation



Deutschebank AG

SunOpta Inc.

Work highlights

  • Advised NN Group on all elements of the sale of its life insurance and pension insurance business in Bulgaria.
  • Advised KBC on the first ever trans-border merger of a Bulgarian AM company into a Belgian AM company and the subsequent pasportisation of the surviving AM company to operate in Bulgaria.
  • Advised and assisted Accenture on all Bulgarian aspects of the acquisition of N3.


With one of the largest corporate and commercial teams, which houses some of the ‘most experienced lawyers in the Bulgarian market’, CMS is well-placed to leverage the expertise of other teams across the firm, in addition to its global office network, to handle multi-jurisdictional transactions and cross-border matters. Atanas Bangachev, who is noted for his experience in M&A deals across multiple industry sectors, jointly leads the practice group alongside Assen Georgiev, Gentscho Pavlov and Dimitar Zwiatkow. Nevena Radlova, who focuses on commercial mandates, is another key contact in the team.

Other key lawyers:

Nevena Radlova


‘The CMS team is highly responsive and motivated to assist in any deal and process. A really well prepared team and probably the most experienced lawyers in the Bulgarian market.’

Key clients

ACF Renewable Energy/Acwa Power

Enel Green Power


Alpha Bank and its affiliate AGI BRE Participations 3

Axpo Bulgaria



Pontus Partners

IBM, 60K

Cargill, Syngenta, CHS, Cofco


Work highlights

  • Advised Malta-based ACF Renewable Energy, a subsidiary of ACWA Power, BlackRock and Crescent Capital, on the sale of its 60.4 MWp photovoltaic (PV) power plant in Bulgaria – the Karadzhalovo power plant – to Enery Development.
  • Advising Ewellix on a range of corporate and commercial matters.
  • Advised Advent International and its portfolio company Zentiva on the acquisition of the CEE business of global generic and over-the-counter (OTC) pharmaceuticals manufacturer, Alvogen.

Djingov, Gouginski, Kyutchukov & Velichkov

Praised as one of ‘the best teams in the market’, Djingov, Gouginski, Kyutchukov & Velichkov has practice group with ‘partner depth’ and is well-placed to handle the full spectrum of local and cross-border transactions in Bulgaria. The team, which is noted for its expertise in the IT, banking, energy, pharma and real estate sectors, boasts an impressive roster of clients, such as PPF and JP Morgan. Zdravka Ugrinova, who is noted for her expertise in acquisitions, reorganisations and complex corporate mandates, jointly leads the practice alongside Violetta Kunze, who acts for clients in the TMT sector on cross-border transactions.


‘They have a large team and partner depth, possibly the best in the market. They are technically very good, commercial and smart. I found them quite inspiring to work with. They took care of everything and were very detail oriented and persistent.’

Key clients


JP Morgan

Citigroup Global Markets Europe

CVC Capital Partners Advisory Company

Walt Disney Co.

Sanmina Corporation

Integral Venture Partners

Metric Capital Partners LLP

Magnetic Head Technologies

Internet Corporated Networks

Neveq New Vision 3 Fund KD

Darzalas Capital

Work highlights

  • Advising the joint bookrunners Citigroup Global Markets Europe and JP Morgan on the Bulgarian law aspects of the bond issuance by Bulgarian Energy Holding of €600m 2.45% bonds due 2028.
  • Advised Sanmina Corporation in relation to the acquisition of Osram, a Bulgarian lights and lighting devices manufacturer.
  • Advised PPF on the Bulgarian law aspects of the acquisition of the media and entertainment group Central European Media Enterprises, including BTV media group.

Kambourov & Partners

Kambourov & Partners fields a team of ‘true deal magicians’ handling complex domestic and cross-border M&A transactions, as well as corporate restructurings and reorganisations. The practice advised Silverfleet Capital on its €45m investment in the merger of the Bulgarian software company Bulpros and ec4u. Vladimir Rangeloff, who has extensive experience in the telecoms, energy and banking and finance sectors, leads the practice alongside ‘first-rate transactional lawyerVeronika Hadjieva, who is a ‘force of nature’ and acts for clients in the IT sector on M&A deals.

Other key lawyers:

Angel Rizov; Christian Dimitrov


‘Diverse, broad expertise, trustworthy, competent, efficient and business oriented.’

‘I have been working with the corporate and M&A team for almost a decade and I can only say they are a truly exceptional group of top experts. A team that will guide you through any corporate matter with expertise, determination and great skill. They handle complex transactions like no one else and operate like a perfectly structured and smooth mechanism. They are true deal magicians, always up for that extra effort that makes a substantial difference. Extraordinary negotiators and talented closers. The team has established collaborations with international partners, which means you can count on many trustworthy connections across the globe. They are also among the few in the domestic legal market that dominate technology and actively use it to make everyone’s life easier.’

‘Veronika Hadjieva is the absolute best corporate and transactional lawyer on the local market. She is such a pro at managing and closing deals. Her talent for the law, her leadership and negotiation skills, her proactivity and resolution, and her piercing business awareness are some of the qualities that really make Veronika stand out. Christian Dimitrov from the corporate team also deserves special praise. He is a highly recommendable lawyer with huge knowledge and business insight, very resourceful and capable. I am very impressed with all the individuals I have worked with, as much by their professional qualities as by their culture, ethics and personalities.’

‘Very collaborative, always responsive, open-minded, flexible.’

‘What is truly unique about the practice is the fusion between its proven competence and its exceptional corporate culture. The Corporate and M&A group is a legal powerhouse built on decades of experience, strong commercial focus and stellar client service. It has an unbeatable track record with some of the most large-scale deals on our market, most of which involving many cross-border aspects. They are seasoned negotiators and deal-makers. In addition they foster a work environment based on mutual consideration, support and genuine sportsmanship. The practice truly puts the client in the centre – they would go above and beyond to protect your interests and assure the best possible results. As far as innovations, the practice has always been ahead of the curve – flexible billing, automation of work processes, ditigitization of burdensome procedures that they take care of at no additional cost. Also even before the pandemic they had a flexible work model in place, which is something very beneficial for the team and respectively for the clients.’

‘The entire team is outstanding and the best legal partner you could find out there. I would specifically mention the founding partner Yavor Kambourov, whom I find to be a remarkable lawyer and exceptional person. His enthusiasm and dedication are incessant even after over three decades of practice. I very much admire Yavor for his outstanding competence, as well as for the devotion, empathy and humanity. He is an exquisite professional and leader, who consistently promotes the same impeccable values and culture among the entire team, which is one of the main reasons the firm always stands out among the rest. Specifically in Corporate and M&A, I would highly praise Christian Dimitrov, who is a terrific transactional lawyer and handled flawlessly a rather complex deal. Christian is very commercially oriented and insightful. I highly value his strategic thinking, his ability to simplify complex legal aspects, his proactive problem-solving approach and the willingness to go the extra mile to assure success. Christian has really impressed me with his rigour, persistence and resourcefulness. Having Christian lead our transaction has been another demonstration of the firm’s culture of brilliantly training and then giving enough autonomy to young non-partner talent. M&A partner Veronika Hadjieva also deserves a special mention – she is a genuine force of nature and first-rate transactional lawyer. Her competence, vision and determination are truly impressive.’

Key clients

Silverfleet Capital

United Group


Polhem Infra



Bulgarian Telecommunications Company (Vivacom)

University Specialised Hospital for Active Treatment of Obstetrics and Gynecology “Selena”

CogenInfra S.p.A.



Schwarz IT Bulgaria


Wizz Air

Perfektüp Packaging BG

Maxima Bulgaria


Work highlights

  • Advised Silverfleet Capital on its investment in the merger of the Bulgarian software company Bulpros and the German CRM leader ec4u.
  • Advised United Group on the acquisition of Nova Broadcasting Group (NBG).
  • Advising and assisting Webjet in connection with its investment in the Bulgarian blockchain-based travel marketplace LockTrip.


The ‘first class’ team at Kinstellar is well-placed to leverage the expertise of other practice groups across the firm to handle major transactions - often involving a cross-border element - across the pharmaceutical, banking, TMT and energy sectors. Managing partner Diana Dimova, who focuses on M&A and infrastructure projects, jointly leads the practice alongside Nina Tsifudina, who is praised as a ‘great team leader and overall adviser’. Managing associate Atanas Mihaylov has ‘deep knowledge’ in M&A transactions and is a key member of the team.

Practice head(s):

Diana Dimova; Nina Tsifudina

Other key lawyers:

Atanas Mihaylov


‘The Kinstellar team is extremely reliable, client-focused and communicative.’

‘Kinstellar acted as local counsel for our client with respect to a transaction in Bulgaria. The Kinstellar team is first class. They provide the quality of service expected of a large international law firm. They can be trusted completely to get the job done with little to no oversight. Kinstellar demonstrates a deep understanding of the law and regulations while also showing practical business sense in their advice.’

‘The team is well structured and consists of specialist in many areas. The team works very well under pressure and within tight deadlines.’

‘Professional attitude and even in short of time always trying to help to your clients. I definitely will continue working with Kinstellar in future’

Key clients


GTT Communications

Montagu Private Equity

Bregal Unternehmerkapital

FocusVision Worldwide

KBC Group

Allvotec/ISG Technology

Gamesys Group

TUI Group


PayByFace B.V.

Isobar Commerce



Work highlights

  • Advising thredUP on the acquisition of Remix Global for approximately $28.5m.
  • Advising KBC Group/DZI Life Insurance in the acquisition of NN Bulgaria insurance business for €77.7m.
  • Advising GTT Communications on the divestment of its telecom infrastructure business across CEE for $2.15bn.


Schoenherr (in cooperation with Stoyanov & Tsekova) ‘combines legal expertise with business perception and excellent client care’ when advising on some of the largest transactions on the Bulgarian market. Dual Bulgarian and Austrian qualified practice co-leader Alexandra Doytchinova, who ‘stands out with huge practical experience’, led the team in advising MET Group on the acquisition of 42 MW wind park from Enel Green Power. Practice co-leader Ilko Stoyanov is noted for his ‘exceptional’ expertise ‘in the field of corporate transformations, restructuring and mergers and acquisitions’.


‘The law firm is well-placed to address urgent and complex corporate and M&A matters. Being one of the leaders on the market, Schoenherr combines great legal expertise with business perception and excellent client care. They offer very comprehensive and well-planned services.’

‘Ilko Stoyanov’s knowledge and experience are exceptional in the field of corporate transformations, restructuring and mergers and acquisitions. He also has broad expertise in the regulatory legislation applicable to the credit institutions, investments and banks.’

‘Schoenherr is an exceptional law firm to work with that achieves outstanding results for its clients.’

‘Recently, I worked with Ilko Stoyanov in a M&A deal and he represented the buyer. Ilko is very experienced, professional and cooperative. He is experienced negotiator and is constructive to close the deal to the benefit of both parties.’

‘The team is experienced and hardworking, with international know-how and practice.’

‘I have worked with Alexandra Doytchinova and Stela Pavlova-Kaneva, who both demonstrate great legal knowledge and commercial understanding. Alexandra stands out with huge practical experience and the ability to think one step ahead and, thus, help the client to best address all issues that might arise. Stela is exceptionally attentive, dedicated, with profound legal background and always reliable. I appreciate both their professionalism and ability to negotiate with multiple parties at short notice and even over the weekend.’

‘Schoenherr has an impressive M&A team: highly knowledgeable, very responsive, proactive and able to handle difficult negotiations in a professional and calm manner. Both Alexandra Doytchinova and Stela Pavlova-Kaneva rank among the top M&A lawyers in the country. They always provided us with tailored solution-oriented advice which took into consideration the specifics of the business and our priorities. Alexandra is really good at making strategic judgment calls, her wide-ranging experience allows her to see the big-picture and advise on the best course of action even in complex situations. Stela is our go-to-lawyer: besides being incredibly smart and legally skilled, she’s always available, client-oriented and a pleasure to work with.’

‘Alexandra Doytchinova is a great professional, always finding clever solutions for each and every issue.’

Key clients


Bulgarian Telecommunications Company


United Group


Société Générale Group

OTP Bank

Enery Development

Schneider Electric

MET Group

Poseidon S.A

Smurfit Kappa Europe BV

Leoni AG

Offerista Group

Work highlights

  • Advised United Group on the acquisition of several telecommunications companies, including Net1, Digital Cable Television (N3) and NetworX Bulgaria.
  • Advised Ringier on the acquisition of Sportal Media Group and Digital Ventures.
  • Advised MET Group on the acquisition of a 60 MW operational wind park located in Suvorovo, Bulgaria.

Wolf Theiss

CEE leader Wolf Theiss fields a team of experienced practitioners, who handle a wide range of work both as lead counsel and local counsel, particularly in the technology and energy sectors, including major cross-border transactions. Richard Clegg leads the practice group and has notable experience in infrastructure, telecoms and energy transactions. Other key members of the team include Anna Rizova, who acts for pharmaceutical and industrial companies on commercial and regulatory matters, and Katerina Kraeva, who has experience in corporate and financial transactions.

Practice head(s):

Richard Clegg

Key clients

AEA Investors SBF LP



Apollo Global Management

Fordhouse Capital LLP/Backbone

InCor Holdings

Insight Venture Partners


Nik Electronics

Soravia Group

Visa Europe

Mercell Holding/TWinc B.V.

Financial Times

Unipos Group

A&M Capital Europe


Work highlights

  • Appointed to Visa’s panel for all legal work in CEE and advising on financial services regulation, corporate structuring, commercial agreements, governance, among other matters.
  • Advising InCor Holdings on corporate and commercial licensing arrangements for the exploration of its mining technology and provision of legal advice on its shareholder arrangements for bond issuing by LeadFx Inc.
  • Acted as local Bulgarian counsel to AEA Investors SBF LP on a US transaction, where the target had IT development and software teams in two entities in Bulgaria.

Deloitte Legal Law Firm

Deloitte Legal Law Firm leverages the expertise of its consulting practices and global network of offices to handle cross-border M&A transactions, corporate restructurings, as well as general commercial matters. Commended for its ‘knowledge, expertise and know-how’, the team frequently collaborates with the wider banking and finance, real estate and employment practice groups to act for domestic and international clients. Reneta Penkova, who has over 30 years’ experience in handling M&A deals, jointly leads the practice alongside managing associate Kaloyan Yordanov.

Other key lawyers:

Zvezdelina Filova


‘The team is very capable, easy to reach and quick to react. Their knowledge in the field is outstanding. They are familiar with the relevant case law and court practices.’

‘Well staffed team with profound expertise on the markets and proven track-record.’

‘Zvezdelina Filova is a senior lawyer with many years of experiences. She is able to provide support quickly, which is very valuable for the business.’

‘Knowledge, expertise and know-how.’

Dimitrov, Petrov & Co

Dimitrov, Petrov & Co showcases ‘diverse strengths and capabilities’, notably in the TMT space, where the team acts for start-ups, domestic and multinational corporations on a range of corporate and commercial matters, M&A transactions, spin-offs and joint ventures. Elsewhere, the practice acts for clients in the pharma, energy and retail sectors, including Pfizer, Pepkor and Ergomed, among others. Team leader Zoya Todorova, who has experience in M&A deals, restructuring matters and contractual issues, is supported by ‘reliableBoyana Milcheva and associate Radina Tomanova.

Practice head(s):

Zoya Todorova

Other key lawyers:

Boyana Milcheva; Radina Tomanova


‘They are a genuine dream team of excellent experts with diverse strengths and capabilities, forming a perfect group. They have absolutely fabulous corporate and M&A experts, including those who know various industries.’

‘Boyana Milcheva is our main contact and we have excellent cooperation. She is very competent and reliable.’

Key clients

Exclusive Networks

Svilen Maximov

Pfizer Luxembourg Sàrl

Modralog s.r.o.

Cetin Bulgaria

Davide Giuriato

Pepkor Europe


Work highlights

  • Advised Exclusive Networks on the acquisition of Veracomp.
  • Advised the seller of Networx-Bulgaria on the acquisition of the latter by BTC.
  • Advising the Czech IT solution provider and integrator Modralog s.r.o. on the establishment of its business in Bulgaria.

Dinova Rusev & Partners

Noted for its expertise in the mining and real estate sectors, Dinova Rusev & Partners advises local companies and international brands on a range of ongoing corporate mandates, providing day-to-day advisory work. The team is led by Anelia Dinova, who has over 20 years’ experience and handles transactions with a focus on foreign investments in Bulgaria. Another key member of the practice includes Iliya Grozdanov, who assists clients in the energy sector on commercial matters.

Practice head(s):

Anelia Dinova

Other key lawyers:

Iliya Grozdanov


‘The main advantage of DRP is the approach to the specific request of the customer, and knowing our business and practices. They have a very collaborative team with lots of knowledge and expertise. Our connection is fast and responses are obtained in timely manner.’

‘DRP’s professionals are reactive, knowledgeable, and business oriented. They accommodate our needs well.’

‘We are very satisfied from our work with them. They are very professional and you just feel they have your back and will threat your problem as theirs. Their response rate is very good, they are quick and very organized. They speak our language and give very good practical advices.’

Key clients


iCOVER Services



Eko Bulgaria


AP Retail

Northrop Grumman

Danaos Development

Marks & Spencer

Sephora Bulgaria

Marinopoulos Group


Imerys Minerals Bulgaria

Sofia Hotel Balkan

Economou Shipping


Devico Bulgaria


Catechin Water Laboratories

Il Cosmetics

Astron Chemicals

IPA Architects

Greenville Bulgaria

Hristov & Partners

With ‘deep knowledge and understanding of the legal system in Bulgaria’, Hristov & Partners regularly collaborates with top-tier international law firms to advise on the Bulgarian law aspects of cross-border transactions. The team is led by ‘top professional’ and founding partner Pavel Hristov, who focuses on M&A deals, joint ventures, as well as general corporate matters. Key contacts in the team include corporate and commercial partner Biliana Shagova and associate Dragomir Stefanov.

Practice head(s):

Pavel Hristov


‘Deep knowledge and understanding of the legal system in Bulgaria, very quick to respond to the client’s requests. Highly efficient, personalised service which stands head and shoulders above other firms in the country.’

‘The whole team are very responsive. They explain legal context and always seek to provide commercially appropriate advice.’

‘The team’s real strength lies in being reliable, responsive and providing business friendly advice.’

‘Dragomir Stefanov helped us a lot to understand the Bulgarian legal aspects of one of our client’s international legal dispute. Whenever I work with him, I know that our clients’ matters are in good hands.’

‘Pavel Hristov is a top professional with a great deal of knowledge and commitment to detail and excellence.’

Key clients


Culina Group

Reckitt Benckiser

Hiiroc Limited

OxyHelp Bulgaria


Expedia Inc.

Techtronic Industries

The Virtual Show/Anchealo Consultants

ALD Automotive

Bright Marketing Research

DanubeTruck Bulgaria

DMG Bulgaria

FFGroup Bulgaria

Bio Future

Bella Bulgaria

MTD Products



Beechbrook Capital

Aryzta Hungary Group Holdings

Work highlights

  • Advised CTP on the acquisition of a real estate project, including logistics base and an office building.
  • Advised Culina Group, alongside Eversheds Sutherland, on Bulgarian law aspects related to the acquisition of GreenWhiteStar Acquisitions, a corporate group comprising Eddie Stobart, Eddie Stobart Europe, iForce, The Pallet Network, and The Logistics People.
  • Advising Reckitt Benckiser daily on commercial, corporate, regulatory matters and a variety of the legal aspects related to the group’s business operations and strategic projects implementation/localisation.

Penkov, Markov & Partners

Penkov, Markov & Partners brings ‘together expertise from all practice areas to resolve complex issues’ when acting for clients across sectors including energy, technology and real estate on domestic and cross-border M&A transactions. Name partners Vladimir Penkov and Ivan Markov jointly lead the practice alongside managing partner Nikolay Cvetanov. Markov and Cvetanov advised ČEZ on the closing of the sale of its Bulgarian subsidiaries to Eurohold for €335m. Key members of the team also include partners Roman Stoyanov and Atanas Valov.

Other key lawyers:

Roman StoyanovAtanas Valov


‘A holistic, client driven approach. They are able to bring together expertise from all practice areas to resolve complex issues and deliver a seamless service right through to the end. I was particularly impressed with the tenacity of the team and ability to stay focused throughout a long process, maintaining high client service throughout.’

‘Roman Stoyanov is knowledgeable in his area of expertise. Very personable, approachable and responsive. I have valued all of these qualities in him, and always feel confident that he will deal with the issues put before him as quickly as possible, in a commercial and pragmatic way, in the best interests of the client.’

‘Our cooperation with the company has started with the partners Vladimir Penkov and Ivan Markov on major mergers and acquisitions, where we have received excellent advice and professional assistance in all aspects of the transactions and the subsequent operations. On a daily basis, we have been working with Roman Stoyanov, who is an excellent professional, extremely knowledgeable and precise in his work. For so many years we have never had a reason to doubt any advice given or to have to review any document prepared, everything has always been thought of and prepared with due diligence and to the best professional standard. What is exceptional is also the fact that the partners have shown exceptional personal integrity. Working with them is not only a pleasure but also a source of comfort and security that you have a partner and professional advisor on your side.’

‘The law office has vast experience in cross-border M&A and working with common-law based contracts. They’ve helped us with many projects .’

‘Very dedicated to finding appropriate solutions for clients’ problem. Roman Stoyanov is a very patient person, skilled and prepared to secure opinion on any legal problem, and also to enable us to get opinion from his colleagues who are experts in specific legal areas.’

‘On our commercial, corporate and M&A projects, we work with Nikolay Cvetanov and Atanas Valov. They both are very experienced, hard-working and exceptional negotiators.’

Key clients

Viraj Group


ConverterTec Holding


Accession Mezzanine Capital

Basildon Holding SARL

Silicon Valley Bank

Infinity Capital

Insa Ltd (Colibra)

Stitching Beleggers Novi Han

Tiger Technology

Zlatna Panega Cement

Integrated Food SARL

BA Glass Bulgaria

Temple Translations

YNV Holdings

Maillis Holdings SARL

Xella Bulgaria

Mondi Stambolijski

Work highlights

  • Advised ČEZ on the closing of the sale of its Bulgarian subsidiaries to Eurohold for €335m, the largest transaction in the energy sector in a decade.
  • Advising Accession Mezzanine Capital and its corporate group as mezzanine lender and minority shareholder in Remix Global AD on the $28.5m acquisition of the latter by ThredUp Inc.
  • Advising Viraj Group in the acquisition of land plot in Bulgaria for construction of a plant.

Andrey Delchev and Partners - Eurolex Bulgaria

Andrey Delchev and Partners – Eurolex Bulgaria provides day-to-to advice to its roster of domestic and international clients on general commercial and corporate matters, such as GDPR compliance, PPP mandates and concessions, among others. With ‘specific knowledge and experience in mining legislation and regulations’, as well as the energy, TMT and real estate sectors, the practice is also well-placed to handle M&A transactions. Andrey Delchev leads the team and is supported by Magdalena Valova.

Practice head(s):

Andrey Delchev

Other key lawyers:

Magdalena Valova


‘From our point of view, the legal practice of Andrey Delchev and Partners – Eurolex Bulgaria Ltd is unique because of the following strengths and key capabilities: we trust that they will do everything possible to provide a legal service to the utmost of their knowledge, skills and experience. They have profound understanding of the applicable legislation regarding the issues that we raised during the years and they demonstrated it when provided us with the legal support on the various matters. They have specific knowledge and experience in mining legislation and regulations. Their response is always on time and their legal advice is appropriate. When discussing the legal issues with them, we feel the empathy and understanding on their side. They are like partners rather than just suppliers. During the years, they have built confidence in us that we could address every legal issue and they will either provide directly their service or advise us who could do it better.’

‘We have been relying on Andrey Delchev and Partners for legal advice for many years. Initially we started working with them because they were recommended to us as one of the leading corporate and commercial law firms. However, they proved to be excellent in TMT and competition law too. We have had an excellent working relationship with them ever since. They have developed a real understanding of our work, over and beyond what is expected of an outside consultant, which allows them to anticipate legal problems and to offer us the appropriate advice proactively and clearly. They produce very well-written and precise documents and in general it is easy to communicate with them. They have also proven to be very efficient in commercial negotiations and litigation.’

Key clients

Fresh Media Group

Trace Group Hold




DK Energy Bulgaria EADNova City Group

Gedeon Richter Bulgaria

Work highlights

  • Advised Fresh Media Group on day-to-day legal matters related to its business operations and corporate governance.
  • Providing legal advice to Kintex related to its day-to-day business activities of the client which include the preparation of commercial contracts including agreements with cross-border elements, drafting corporate documents and resolutions, participation in commercial negotiations and the preparation of legal opinions.

Arsov Natchev Ganeva

Arsov Natchev Ganeva has the capability to handle high-profile matters, such as advising ICGB on its corporate reorganisation in relation to the construction of a natural gas pipeline interconnection between Bulgaria and Greece. With strong expertise in the energy sector, the team also acts for clients across the TMT and retail industries. Jivko Rokov, who focuses on M&A deals, restructurings and corporate governance issues, jointly leads the practice alongside Marin Arsov and Dessislava Lukarova.

Practice head(s):

Jivko Rokov; Marin Arsov; Desislava Lukarova

Key clients

Groupama/Groupama Zhivotozastrahovane


Ib vogt


Publicis Groupe Holdings




Schreiber Foods Bulgaria

Lidl Bulgaria

Ottobock Manfacturing Bulgaria


Willi Elbe Automotive Bulgaria

WKS Bulgaria

Work highlights

  • Advised Groupama and its Bulgarian branch Groupama Life Insurance Bulgaria in the private tender of the acquisitionNN Group Bulgarian pension and life insurance portfolio.
  • Advised ICGB on the construction and operation of a natural gas pipeline interconnection between Bulgaria and Greece.
  • Providing legal services in two greenfield projects for the construction of solar power plants in Bulgaria.

Atanassov & Ivanov Law Firm

Atanassov & Ivanov Law Firm combines its tax and regulatory expertise, ‘when dealing with cross-border M&A and corporate restructuring’ matters. Stoyan Atanassov, who acts for multinational clients such as Toyota, Cheque Dejeuner Group and Michelin Group, jointly leads the team alongside Iliyan Ivanov, who is noted for his experience in commercial and corporate energy mandates. Both practice heads have experience in advising on corporate governance and shareholder issues in relation to early-stage financings of tech start-ups.


‘Atanassov & Ivanov is a model of integrity and professionalism. During more than two decades of our cooperation, they have been and continue to be a consistent source of dependability and expertise. Their team consists of expert and personable attorneys who understand the complex demand to be legally compliant and move forward with our business within the constantly changing business challenges of nowadays and are prepared to handle this with acumen and precision to the last detail. Always pro-active, focused and result-oriented. Excellent value for money. Very informative during the pandemic and straight to the point in regards to the business challenges that our business had to face in the recent year.’

I work explicitly with Stoyan Atanassov and he is an incredible professionalist. Always ready to hear my trouble, always has a plan and the next steps. I feel calmer and assured that the problem will be solved.’

What I like about Atanassov & Ivanov is their full dedication to my case. No matter if it is a small mundane task or a complicated case, they never lose focus or push me aside. My dealings are with technology partners and their grasp of high-tech stuff is also impressive.

‘Both partners at Atanassov and Ivanov have been a valuable source for strategic legal advice for our business. We feel confident and assured that our legal matters are trusted to and handled by them. Whenever I have a question, the partners take the time to explain all complex legal matters to me in clear and plain manner. They guide me whenever needed to make the best business decisions by considering not only the legal aspects but the business landscape. Their energy, creativity, and strategic focus has benefited our business immensely and what we have here is a valuable and longstanding partnership. Combined corporate and tax/regulatory perspective in their approach is what has been always very valuable, especially when dealing with cross-border M&A and corporate restructuring.’

‘I have been working with Atanassov & Ivanov for some years now and I am genuinely impressed with their professional approach and client friendly attitude. Their team is really efficient, attentive to details and demonstrates deep knowledge of legal matters. I feel confident to engage Atanassov & Ivanov in any legal issues that concern me, as I know that my affairs are in good hands and will be handled in a timely, cost efficient and professional manner.’

‘I have worked closely with Iliyan Ivanov and Penka Blagova. I find them to be really experienced and they love what they do. Both of them are easy to approach, expedient in answering my calls and e-mails and explaining in clear and understandable manner what needs to be done on the legal issues that I have assigned to them. I would gladly recommend them to any of my acquaintances as the best legal team.’

‘Atanassov and Ivanov are not only good at what they do, but are good in communication with us as customers. They solve the issues we involve them in and they always try to understand our future needs.’

‘Atanassov & Ivanov provides high quality information and advice on time, ensuring that all business decisions related to legal issues are fully compliant with local law.’

Key clients

Toyota Balkans

Amorim Cork Bulgaria


Michelin Group

Cheque Dejeuner Group

Velocity Smart Group

Adelphoi Limited

Beam Suntory

Subway (the Franchisee in Bulgaria)

Metrilo Ltd

Analytics for Everyone Ltd (A4E)

Asset Management Company

Black Peak Capital

Dr. Oetker

Bulgarian Food Producer


Do It Wise

Elton Corporation

STS Inks

Vinprom Biala



Inter ES 2000

Work highlights

  • Acted for Black Peak Capital for the purposes of the structuring and setting up of its new €120m fund.
  • Provided advice on and assistance in the formation of the Velocity Smart Group, involving existing corporate structures both in the UK and in Bulgaria to form the client’s group of companies.
  • Advised and assisted Black Peak Capital in the execution of its successful exit from one of its Bulgarian private equity investments.


Noted for its expertise in the IT and technology sectors, CasePro fields a ‘team of young professionals’ who assist domestic and international clients on local and cross-border M&A transactions. The practice is jointly led by fintech specialist Damyana Lazarova and Boyan Lazarov, who are supported by head of the real estate team Spartak Yovchev. ‘GDPR superheroes’ Radost Doycheva, Plamena Krasteva and Nikolay Georgiev are key members of the team.

Practice head(s):

Damyana Lazarova; Boyan Lazarov

Other key lawyers:

Spartak Yovchev; Radost Doycheva; Nikolay Georgiev; Plamena Krasteva


‘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. Through our business relationship, CasePro team have been responsive and detail oriented which has allowed us to stay focused on our business and not getting distracted with legal details.’

‘Boyan Lazarov regularly provides expert advice to our company. He is a professional with a strong legal acumen, problem solving ability, attention to detail and well-developed organisational skills. Plamena and Radost often support us on GDPR related matters, providing punctual updates and responses.’

CasePro Law Firm is a team of young professionals, experts in their fields. Very reliable in the advice they provide. Provide working solutions in a timely manner. Very approachable and operative.’

‘Spartak Yovchev has a very holistic view on the cases and creates smart strategies for their solving. Boyan Lazarov is a devoted professional who cares about each relevant detail. Damiana Lazarova has encyclopedic legal knowledge and can always bring practical solutions.’

‘I’ve worked with CasePro law firm for many years as the firm attends to our overall corporate and commercial issues, always with great results. The team has strong experience in the M&A, especially in the IT sector, and we have been fully satisfied by their work on our deals. The firm is a perfect example of great results and excellent service.’

‘Boyan Lazarov is our go to person. What I appreciate most is that he is always available and can give us quick advice over the phone even before we have a real situation. Our GDPR superheroes are Radost Doycheva and Plamena Krasteva and we owe our GDPR compliance to them.’

‘The team is quite diverse in terms of knowledge and expertise. Also, they are very diligent and proactive in their work.’

Damyana Lazarova and Radost Doycheva stand out among all lawyers I have worked with. Damyana is an incredibly strong leader and the results of that can be seen during the work with every single member from her team. Working with them is easy, they take so much care to deliver best solutions, they are quick, they are smart, working with them is even fun. Knowing the team from many years, I can say that CasePro team really enjoy working together, they know their roles within the team and collaborate both internally and with their clients in a unique manner. I am also very impressed with the support that Tonya Peneva provides on a daily bases. Boyan Lazarov has also helped us on corporate related matters and has always been brilliant in advising us.’

Key clients


WHG Services (Bulgaria)

SumUp Ltd.

SumUp Holdings Luxembourg

SumUp Payments

Taulia Bulgaria

Paysafe Bulgaria

Lufthansa Technik Sofia

GrEco Bulgaria

Scale Focus


Rhythm Engineering


MariaDB Bulgaria

Intertainment Services Jsco

Astrea Staffing

Enco Vending

Melexis Bulgaria

Milestone Systems Bulgaria

Tide Platform

OpenPayd Bulgaria

Astea Solutions

Debitoor Holdings


Direct Credit Bulgaria

Defacto Retail Limited Sirketi Bulgaria

Trust for Social Achievement Foundation

Fourth Bulgaria

Wealth Effect Management

Henkel Bulgaria

New Vision III Fund


Pontica Solutions

Glovoapp23, S.L

Berry Smart Logistics



Internet Securities Bulgaria

Digital Technology Center Commerzbank AG Sofia Branch BFC

Musala Contact Center

TDB Play

Network Management Innovations


Sb Accounting & Consulting

Work highlights

  • Assisted SumUp Holdings Luxembourg in a cross-border transaction for the acquisition of the Lithuanian based provider Paysolut.
  • Assisted and advised on all legal aspects of the last financing round in Breaktime and the execution of buy back of all shares of a majority shareholder in the company.
  • Advised in a cross-border transaction for the acquisition of Montway Inc. and Ship.Cars USA and their Bulgarian subsidiaries (MDG EOOD and Ship.Cars Bulgaria EOOD) by AEA Investors LP.

Georgiev, Todorov & Co

Georgiev, Todorov & Co provides ‘expeditious’ advice to domestic and international clients on a range of commercial and corporate matters across the energy and natural resources, TMT and healthcare sectors, with a strong focus on contentious matters. Corporate partner Arno Mamasyan leads the team and is supported by ‘client-orientedTsvetelina Dimitrova and attorney-at-law Margarita Ivanova, who acts for clients in the pharmaceutical and healthcare sectors on commercial matters.

Practice head(s):

Arno Mamasyan


‘Our main contacts in the law firm are Arno Mamasyan and Tsvetelina Dimitrova. While Arno’s strengths lie in his long term experience, in-depth knowledge of corporate and commercial regulations and negotiation skills, Tsvetelina is a great communicator, manages to work under pressure and has a PhD in International Law, which lets us feel even more secure due to her additional knowledge of foreign statutes and ability to protect our interests abroad as well.’

‘I believe the greatest assets of the individuals are their responsiveness and reliability.’

‘Our team mainly works with the recently appointed partner Tsvetelina Dimitrova and the associate Margarita Ivanova. Tsvetelina is hard-working and client-oriented. She also has extensive knowledge of EU and international law regulations which was essential for resolving our issues at the time of a global pandemic. Margarita, on the other hand, has an eye for detail and creative methods of solving legal issues. Pharmaceutical law and healthcare are some of her specialisms, she really enjoys working in the field, and that helps her have additional knowledge and an interesting viewpoint on most of our questions.’

‘Georgiev, Todorov & Co are extremely expeditious, work quickly and in excellent interaction with external service providers when needed.’

‘Our team mainly works with Tsvetelina Dimitrova and Margarita Ivanova. Among the strongest qualities of Tsvetelina are organisational skills, knowledge of EU regulations in both corporate and intellectual property law, her attention to detail and commercial awareness. Margarita, on the other hand, is an excellent associate with great research skills, who is very easy to communicate with.’

‘My contacts are mainly with lawyer Margarita Ivanova. She is extremely responsive, regardless of working hours or during breaks, she always answers calls and gives quick enough answers.’

Key clients

AG Capital

Alfred C. Toepfer International Netherlands

Alliance Print



Backbar Club


BlackPeak Capital


Bulgarian Telecommunications Company

Ciela Norma


Dench eGaming Solutions

Duplex International

Entrea Capital

Experian Bulgaria

Gazprom Export

Galchev Engineering

Fleet Services

Hill Clinic

Infinity travel

METRO Cash & Carry

Metroreklama & MOUTION ARTS

MTK Group

NM Genomix

Nurts Bulgaria

On Clinic

Progetti Plant S.R.L.


Resalta Bulgaria

Roche Bulgaria

Solaris Bus & Coach S.A.

Toplofikacia Ruse

Work highlights

  • Consulted and represented Gazprom Export in the sale of its shares in Overgas Inc., together with Baker McKenzie.
  • Assisted Solaris Bus & Coach on the procedure for liquidation of its subsidiary in Bulgaria and currently supporting the client in its participation in public procurements projects in Bulgaria.
  • Advising G.P. Group on an insolvency case in Bulgaria for the construction of the third line of the subway in Sofia and the involved receivables from a bank which have been challenged.

Stoeva, Tchompalov & Znepolski

Boutique law firm Stoeva, Tchompalov & Znepolski is home to team leaders Irina Stoeva - who is praised for her ‘remarkable scope of knowledge and experience in corporate and commercial law’ - and ‘distinguished practitionerIordan Tchompalov. Whilst the practice is centred around the experience of both founding partners, its team of associates and of counsel are heavily involved in M&A deals and general corporate matters. Key clients also include GlaxoSmithKline and SDI Group.

Practice head(s):

Iordan Tchompalov; Irina Stoeva


‘We have cooperated with STZ from the beginning of their establishment. We highly appreciate their personal approach to the clients. We consider team’s strengths are its flexibility, access to services and out-of-the box advice. They cover wide range of problems in the fields of commercial, corporate and M&A law. Their advice is always result-oriented, flexible and aiming to meet clients’ practical needs.’

‘Iordan Tchompalov is very experienced and his impressive legal and organisational skills contributed to the positive outcome on numerous cases he advised us on. He proved to be very effective and always able to deal, in highly professional manner, with challenging amount of work.’

‘Cooperation has always been smooth. The lawyers are very pleasant, proactive, with a pro-client approach.’

‘Irina Stoeva – remarkable scope of knowledge and experience in corporate and commercial law. Successfully advises on complex and time-critical legal issues.’

‘Extensive knowledge of and long-term experience in corporate and commercial law, efficient and market-oriented advice and 24 hours availability.’

Iordan Tchompalov – distinguished practitioner with communication skills and very good tactical approach to dealing with tough situations.’

Key clients

Eurohold Bulgaria


Nielsen Admosphere Bulgaria

SDI Group


Dialogue Plus




EU Consult

Sofia Business Consulting Group

Transact Europe

Baxi Spa

Work highlights

  • Acted as local counsel alongside Morrison & Foerster advising Eurohold on its €335m acquisition of CEZ’s Bulgarian assets.
  • Assisting Covington & Burling in London on the liquidation of the GlaxoSmithKline subsidiary in Bulgaria and the Bulgarian aspects of the change of the GlaxoSmithKline commercial model to distributorship.
  • Representing Bulgarian renewable energy producers in compensation of damages claims against the Bulgarian State arising out of infringement of the EU law.

Tsvetkova Bebov & Partners, a member of Eversheds Sutherland

The commercial and M&A team at Tsvetkova Bebov & Partners, a member of Eversheds Sutherland counts domestic companies and well-known international corporations, including AstraZeneca and Japan Tobacco International, among its roster of clients. Irina Tsvetkova has over 30 years’ experience in handling M&A transactions together with post-deal structuring. Tsvetkova jointly leads the practice alongside managing associate Eleonora Mateina and head of the financial services group, Nikolay Bebov, following the departure of Venelin Dimitrov  in September 2021.

Key clients



Mars International

Japan Tabaco International

PVB Power (Hera Group)

TCHIBO International


DB Cargo Bulgaria



Devnya Cement


Cetin Bulgaria (PPF Group)

Ergana Films

EEMH – Eastern European Media Holdings

Work highlights

  • Advised Aresgas, part of the Italian group Hera, on M&A deals.
  • Advised Kone on three transactions for acquisition of Bulgarian companies in the lift technology industry.
  • Advised and represented PVB Power in the restructuring and sale of its hydro-power plants business in Bulgaria.

Velchev & Co. Law Office

Pavel Velchev leads the corporate and M&A practice group at Velchev & Co. Law Office, which includes key contacts Parvan Rusinov and Velislav Dimitrov. Noted for its expertise in the TMT sector, the team is well-placed to handle M&A transactions and restructuring mandates, as well as providing day-to-day advice on compliance and regulatory matters.

Practice head(s):

Pavel Velchev

Other key lawyers:

Parvan Russinov; Velislav Dramov


‘We have been working with Velchev & Co’s team for more than ten years now and their advice has always been of great value and provided in a timely manner. We highly appreciate that they prioritize our tasks and are quite flexible even within the tightest deadlines. This is something that really makes them stand out especially considering the challenging business environment nowadays. In addition, their practice is very client focused because they put a lot of effort in becoming familiar with the specifics of our business. Accordingly, they are aware of all ongoing projects that currently have and support us whenever we need them to. Thus, with the years they became our legal one-stop-shop which we regularly consult with on a number of topics, including commercial, corporate and tax, to name few.’

Key clients


Port Bulgaria West

Bulgarian-American Credit Bank

A1 Bulgaria

Havas Group

Lagardere Travel Retail

M&BM Express

TiXi Group

Next Consult

ESI Transport

New Technologies





Work highlights

  • Advised A1 Bulgaria on restructuring, including separation of the passive infrastructure into a different entity.
  • Advised BACB on acquisition of an IT company in Bulgaria, with a focus in urban mobility digitalisation projects.
  • Advised A1 Bulgaria on the acquisition of a leading system integrator in Bulgaria.

BWSP Ilieva Voutcheva & Co Law Firm

BWSP Ilieva Voutcheva & Co Law Firm is noted for its expertise in the real estate and construction sectors, and advises its roster of clients on commercial work and corporate restructurings. Diliana Ilieva, who handles M&A deals in the energy sector, jointly leads the practice alongside managing partner Rossitsa Voutcheva.


‘Excellent team and management.’

‘The full team of experts looks into a single issue from different perspectives, which gives a high level of security and ultimately very good result.’

‘The team is very business savvy. A great advantage is the combination of experience and innovative thinking of the lawyers. I like that the firm’s approach is professional but also personal towards my business and my team. I have always received advice on time and there is always someone from the law firm team who is available to take care of the tasks that I have. I am pleased that I can receive a wide range of services in one place which saves me time to concentrate on the business aspects of the work. The lawyers are very bright and experienced and are true assets to be part of any team.’

‘Exceptional experts looking into the details of every single issue.’

Key clients

Meridian Leisure Hotels

Granit Stroy Invest

Atlas Copco Bulgaria

Castello Precast

Element Project Company 1

Kingsforth Ltd.

Siif Energies Bulgarie (part of EDF)


Atlas Copco Bulgaria

Tihomir Todorov

Tessa Energy

Inoxis 01

Sara 03

Smart Soft

Chirpan Solar Plant

Work highlights

  • Advised Meridian Leisure Hotels on the acquisition of Holiday Inn Sofia.
  • Advised Kingsforth in the acquisition of a new luxury real estate project near Sofia, Bulgaria.
  • Advised Tessa Energy on a corporate restructuring.


The corporate and commercial team at CERHA HEMPEL Gerginov handles both domestic and cross-border M&A transactions and corporate restructurings, acting for clients across the retail, consumer electronics, IT, real estate and banking sectors. Managing partner and practice head Boyko Gerginov is noted for his expertise in M&A transactions and advises clients in the IT sector.

Practice head(s):

Boyko Gerginov


‘Very fast response time and profound expert knowledge.’

‘Very knowledgeable lawyers who take a smart approach, suggesting solutions according to client’s needs.’

Key clients

Pierer E-Bikes GmbH

Mirova Eurofideme IV

Gauselmann Group

Telenor Common Operation

Megger Group


Thyssenkrupp AG

Euralis Semences

Lukoil International

Wowcher Limited

Work highlights

  • Advised Pierer E-Bikes GmbH on the creation of a joint venture with a Maxcom (Bulgarian bicycle manufacturer).
  • Advised the Mirova Eurofideme IV in relation to the equity financing for the acquisition of operating photovoltaic power plants including the single largest photovoltaic power plant in Bulgaria.
  • Advised Gauselmann Group in relation to the acquisition of a majority stake in Bede Gaming and its Bulgarian subsidiary (Bede Software Bulgaria EOOD).

Dyulgerova & Penkova Law Firm

Dyulgerova & Penkova Law Firm advises domestic and international clients, including Adidas Bulgaria, on day-to-day commercial issues and corporate matters. The team is led by managing partner Victoria Penkova, who is ‘pragmatic and focused on resolving issues’, while Diana Milkova ‘stands out with her commercial approach’ and ‘wealth of knowledge’.

Practice head(s):

Victoria Penkova

Other key lawyers:

Diana Milkova


‘The lawyers that we work with most are Diana Milkova and Victoria Penkova. Diana Milkova understands our business and day-to-day operations. She has become a valuable partner and her quality advice is of a great benefit to our company. She is very flexible and always available to provide support and expertise. Victoria Penkova has provided valuable input in our legal matters. She has shown us that we are a valued customer and has been there to address any questions we have.’

‘From the start of our partnership, the firm has consistently demonstrated not only profound knowledge in the field of corporate, commercial, property and contract law, but strong commitment to our needs as well. We highly regard the team’s ability to identify legal risks quickly and with pinpoint accuracy, their exceptional thoroughness and remarkable attention to detail in analyzing legal matters. The firm stands out as providing comprehensive legal advice, which is complemented by the team’s sharp business acumen, dedication and persistence. These are capabilities which have proven valuable to our company and its commercial dealings. We have no doubt that such qualities will be deeply appreciated by potential clients and partners of the firm.’

‘We are very happy with the individual approach of the firm. Our main point of contact is Diana Milkova and the wealth of her knowledge and full availability every time is something that has always impressed us. It truly feels like we are the firm’s only client which is of course not true. Diana Milkova and Victoria Penkova take the lead in any situation that arises and guide us through it. With minimal input on our part, we know we can delegate matters fully with the best outcome for us in the end. Aside for professionalism and competence, we also value the friendly and kind attitude of all members. In the long run, I believe this is a huge factor not to be underestimated.’

‘Always available, highly correct and commercial.’

‘The key capabilities are the people, collaboration and knowledge. From the first time, the team was attentive and willing to answer our doubts. They always gave us clarified answers which help us in process of settling in the country.’

‘The practice of Dyulgerova and Penkova is distinguished by the ability of their team to provide efficient and precise solutions to the matters brought before them in a very short period of time. In our experience and perspective, the team is distinguished by the provision of legal services that are suitable for our needs as a company, both in terms of everyday issues and more complex and critical issues. One of the most valuable aspects of our cooperation with them is the reliability of their services in connection with all the problems that arise in the process of carrying out our business. During the Covid-19 pandemic, the team achieved a very rational and efficient provision of legal services. They managed to adequately deal with all the new and unexpected problems we faced in terms of the right aspects of the pandemic situation. Our partnership was not obstructed by the pandemic, as we continued to exchange information and work through the use of all accessible technology for digital communication.’

Key clients

Adidas Bulgaria


Berg Montana Fittings

PKF Bulgaria

Montana Hydraulics

Rex Consulting UK

EXLService Bulgaria

GK Bulgaria/GK EAD/GK Construction

Atusa Montana International

Sport Vision

CAF Signalling

Hutni Montaze



Work highlights

  • Providing ongoing day-to-day advice to Adidas Bulgaria.
  • Advising A-LIGN BG on its day-to-day business, as well as on corporate matters.
  • Consulting CAF Signalling on corporate methods, as well as on conclusion and performance of commercial contracts.

Ernst & Young Law Partnership

The multidisciplinary team at Ernst & Young Law Partnership is well-placed to leverage the expertise of its global network to handle a wide range of mandates, from cross-border commercial agreements to advising on corporate reorganisations, as well as domestic matters. The practice is led by Svetlin Adrianov, who has 25 years’ experience in the M&A and corporate space.

Practice head(s):

Svetlin Adrianov

Key clients

Reckitt Benckiser

Kwizda Agro Gmbh


International Life

General Insurance


MS Global

I & G Insurance Brokers

JRDL Bulgaria

Extenda Solar Spain


Las Brisas

Energy Trading System

Iskra d.o.o.

Work highlights

  • Assisted Joseph Ribkoff through in the establishment of its subsidiary in Bulgaria.
  • Assisted Extenda Solar Spain in a project related to solar plants in Bulgaria.

Gugushev & Partners Law Office

Gugushev & Partners Law Office advises its roster of domestic and international clients, from cosmetic companies and manufacturers to venture capital funds, on corporate restructurings, transfer of commercial enterprises, as well as corporate governance issues. Founder and managing partner Stefan Gugushev leads the practice alongside Dimitrinka Metodieva, who is praised for her ‘profound expertise in restructuring matters’.

Other key lawyers:

Victor Gugushev


‘Dimitrinka Metodieva possesses formidable knowledge in the business atmosphere and profound expertise in restructuring matters. We are impressed by the team’s professionalism, excellent knowledge of the relevant legislation, and how very detail-oriented and precise they are.’

‘Victor Gugushev and his team always deliver high quality and timely advice.’

Key clients

Snak Art JSC

European Energy

Softgroup JSC

Delivery Hero SE

Melissa Climate JSC

Hong Kong Kimmy Co. Ltd.

AD Assets Ltd.

BrightCap Ventures

Alpha Bulgaria JSC

Malex Management Ltd.

Easy Asset Management JSC


Aero Parts PB LLC

Ataro Clima Ltd

Work highlights

  • Advised Delivery Hero SE on the stages of the sale of the Bulgarian subsidiary of Delivery Hero SE, part of its portfolio of companies in the Balkans.
  • Advised European Energy A/S in connection to the acquisition of a wind farm project with an approximately planned total capacity of 170 WTGs located in Bulgaria.
  • Advised Snak Art JSC with respect to equity financing via subscription of new shares by an investor.

Kinkin & Partners

Kinkin & Partners‘s caseload includes restructuring mandates, as well as providing day-to-day advice on commercial activities. Vladimir Kinkin leads the team and is supported by Adriana Nacheva and senior associate Nikolay Radev, who is praised for his ‘dedicated approach to meet the needs of the client’.

Practice head(s):

Vladimir Kinkin

Other key lawyers:

Adriana Nacheva; Nikolay Radev


‘Very attentive in responding to any queries. They are sensitive in compliance with the deadlines and provide you with insights covering all possible options a client may want to see.’

‘I was impressed by Nikolay Radev’s command of the subject and his dedicated approach to meet the needs of the client, both in terms of time and of providing alternative solutions.’

Key clients

Agria JsC

Bulgarian Industrial Engineering And Management (Trinity Industries)

Bibar Asset

Bulavto Lada

B Plus

Iso Systems


Zenith Crop Sciences

Work highlights

  • Supporting Bulgarian Industrial Engineering And Management (Trinity Industries) in the acquisition of a business in the field of trade with weapons.
  • Assisting B Plus in connection with real estate, as well as the construction of a residential complex.
  • Assisting SDS Pro with a request regarding the remainder of sales price to be be paid by the client as a buyer, pursuant to a sale-purchase agreement of a real estate.

Murgova & Partners Attorneys at Law

Murgova & Partners Attorneys at Law fields a team of ‘top quality lawyers’, who advise companies across the IT, manufacturing and real estate sectors on a range of corporate matters, as well as daily commercial activities. Petya Murgova, who is praised for her ‘fascinating knowledge’, leads the team alongside Alexander Moskov.

Practice head(s):

Petya Murgova; Alexander Moskov

Other key lawyers:

Silvana Dzharkova-Aleksandrova; Simeon Krastev


‘Loyal relationship, very professional and reliable. Quick reactions at request.’ 

‘Alexander Moskov is another key member of the team, who has solid knowledge in the area of corporate and commercial law.’

‘We have been working closely with the managing partner Petya Murgova. She is extremely experienced in all matters concerning corporate, commercial and M&A and has always offered to us and our mutual clients effective decisions and mechanisms. She has fascinating knowledge of the applicable law and we can count on her for providing efficient strategies and transaction structures. We are impressed with her skills which have been essential for the complex legal support we require. We would also like to point out Silvana Dzharkova-Aleksandrova. Together with Ms. Murgova, she is our main point of contact and has been the leading team member on most of our corporate and commercial law related tasks. She has proven to be a highly effective, confident and flexible member of the Murgova and partners team.’ 

‘Simeon Krastev is very confident, flexible and highly effective in all cases related to our business matters.’

‘Top quality lawyers, available, precise and able to develop strategic advice relying upon good contacts with the local authorities.’ 

‘Murgova and Partners’ team members are highly professional legal consultants, who are always ready to assist our company in every commercial case we are dealing with. All of the team members have incredible theoretical skills, confidence and flexibility, which is how they managed to get acquainted with the specifics of our business activity, as well as with all internal processes within our organisation. We should mention the managing partner Petya Murgova. She has impressed us with her 30 years’ practical experience, as well as her deep knowledge of constantly evolving complex areas of law of life sciences. She is talented and a highly effective advocate, especially to find best possible alternative in complex situations. The other team member that we have worked with is Silvana Dzharkova-Aleksandrova who is a flexible, always well-prepared lawyer.’ 

‘We work with Silvana Dzharkova-Aleksandrova, who is an exceptional specialist and always there when you need.’ 

Key clients

PIM Haskovo

Internet Corporated Networks

Simonas cards

Property Assets

Lemi Trafo


Innovative Product


Viber Media Bulgaria


DM Services

Balkan services

Mars Armor

Unique Estates

VIA Architects

Go Grill

White Water

Work highlights

  • Providing ongoing advice to Viber Media Bulgaria on all corporate and commercial issues.
  • Advised Kreon Bulgaria during the start up process of its business in Bulgaria.
  • Providing ongoing advice to PIM Haskovo on all corporate and commercial matters.

Popov, Arnaudov & Partners

Popov, Arnaudov & Partners, which was founded in 1998, continues to establish its presence in the market and has experience in M&A deals, corporate restructuring and reorganisation matters, as well as commercial transactions. The young team, which is collectively led by Sibina Eftenova, Emiliyan Arnaudov and Tsvetelina Stoilova -Valkanova, counts Admiral and Ferro Corporation among its roster of key clients.

Practice head(s):

Emiliyan Arnaudov; Sibina Eftenova; Tsvetelina Stoilova-Valkanova

Other key lawyers:

Hristo Koparanov

Key clients

Ferro Corporation

Odelo Bulgaria

Aiko Multi Concept

Brenntag Bulgaria

Europapier Bulgaria

Alpen Pharma


Obo Bettermann

Clico Bulgaria

Kenes Group


Top Five


Admiral Bulgaria

BBI Building Investment

Work highlights

  • Advised the merger clearance in Bulgaria of the acquisition by Pigment Spain of the Ferro Corporation’s business related to the production of coatings for tiles.
  • Advised Odelo in the certification, financing and the implementation of a €10m project for the opening of a spare parts factory.
  • Providing ongoing advice to Aiko and Moemax in their day-to-day activities.

Stankov, Todorov, Hinkov & Spasov

Praised for its ‘mixture of youth, enthusiasm and professionalism’, Stankov, Todorov, Hinkov & Spasov’s team acts for clients across the pharmaceuticals, healthcare and food production sectors, among others, notably on commercial matters, as well as corporate issues. Led by Mihail Stankov and Teodor Todorov, the practice also includes key contacts Simeon Hinkov and Hristo Hinkov.

Practice head(s):

Mihail Stankov; Teodor Todorov

Other key lawyers:

Simeon Hinkov; Hristo Hinkov


‘An excellent team, with a mixture of youth, enthusiasm and professionalism. I have been treated as if I were the one and only client with no delays.’

‘Simeon Hinkov is extremely dedicated to both his work and his clients. He always manages to answer questions in a very short time, which helps a lot in my work.’

‘The STHS team is distinguished by its diligence and hard work. They approach the case with great care and thoroughness.’

‘I can confidently say that I have never met a more responsible and principled person than Teodor Todorov. He approaches the resolution of cases in an extremely professional manner and with excellent competence.’

Key clients

Municipal Bank


Inter Cars Bulgaria

Ford Moto Pfohe

Bulgarian Football Union

Besta Med

Max Covering

Realfin Bulgaria

Fish Invest





Baka 357


The Slovenian Embassy in Sofia

MD Build


Paralax Life Sciences

Marsfeld Railways Logistics

Work highlights

  • Advised the Bulgarian Football Union on the legal and regulatory matters of the VAR System implementation in Bulgaria and the negotiations with the provider Hawk-Eye Innovations Ltd.
  • Advised Alexander Ratskevych on his €520k investment in the Dental Clinic Petar Duchev.
  • Advised a logistics companies in Bulgaria in its €3m investment project for building one of the biggest logistics hubs on the Balkans.

Tokushev And Partners Law Office

Tokushev And Partners Law Office advises clients on M&A deals, reorganisations and corporate restructurings, as well as commercial and corporate governance issues. Viktor Tokushev, who handles real estate projects, jointly leads the practice alongside Ivan Antov, who is active on M&A deals.

Practice head(s):

Viktor TokushevIvan Antov

Other key lawyers:

Boris Teknedzhiev


‘Simply very satisfied with the services. Reliable feedback on all legal questions in particular regarding corporate and M&A matters.’

‘I mostly deal with Boris Teknedzhiev, who is a very friendly contact and reliable.’

Key clients

M2 Prom

Elektroimpuls 2020


Invest Fund Management

Pazardjik Bulgarian Commercial Management

AM Petroleum



Orgachim Resins



BGI Group

Dunav Trans

East Golf Properties

Danone Bulgaria

Pharmalex Bulgaria

Work highlights

  • Advising Electroimpuls 2020, who are willing to acquire a company who own a photovoltaic park in Dobrich region, Bulgaria.
  • Guided M2 Prom through the agreed post-investment obligations, namely to reorganise the company from its pre-investment form of a limited liability company into a joint-stock company.
  • Advised East Golf Properties on the opportunities for payment of funds to the sole owner of the company, through an effective reorganisation of the capital and its reduction made in the Commercial Register.