Commercial, corporate and M&A in Bulgaria
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 Vishanin, Ralitsa Nedkova and Svetlina Kortenska are other names to note.
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.’
European Investment Fund
Piraeus Bank SA
National Bank of Greece
Inditex / ZARA
Jacobs Douwe Egberts
- 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 Pavlov, Dimitar Zwiatkow and Atanas Bangachev. Counsel Nevena Radlova advises on suppliers' and distribution contracts, as well as the competition aspects of merger clearance.
Atanas Bangachev; Assen Georgiev
‘On corporate and M&A: incomparable.’
‘Excellent knowledge of the industry. Availability. Tailored approach.’
OTP Bank Group
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
The Sales House
- 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.
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.
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.’
Hitachi Solutions Co. Ltd.
Hilti Italia S.p.A.
ERG Insaat Ticaret ve Sanayi AS
Sony Europe Limited
Eleven Fund Cooperatief U.A.
DOHLE Trading Group Holding LLC & Co. LP
Thunder Software Technology Co., Ltd.
Auto Kelly a.s.
Hamilton Data Services
Mitsuba Teklas Turkey Otomotiv A.S.
J.S. Hamilton Poland S.A.
Lemi Trafo EAD
Yazaki Europe Limited
CEE Equity Partners
Kharis Capital Advisory
- 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 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 ‘strategic’ Vladimir Rangeloff and the ‘committed’ Veronika Hadjieva.
Vladimir Rangeloff; Veronika Hadjieva
Advance Media Group
Bulgarian Telecommunications Company
Shareholder in Union Ivkoni
Perfektüp Ambalaj San. ve Tic. A.Ş.
- 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.
United Bulgarian Bank
MAN Energy Solutions
- 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 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 Valov, Roman Stoyanov, Milena Gaidarska and Yura Mincheva are other key names.
Vladimir Penkov; Alexander Stefanov
‘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.‘
Bul Dom OOD
Basildon Holding Sarl
Mondi Stambolijski EAD
Industrial Capital Holding AD
Pierre Fabre Dermo-Cosmetics Bulgaria EOOD
BA Glass Bulgaria AD
Zlatna Panega Cement AD
- 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) 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.
Alexandra Doytchinova; Ilko Stoyanov
“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.’
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
- 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.
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.
Richard Clegg; Katerina Kraeva; Anna Rizova
‘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.’
Gramercy Emerging Markets Fund
Arco Capital Corporation
Sensata Technologies Holding N.V.
STS Medical Group
- 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.
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.
DK Energy Bulgaria EAD
F&B Analyses JSC
Asarel – Medet
Trace Hold Group AD
- 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 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.
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.’
- Advised Squircle Capital Advisory on the €185m restructuring of Mercury, to facilitate the acquisition of the latter.
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’.
‘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.‘
Iron Mountain International Holdings
Pepkor Europe (Pepco Group)
Alpiq Energy SE
Mareshki Group of companies
Endress+Hauser Instruments International AG
LPP Fashion Bulgaria
- 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’ ‘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.
“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.’
Eko Petroleum Bulgaria EAD
Assos Capital Bulgaria
Danaos and Fourlis Group
Marks & Spencer
Imerys Minerals Bulgaria
Sofia Hotel Balkan AD
Devico Bulgaria EOOD
Catechin Water Laboratories OOD
- 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.
‘I highly recommend Hristov Partners as a reliable and trustworthy company.’
Bright Marketing Research
PureTech (Breaktime group)
MTD Europe Holding
- 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’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.
Irina Tsvetkova; Venelin Dimitrov
‘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.’
Deutsche Bahn (DB Cargo Bulgaria)
Eastern European Media Holdings
Japan Tobacco International
- 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.
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.’
Amorim Cork Bulgaria
Salini Impregilo S.p.A
Cheque Dejeuner Group
Analytics for Everyone Ltd (A4E)
Do It Wise
- 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.
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.’
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
Rhythm Engineering – Bulgaria EOOD
MariaDB Bulgaria EOOD
Intertainment Services Jsco
Foris Europe EOOD
Enco Vending OOD
Melexis Bulgaria EOOD
Milestone Systems Bulgaria EOOD
Tide Platform Ltd – Bulgaria Branch
Effie and Philip OOD
Koleff and Partners
Astea Solutions AD
Debitoor Holdings Limited S.a.r.l
State Consolidation Company JSC
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
Pure Energy Ventures Limited
Martindale Holdings Ltd.
- 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'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.
Ivan Todorov; Arno Mamasyan
‘The practice is outstanding due to the team’s professionalism and tremendous expertise in the field.’
METRO Cash & Carry
Hill Clinic JSC
Dench eGaming Solutions
Bulgarian Telecommunication Company
Bulgarian-American Credit Bank
- 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, 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.
‘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.’
Elvistar Trading Ltd.
INSTITUT PO HLADILNA I KLIMATICHNA TECHNIKA JsC
J.K. Management S.R.L.
Kampo 2007 Ltd.
Nelas Auto Parts Ltd.
Penguin U.N. Ltd.
Real Fruit Ltd.
SMART GROUP 2017 JsC
- 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
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.
Port Bulgaria West EAD
Bulgarian-American Credit Bank AD
A1 Bulgaria EAD
HAVAS GROUP Bulgaria
New Games AD, National Lottery AD
Lagardere Travel Retail EOOD
M&BM Express OOD
TIXI AD Group
Next Consult OOD
ESI Transport AD
- 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.
Diliana Ilieva; Rossitsa Voutcheva
SIIF ENERGIES BULGARIE SA
FTC International Ltd.
Incotex Trade Europe Ltd.
Daramis Holding Ltd.
V.P. EcoSolutions Ltd.
Isiklar Holding A.S.
1 Meter Chocolate Ltd.
Grant Thornton Greece
MJ Pack Ltd.
- 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.
Hewlett-Packard Enterprise (HPE)
B2Kapital Portfolio Management S.R.L.
Coface Finanz GmbH
- Advised Hewlett-Packard Enterprises on the merger of two of its local entities, Hewlett-Packard Bulgaria and Hewlett-Packard Global Delivery Bulgaria.
- Acted for DXC.technology 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.
‘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.’
adidas Bulgaria EAD
ExlService Bulgaria EAD
A-LIGN BG EOOD
Berg Montana Fittings EAD
Isolfin Bulgaria AD
GK Bulgaria EAD, GK EAD, GK Construction EAD
- 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.
Stefan Gugushev; Dimitrinka Metodieva
‘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.’
Hareon Solar Technology Co Ltd.
Armada Capital JSC
Debt Collection Agency JSC
Malex Management Ltd.
- 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.
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.
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.’
Internet Corporated Networks (ICN)
Viber Media Bulgaria
- 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 & Partners
The corporate, commercial and M&A practice at Popov & 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.
Emiliyan Arnaudov; Sibina Eftenova; Benislav Vatev
‘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.’
AIKO, Moemax – part of the XXXLutz group
Gorubso – Kardzhali
Black sea Capital Bulgaria
Alpen Pharma Bulgaria
Huawei Technologies Bulgaria
OBO BETTERMANN Bulgaria
M Wine World
International Industrial Services
IBS Scherer Bulgaria
Trio – Interactive International
ATC Access Trading and Rental
M & K Shaydl Bulgaria
Terra Mix Bulgaria
Ja Ja Services
- 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 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.
Mihail Stankov; Teodor Todorov
Bester Generacion Bulgaria Ltd.
Cipy Corporation Ltd.
Besta Med Ltd.
Baka 357 Ltd.
Fish Invest Ltd.
Max Covering Ltd.
The Slovenian Embassy in Sofia
MD Build Ltd.
PAN Chemicals Ltd.
Medis Pharma Bulgaria Ltd.
MR Energy Ltd.
- 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 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.
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.’
Eurohold Bulgaria AD
GlaxoSmithKline (Bulgaria, UK)
The Bulgarian Association of Insurance Brokers
UBB Insurance Broker
Dialogue Plus Ltd, Bulgaria
Vox On International Ltd.
Sofia Business Consulting Group
- 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.
Sky Asset Management Company
SAMSUNG C&T CORPORATION
ALARIC SECURITIES PLC
- 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.