Next Generation Partners

Commercial, corporate and M&A in Bulgaria

Boyanov & Co.

Transactional work is at the heart of the corporate, commercial and M&A practice group at Boyanov & Co., where the team is regularly mandated on high-value cross-border acquisitions. The team also advises its clients on corporate restructuring, greenfield investment projects and the related due diligence procedures, across a number of sectors including banking and finance, telecommunication and energy. Yordan Naydenov and Raina Dimitrova are co-practice heads, with the former focusing on the corporate and M&A work, while the latter is specializes in broad commercial advice. Other key team members include founding partner Borislav Boyanov whose expertise spans large scale M&A projects and advising investors on their entry to the Bulgarian market, while Alexander Chatalbashev focuses on corporate advice in the energy sector.

Practice head(s):

Yordan Naydenov; Raina Dimitrova

Other key lawyers:

Borislav Boyanov; Alexander Chatalbashev; Mihail Vishanin

Key clients

BioIVT (subsidiary of Linden Capital Partners)


valantic GmbH

Rezolv Energy (part of Actis group)

Tietoevry Oyj

Eurobank Bulgaria AD

YARA International

Mondelez International

Borealis AG

Black Sea Property Plc.

Work highlights

  • Advised BioIVT on the acquisition of the Bulgarian company Fidelis Research AD and its subsidiaries in 4 jurisdictions.
  • Advised Valantic GmbH to acquire control over AIOPS Group AD and its subsidiaries in 2 other jurisdictions, including a complex pre-deal transformation of the target group.
  • Assisted Eurobank Bulgaria AD in getting the concentration clearance for the acquisition of the ongoing concern of BNP Personal Finance Bulgarian branch and provided the needed support in relation to the issuing of the regulatory consent for the same acquisition.


Private equity, TMT, energy and banking and finance are some of the sectors in which the corporate and commercial team at CMS are active - it assists clients with both the buyer and seller side of complex M&A transactions and advise foreign companies on entry to and exit from the Bulgarian market. M&A expert Atanas Bangachev leads the practice, alongside Gentscho Pavlov and Dimitar Zwiatkow , who specialize in M&A and restructuring, and large-scale portfolio transactions respectively. Assen Georgiev, Nevena Radlova and Veliko Savov are also key points of contact.


Practice head(s):

Atanas Bangachev; Assen Georgiev; Dimitar Zwiatkow; Gentscho Pavlov; Nevena Radlova

Other key lawyers:

Veliko Savov


‘Dimitar Zwiatkow has been diligent in his work and has been able to assist us in closing transactions in a timely manner.’

‘Nevena Radlova is an outstanding person. She is an expert on broad range of commercial law matters such as regulatory matters, licensing, data protection and business agreements review. She also advised us on merger control and merger clearance, anti-trust and compliance matters, as well as on marketing campaigns.’

‘The CMS team has been able to find good solutions on complex topics, coupled with a good commercial understanding.’

‘Highly professional team, very knowledgeable and responsive.’

Key clients

YGY Industries

CTP Invest spol. s.r.o.

KJK Sports

Musala Soft AD


Johnson & Johnson

EKO Bulgaria EAD

Atradius Collections

B2 Holding


Pontus Partners

Work highlights

  • Advised CTP Invest spol. s.r.o. on the acquisition of Transcapital and Transcapital Ring Road, large logistics business in Sofia, consisting of land of an aggregate area of c. 340 559 sq.m. and over 10 logistics buildings located on such land in two locations in Sofia.
  • Advised the shareholders in Musala Soft AD on their 100% exit by sale to ARICOMA Group, part of KKCG.
  • Advised B2 Holding ASA with respect to a EUR 90 million deal relating to the entire sale process of its Bulgarian subsidiary “Debt Collection Agency” JSC.

Djingov, Gouginski, Kyutchukov & Velichkov

Djingov, Gouginski, Kyutchukov & Velichkov is reputed for the depth of its expertise in M&A, privatization and private equity transactions, where it covers the full spectrum from small to large-cap transactions in both national and international capacities. Among their clients are global corporations and investors, private equity and venture capital funds as well as financial institutions and increasingly start-ups. Zdravka Ugrinova  is an expert in corporate and commercial law, and private equity transactions, while Violetta Kunze focuses her practice on the TMT sector, and leads on many cross-border M&A transactions. This duo jointly lead the practice. Valentin Bojilov, who specialises in M&A, private equity and joint ventures, was made partner in January 2023 as was Gergana Monovska - clients consider both lawyers to be 'amazing'.

Practice head(s):

Zdravka Ugrinova; Violetta Kunze

Other key lawyers:

Stephan Kyutchukov; Omourtag Petkov; Georgi Tzvetkov; Valentin Bojilov; Ralitsa Gougleva; Gergana Monovska; Silviya Apostolova


‘Excellent team – responsive, knowledgeable, all-rounded expertise. And pleasant to work with!’

‘Zdravka Ugrinova and Ralitsa Gougleva are both amazing. They are my go-to lawyers for anything related to Bulgaria. I have had excellent experience working with them without exceptions.’

Key clients

The Rohatyn Group (TRG)

PPF Group

Desarollo Agricola Y Minero SA (DAYMSA)

INTEGRAL Venture Partners

Angel’s Estate Winery, Purcari Wineries PLC

The administrators and senior secured lenders of Bulsatcom UH Holdco Limited

European Innovation Council Fund (EIC)

MarketStar Holdings, LLC


AbbVie Inc.


BMW I Ventures

Oman Investment Authority

Residence Control EOOD, dba M2M Services

Bianor Holding AD

Cognyte Technologies Israel LTD

Silverline Partners–- Fund LP

Eljoy AD

INVENIO PARTNERS FUND II SCSP (formerly, Empower Capital Fund II SCSP)



Come Forth Capital EOOD

Maple Bear

Froneri Bulgaria EOOD, part of Nestlé group



Astellas Pharma Europe Ltd.

ContourGlobal Maritsa East 3 AD

Emma Alpha Holding Ltd.

SKF Bearings Bulgaria EAD

IBM Bulgaria


Ingram Micro

Laboratory Corporation of America Holdings (LabCorp.)

Work highlights

  • Advised The Rohatyn Group, a global asset management firm, on all local legal aspects of the acquisition from KJK Capital of an indirect majority stake in Leader-96 EOOD.
  • Advised the administrators and senior secured lenders of Bulsatcom UH Holdco Limited on the sale Bulsatcom EOOD, to Viva Corporate Bulgaria EOOD.
  • Advised PPF Group on the Bulgarian regulatory law aspects associated with the sale of a 50%-plus-one-share stake in PPF Telecom Group’s assets in Bulgaria to e&.

Kambourov & Partners

Kambourov & Partners' wide-ranging practice encompasses corporate advice, including corporate restructurings and local and cross-border M&A transactions, representing both buyer and seller side mandates across a number of sectors. Vladimir Rangeloff and Veronika Hadjieva jointly lead the Corporate and M&A team and advise on all manner of M&A transactions, corporate finance, de-mergers and business separations. The team is supported by Angel Rizov, who focuses his practice on mergers and acquisitions and Christian Dimitrov, who handles day-to-day corporate matters.

Practice head(s):

Vladimir Rangeloff; Veronika Hadjieva

Other key lawyers:

Angel Rizov; Christian Dimitrov


‘Veronika Hadjieva is a tour de force in the legal world. Her insights and expertise in Corporate and M&A matters are unparalleled. She invests time to deeply understand each client’s unique needs and objectives. Her strategic foresight is commendable, often foreseeing and navigating challenges before they manifest.’

‘Christian Dimitrov has showcased tremendous dedication and mastery in his work. His analytical skills, combined with a keen understanding of business nuances, make him a trusted advisor for complex corporate transactions.’

‘Vladimir Rangeloff  has exceptional knowledge and experience are exceptional in the field of commercial, corporate and M&A legislation and projects. He has broad expertise in regulatory legislation applicable to the credit institutions, investments and banks as well in the financing law and commercial legislation.’

‘The team provides prompt and high-quality services where the motivation of the lawyers and their level of expertise are constantly expressed. Responses were accurate and always provided in close cooperation with in-house lawyers of the company.’

‘Kambourov & Partners stands out in its meticulous attention to detail, an unwavering commitment to its clients, and an extensive understanding of the corporate landscape. The team possesses an exceptional balance of legal knowledge and real-world business acumen, enabling them to provide solutions that are both legally sound and commercially viable.’

‘The firm excels in navigating intricate M&A deals, ensuring that every aspect is comprehensively addressed. The firm values each client relationship, ensuring tailor-made solutions rather than a one-size-fits-all approach.’

‘The legal professionals at Kambourov, especially in the Corporate and M&A practice, demonstrate a rare combination of legal brilliance, business intuition, and interpersonal skills.’

‘While many legal professionals might possess knowledge, Veronika Hedjieva and Christian Dimitrov couple this with deep empathy and understanding of their clients’ business needs. They are not just lawyers; they are strategists, advisors, and partners.’

Key clients

United Group

Venture Equity

Viva Corporate Bulgaria


United Group entity and Sports Republic




Elica Bulgaria

Dentstore Bulgaria

Shanghai Electric Power

Strategy Object



King’s Valley

Schwarz IT Bulgaria

Bulgarian Weightlifting Federation


Work highlights

  • Advised United Group on the sale of a 100% of its passive infrastructure, consisting of 4800 mobile towers in Bulgaria, Croatia and Slovenia, to Tawal.
  • Advised Viva Corporate on the acquisition of Bulsatcom.
  • Advised Venture Equity, the majority shareholder in ethanol producer Almagest, on the sale of the company to agricultural group Agria.


Kinstellar is well equipped to handle large M&A transactions across the financial services, telecommunication, technology, energy and real estate sectors. The team, led by practice head Diana Dimova advised the Saudi Arabian telecom company TAWAL in their acquisition of the tower assets of United Group B.V. across southeastern Europe, which has been valued at EUR 1.2 billion. Dimova is well versed in corporate and M&A matters, private equity transactions and infrastructure projects. Nina Tsifudina jointly leads the practice alongside Dimova and works closely with global IT companies, private equity and venture capital companies on a range of corporate and commercial matters. Atanas Mihaylov additionally brings expertise in corporate reorganizations and entry into the Bulgarian market to the team.

Practice head(s):

Diana Dimova; Nina Tsifudina

Other key lawyers:

Atanas Mihaylov; Antonia Mavrova


‘Eager to assist and highly knowledgeable. Diana Dimova, Antonia Mavrova and Nina Tsifudina are all exceptional.’

‘Diana Dimova is hands down the best M&A lawyer in Bulgaria. Diana helped meet a ridiculously tight deadline to signing with superb and practical advice.’

‘Nina Tsifudina is a super technical and commercial lawyer.’

‘Kinstellar really have an edge for exceptional client experience – one of the best firms I have worked with anywhere for skill level of lawyers, insights into industry and commitment to solving problems.’

‘Great team comprised of strong professionals. Very proactive and forward looking.’

Key clients



Levine Leichtman Capital Partners

KBC Bank


52 Entertainment

Nielsen Consumer

ZOO Group Stefanov LLC

Muehlhan AG

Yanolja Cloud Pte. Ltd.

DUAL Europe GmbH

FT Publications


Work highlights

  • Advised TAWAL on the acquisition of the tower assets of United Group B.V. for EUR 1.2 billion.
  • Advised KBC Bank on the merger between KBC Bank Bulgaria and United Bulgarian Bank following KBC’s acquisition of Raiffeisenbank Bulgaria.
  • Advised YouGov plc on the acquisition of the European Consumer Panel Business of GfK, a German for EUR 315 million.

Penkov, Markov & Partners

Penkov, Markov & Partners has a ‘highly knowledgeable and dedicated’ corporate and M&A team that is active in the energy, real estate and insurance sectors, where they advise clients on cross-border M&A transactions and general corporate questions, with a sector specific expertise. The team is jointly headed by founding partners Vladimir Penkov , who brings with him extensive transactional expertise and Ivan Markov who is well versed in corporate and commercial matters. The third practice head is Nikolay Cvetanov, who advises banking and TMT clients on private transactions, M&A and compliance matters.

Practice head(s):

Vladimir Penkov; Ivan Markov; Nikolay Cvetanov

Other key lawyers:

Roman Stoyanov; Boris Lazarov; Milena Gaidarska; Boris Strijlev; Tihomir Tishev


‘Nikolay Cvetanov displays an exemplary level of leadership and expertise. His standout qualities include his promptness and diligence in addressing our needs, as well as his deep understanding of the unique objectives of our business. His proactive and insightful approach has set him apart from competitors.’

‘Nikolay Cvetanov, Ivan Markov and Tihomir Tishev were not only prompt and diligent but also displayed an unparalleled level of commitment to our cause. They took the time to thoroughly understand the specific objectives and means of our business, offering invaluable recommendations that were seamlessly incorporated.’

‘Milena Gaidarska participates in all negotiations and planning of deal structures and has extensive experience in this field. In addition, she knows our business well and always prepares suitable solutions.’

‘Boris Strijlev works on negotiations on and drafting of commercial contracts. We are very happy with his work in this sphere, and he is a trusted colleague.’

‘Penkov, Markov & Partners have a solid M&A team and a lot of professionals in the sphere, who prepare the documentation diligently, efficiently and fast.’

‘Penkov, Markov & Partners are truly “More than corporate attorneys.”‘

‘The team is responsible, flexible and acting in very professional way.’

‘The team’s strengths and key capabilities include extensive experience in a variety of practice areas, such as commercial law, litigation, real estate, employment law, and intellectual property. The lawyers at Penkov Markov are highly knowledgeable and dedicated.’

Key clients


Vienna Insurance Group


PAC Doverie AD

Peltina OOD

Karelia Bulgaria EOOD

Granitoid AD

MVB Truck and Bus Bulgaria EAD



Tiger Technology AD

Arteks Engineering AD

Mondi Stambolijski EAD

Zagorka AD (part of Heineken Group)

BA Glass Bulgaria AD


GD Capital Management AD

Infinity Capital AD

Klett Lernen und Information

Mania Team AD

Unilink S.A.

Niko – 99 Jordanka Todorova EOOD


Eurostar EOOD


Atland Investment AD

Work highlights

  • Advised the shareholders of Fidelis Research AD on the sale of the registered capital to BioIVT, part of Linden investment Group.
  • Advised Global Biomet on one of the largest local solar projects for acquisition and development of above 100MW PV plant, with market value of the investment of circa EUR 100,000,000.
  • Advised Unilink Bulgaria EOOD and I&G Insurance Brokers OOD on the EUR 35,000,000 acquisition of SDI Group AD.


Schoenherr‘s commercial, corporate and M&A practice strengths include local and cross-border M&A transactions and take overs, where the team has a proven track record advising in the TMT and energy sectors. Alexandra Doytchinova leads the team and focuses on the energy and real estate sectors, where she advises on market entry to Bulgaria, direct investments and high-profile transactions. Ilko Stoyanov is noted for his ‘exceptional knowledge and experience in the field of commercial, corporate and M&A legislation and projects’. Further bolstering the Corporate and M&A team is Stela Pavlova-Kaneva, who acts in domestic and cross-border M&A transactions, Tereza Shishkova and Ema Stoyanova who joined the firm in December 2022 and January 2023 respectively.

Practice head(s):

Alexandra Doytchinova; Ilko Stoyanov

Other key lawyers:

Stela Pavlova-Kaneva; Tereza Shishkova; Ema Stoyanova


‘Stela Pavlova-Kaneva is excellent in every single way so far – she’s been really diligent with her work, knows her field and reacts super quickly.’

‘Ilko Stoyanov has exceptional knowledge and experience in the field of commercial, corporate and M&A legislation and projects. He also has broad expertise in the regulatory legislation applicable to the credit institutions, investments and banks as well in the financing law and commercial legislation.’

‘The team provides prompt and high-quality services where the motivation of the lawyers and their level of expertise are constantly expressed. Their level of service is excellent, and we emphasize that the answers to the legal questions were provided by Schoenherr law office in due time. Responses were accurate and always provided in close cooperation with in-house lawyers of the company.

‘The team provides prompt and high-quality services where the motivation of the lawyers and their level of expertise are constantly expressed. Responses were accurate and always provided in close cooperation with in-house lawyers of the company.’

‘The Schoenherr team consists of very experienced lawyers, who are familiar with the market and all the potential issues that may arise on a transaction. They are very proactive and thorough, and do not leave any aspect to the chance. Alexandra Doytchinova and Stela Pavlova-Kaneva have excellent negotiation skills and in-depth knowledge of the market, legislation, and commercial side of the business.’

‘Alexandra Doytchinova is a leading M&A lawyer in Bulgaria. She is not only extremely knowledgeable, focused and goal oriented, but also has excellent client care skills. She is always aware of the commercial aspects of a deal and all market developments. She handles with ease the most complex and sophisticated matters and finds solutions for every potential issue.’

‘Stela Pavlova-Kaneva is an excellent M&A lawyer and has outstanding commercial awareness and legal experience. She is not only very knowledgeable, but also handles difficult negotiations in a very professional and calm manner. She is very proactive, meets all deadlines and would go the extra mile for her clients.’

‘International team of specialist which gives the opportunity to easily consult professionals with different profiles and/or in other locations when needed.’

Key clients

KKCG Group / Aricoma Group International AB

Oiltanking GmbH

Chaos Software



NTT DATA Business Solutions

United Group



MET Group

Poseidon S.A

Leoni AG

Offerista Group

Globe Trade Centre SA (GTC)

Work highlights

  • Advised e& on the acquisition of a controlling stake in PPF Telecom Group’s assets in CEE for EUR 2.15 billion
  • Advised KKCG Group and its portfolio company Aricoma Group International AB on the acquisition of Musala Soft and its subsidiaries.
  • Advised BlackPeak Capital on an equity investment in courier and fulfilment provider

Wolf Theiss

Wolf Theiss acts for international venture capital and private equity investors in transactional work that ranges from small minority share acquisitions up to large cross-border equity and commercial transactions. The firm represents Acrisure in an ongoing insurance-broker acquisition of the Unilink Group across 6 jurisdictions. Richard Clegg leads the practice and is especially versed in transactions and corporate matters in the regulated industries. Anna Rizova advises global corporates on their entry into the Bulgarian market and in M&A transactions, Katerina Kraeva and Jasmina Uzova are also noted for their contributions on M&A transactions.

Practice head(s):

Richard Clegg

Other key lawyers:

Anna Rizova; Katerina Kraeva; Jasmina Uzova; Kristian Yabalkarov


‘The service that we and our clients receive from Wolf Theiss is always of the highest quality.’

‘We work exclusively through Richard Clegg and Kristian Yabalkarov (Associate). They are skilled, experienced and engaging; and effortlessly create the correct team from across Wolf Theiss for each individual request.’

‘Excellent team with diverse background and lots of experience.’

‘Top professionals and dealmakers’

Key clients


Apollo Global Management

BNP Paribas

Intuitive Surgical Operations

Edgecap Partners

Raiffeisen Bank International

Pet Network International

European Bank for Reconstruction and Development (EBRD)

International Finance Corporation (IFC)


EU Shipments



3S Investment

Emil Frey





POP Global Holdings

Zantingh Energy Services (ZES)

Work highlights

  • Advised Acrisure on the acquisition of Unilink’s business. This covers 5 jurisdictions, Bulgaria, Czech Republic, Moldova, Romania and Slovakia.
  • Advised Apollo Global Management on the full acquisition of the UK company PHOS.
  • Advising the International Finance Corporation (IFC) on the acquisition of a minority stake in Doverie.

Deloitte Legal Law Firm

Deloitte Legal Law Firm has broad expertise in complex M&A transactions and covers a range of corporate issues including restructurings and corporate governance advice. Practice head Miglena Micheva is especially active in the life sciences and healthcare sectors, where she delivers expert advice on corporate restructurings and regulatory matters. Her predecessor Kaloyan Yordanov departed the firm in August of 2023 to start his own firm.

Practice head(s):

Miglena Micheva

Other key lawyers:

Zvezdelina Filova; Konstantin Ivanov; Georgi Stefanov


‘Miglena Micheva is fluent in English, available at any time, proactive proposing alternatives and solutions business wise.’

Strong coordination skills in a project involving different jurisdictions and areas of expertise (legal, accounting, tax) both in-house and with external advisors.’

‘Professional attitude to work, including very good expertise and cooperativeness.’

‘They always respond quickly and adequately to the problems.’

Key clients

Eurobank Bulgaria AD (Project Echos)

Work highlights

  • Provided full M&A transactional support in the acquisition of the retail banking business of BNP Paribas Personal Finance SA, Bulgaria Branch.

Dimitrov, Petrov & Co

International and domestic corporations, private equity and venture capital funds are among some of the clients who regularly turn to Dimitrov, Petrov & Co for their expert advice on M&A projects, joint ventures and corporate restructurings. Head of the department Zoya Todorova provides ‘excellent legal support in large cross-border transactions’, and is well versed in the areas of corporate, employment and competition law. Boyana Milcheva advises on the tax related matters on transactions, while Radina Tomanova supports on M&A projects and venture capital transactions. Tomanova was promoted to senior associate in March 2023, as was Rositsa Vasileva.

Practice head(s):

Zoya Todorova

Other key lawyers:

Boyana Milcheva; Radina Tomanova; Ana-Mari Eremieva; Rositsa Vasileva


‘Boyana Milcheva is an excellent lawyer for anyone seeking corporate and real estate advice. The combination of legal expertise, dedication, and empathy make her an exceptional attorney who truly stands out.’

‘Zoya Todorova is an exceptional attorney. From start to finish, my experience with Zoya was nothing short of outstanding, and I couldn’t be more pleased with the results.’

‘Partner Zoya Todorova and Associate Ana-Mari Eremieva provided excellent legal support in a large cross-border transaction.’

‘Zoya Todorova has a real talent for sharing knowledge, motivating the team and distributing tasks. Radina Tomanova is also a very talented lawyer who has independently managed some complex projects and Ana-Mari Eremieva is very dedicated and goal-oriented.’

‘Rositsa Vasileva took the time to build strong relationships with client, ensuring that the client felt heard and valued throughout the legal process. She was well-versed in the nuances of her practice area, allowing for a deep understanding of the legal landscape.’

‘The practice of DPC supported us in all legal aspects regarding Bulgarian law in a large cross-border transaction.’

‘The M&A and corporate team of DPC is simply exceptional!’

‘The corporate team of Dimitrov, Petrov & Co provide fantastic service. They are responsive, have a deep knowledge of the M&A sector and work collaboratively to conclude the transaction.’

Key clients

Evrotrust Technologies Online Supermarket

Ameta Holding


GTT Group

Pepkor Europe

Dev Craft




Nikolay Dimitrov

Zühlke Engineering

Enable Bulgaria

Work highlights

  • Advised the successful funding of Evrotrust from the Capital Investment Fund, part of the Bulgarian Development Bank Group prior to its Series A.
  • Advised EC Investments, a company that indirectly owns 80% shareholding interest in on the local aspects of a major M&A transaction taking place in the Czech Republic.
  • Provided legal support in the internal restructuring of the group of companies within Ameta Holding, including completion of the transaction on local level, as well as assistance with AML compliance procedures.

Dinova Rusev & Partners

The corporate and commercial team of Dinova Rusev & Partners is well equipped to handle M&A transactions, through the expertise of the team led by founding partner Anelia Dinova and Ivelina Cherneva. Dinova focuses her work on the structuring of transactions and deal negotiations, while Cherneva specializes in unfair competition and consumer protection next to commercial matters and M&A deals.

Practice head(s):

Anelia Dinova; Ivelina Cherneva

Other key lawyers:

Georgi Vladov


‘Their language of communication is user-friendly; they aim at making the client comprehend the issue and its practical implications no matter how complex it may be from a legalistic perspective.’

‘Georgi Vladov: reachable, calm, very knowledgeable, creative thinking. I appreciate his patience in working with a multi-jurisdictional team. His judgement is trustworthy; he is straightforward in his communication, succinct yet thorough and he never beats around the bush or “hides” behind legalistic terminology when talking to us on a matter.’

‘Very strong team with huge range of professional knowledge. Very cooperative and fast responding. Carefully study all details of the problem and provide multiple options/decisions where possible.’

‘Smart thinking!’

‘Highly experienced team in M&A and privatizations, they have strong negotiation capabilities.’

‘Individuals at all levels are result oriented. Confidence for the deliverables is one of the key competitive advantages.’

Key clients

Transmetrics AD

I-Cover Services Limited

Everty Bulgaria

CRD Sport


AP Retail I EOOD

Northrop Grumman

Imerys Minerals Bulgaria

Sofia Hotel Balkan AD

Economou Shipping

Devico Bulgaria EOOD

Cavalieri 1981 AD

Astron Chemicals


Greenville Bulgaria

Work highlights

  • Acting for Transmetrics in the negotiations and perfection of a convertible loan investment from the European Innovation Council.
  • Acting for a real estate group company on the implementation of restructuring its assets-holding in Bulgaria.
  • Advising on the Bulgarian law implication of the international acquisition of XBT Holding SA by One Equity Partners.

Hristov & Partners

Hristov & Partners is praised by its clients for its ‘international network’ and ‘proven track record’ on commercial and corporate matters. The team is regularly involved in large, cross-border M&A deals, either as lead counsel or as the Bulgarian counsel alongside international law firms, where their client roster includes international financial institutions and investment entities. Practice head Pavel Hristov advises on all manner of M&A transactions, in both a domestic and cross-border capacity, and is supported by Dragomir Stefanov and Biliana Shagova in the team.

Practice head(s):

Pavel Hristov

Other key lawyers:

Dragomir Stefanov; Biliana Shagova


‘Dragomir is absolutely reliable and has an efficient workstyle, providing answers in an understandable way. Pavel is absolutely reliable, knows about market and market difficulties and provides answers in an understandable and efficient way.’

‘The international network of Hristov & Partners as well as the solid experience and proven track record of the company make them one of the best legal consultants anyone can turn to in this field, not only in Bulgaria.’

‘The speed of accurate feedback, proper assumptions with benefits and risks, the precise suggestions as well as the pull through activities are outstanding and above anything I have experienced in 35 years of Management.’

Key clients

Broadcom Inc.


Lempriere Group


Reckitt Benckiser Inc.

Integrity Capital Investments

European Bank for Reconstruction and Development

Athletic Commerce



Work highlights

  • Advised Integrity Capital Investment on the sale of its shares, among other investors, in Fidelis Research to BioIVT, a portfolio company of Linden Capital Partners.
  • Advised Athletic Commerce on the sale of 65% of its shares in the e-commerce specialist AIOPSGROUP to valantic GmbH.
  • Advised Broadcom, alongside Baker McKenzie, on Bulgarian law aspects related to the $61bn acquisition of VMWare.

Andrey Delchev and Partners - Eurolex Bulgaria

Andrey Delchev and Partners - Eurolex Bulgaria deals with a varied caseload including advising on M&A transactions, corporate restructurings, joint ventures and corporate governance matters for both private and public clients. Andrey Delchev and Magdalena Valova jointly lead the practice, with the former advising on concessions and commercial matters for financial institutions and the latter focuses on the transport, infrastructure and energy sectors.

Practice head(s):

Andrey Delchev; Magdalena Valova

Other key lawyers:

Severina Liubenova


‘Fast responses and work products, good knowledge of corporate law, understanding of needs of clients from foreign countries.’

‘Great response time, good case management, good time planning.’


Key clients

Asarel-Medet JSC

Fresh Media Group

Trace Group Hold AD

Ecolab EOOD

“Softline” EOOD

Nova City Group

Gedeon Richter Bulgaria

Printec Bulgaria EAD

Electrohold Bulgaria EAD

Ashram Limited

Work highlights

  • Provision of full legal services to the Fresh Media Group – on legal matters including day-to-day corporate and commercial legal matters.
  • Advised Assarel-Medet JSC on various day-to-day legal matters related to its business operations and corporate governance.
  • Provision of full legal services to Gedeon Righter BG. The team provides this client with a wide range of legal advice and representation in corporate and commercial matters on Bulgarian legal issues arising from their business operations.

Arsov Natchev Ganeva

Arsov Natchev Ganeva has a proven track record acting as Bulgarian counsel to foreign corporations entering the Bulgarian market and setting up local subsidiaries, where the team advises on the full spectrum of related corporate and administrative law matters. Jivko Rokov and Desislava Lukarova act in mergers and acquisitions, corporate restructurings, private equity transactions and corporate governance matters and jointly lead the practice alongside co-founder Marin Arsov.

Practice head(s):

Jivko Rokov; Marin Arsov; Desislava Lukarova

Other key lawyers:

Yordan Terziev; Mariela Bogdanova-Kostova

Key clients

Eberspächer gruppe gmbh & co. kg

Publicis Groupe Holdings B.V.


Vedamo AD

Lidl Bulgaria eood & co kd

OBO Bettermann gmbh

Centroplan international gmbh

Browsewave AD

Work highlights

  • Advised and supported EBERSPÄCHER GRUPPE GmbH & Co. KG in the creation of its local Bulgarian subsidiary, EBERSPAECHER BULGARIA EOOD.
  • Advised PUBLICIS GROUPE HOLDINGS B.V. on the acquisition of Advertise Bg and in the context of the subsequent post-acquisition integration of the newly acquired business operations.
  • Advised ICGB AD on the construction and operation of a natural gas pipeline Interconnection between Bulgaria and Greece including on the implementation of a two-tier corporate governance system and other corporate changes necessary for the certification of ICGB under the ITO unbundling model.

Atanassov & Ivanov Law Firm

Atanassov & Ivanov Law Firm is engaged by energy and technology clients to provide expert advice on matters of restructuring, early-stage financing of start-up companies, commercial contracts and regulatory advice, where the team draws on knowledge in the related fields of employment and tax law. Iliyan Ivanov and Stoyan Atanassov co-lead the practice and advise on corporate governance matters and shareholder issues, while the former focuses on energy clients, the latter supports multinational corporations.

Practice head(s):

Iliyan Ivanov; Stoyan Atanassov

Other key lawyers:

Maria Dimitrova


‘Stoyan Atanassov is very resourceful in finding flexible and out-of-the box solutions. Iliyan Ivanov is diligent, dedicated and proactive.’

‘Both Iliyan Ivanov and Stoyan Atanassov have profound commercial knowledge in different business areas.’

‘Both partners Iliyan Ivanov and Stoyan Atanassov are professional, business oriented and pragmatic in their approach. They combine strong insight, sound advice and strategic thinking. Always able to think “out of the box” and impress with quality of advice.’

Key clients

Toyota Balkans

Inchcape Brokerage Bulgaria

Amorim Cork Bulgaria

Salini Impregilo S.p.A

Michelin Group

Cheque Dejeuner Group

Velocity Smart Group

Soundmouse Limited (Adelphoi Limited)


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

Austrotherm Bulgaria

Yug 3000 Limited


Work highlights

  • Acted as the Bulgarian law advisor to Black Peak Capital for the purposes of the structuring, setting up and operation of its new EUR 126 million Fund.
  • Advised on the introduction of a complex contractual framework and new insurance products.
  • Advised on the restructuring and the acquisition of the Soundmouse Group.

BWSP Ilieva Voutcheva & Co Law Firm

BWSP Ilieva Voutcheva & Co Law Firm focuses on transactional work, including complex domestic and international M&A deals and the resulting corporate restructures, acting for clients across various sectors. The team is led by Diliana Ilieva who is valued for 'always finding the best possible solutions' and the 'determined and capable leader' Rossitsa Voutcheva. Both have extensive experience in M&A deals and corporate structures.

Practice head(s):

Diliana Ilieva; Rossitsa Voutcheva

Other key lawyers:

Viktor Ivanov; Diavena Kalcheva


‘Diliana Ilieva is a very hard-working lawyer, who always finds the best possible solutions. She is very knowledgeable and highly proactive.’

‘Rossitsa Voutcheva is determined and a capable leader. Her legal knowledge, business understanding, and intuition is impressive. Viktor Ivanov and Diavena Kalcheva are impeccably professional, always on time, caring and provide the right advice.’

‘Competent specialists with professional attitude and commitment.’

Key clients

Atlas Copco Bulgaria Ltd.

Castello Precast Ltd.

Tessa Energy Ltd.

VK Investments Ltd.

Ltd. Commerce Ltd.

SAT Health Jsc.

MS Asset Development Ltd.


CPC Europe Ltd.

Gano Excel Ltd.

Hec Solar Ltd.

Vittoria Pharma Ltd.

Renergy Ltd.


Work highlights

  • Advised Totim Svilengrad Ltd. on corporate restructuring comprising of a spin off from the parent company Totim Ltd. with total value of the deal EUR 9000000.
  • Advised SAT Health Jsc. on acquisition of Pia Mater Ltd.
  • Advised SAT Health Jsc. on acquisition of Blocks Medical and Dental Center Ltd.


A range of clients from start-ups and individual clients up to multinational corporations turn to CasePro for corporate and commercial advice, including for cross-border transactions, entry into the Bulgarian market and on regulatory matters. Practice head Damyana Lazarova is a specialist in the field of fintech and focuses her practice on complex commercial transactions, while co-head Boyan Lazarov focuses on labour and employment law, alongside commercial and corporate matters. Spartak Yovchev has a sectoral focus on real estate and is well versed in M&A, restructurings, joint ventures and private equity investments.

Practice head(s):

Damyana Lazarova; Boyan Lazarov

Other key lawyers:

Spartak Yovchev; Radost Doycheva; Nikolay Georgiev


‘I collaborate very closely with Damyana Lazarova and Boyan Lazarov and it is always a pleasure to work and communicate with them. Both of them are experienced and competent professionals, with strong values and flexible approach.’

‘Damyana Lazarova’s proactive approach is a rare but extraordinary quality that strengthens the whole team. I also respect Boyan Lazarov for being a kind, helpful, and skilled individual. Spartak Yovchev has always shown up and stayed to help, even when things got tough.’

‘As a highly experienced attorney, Damyana Lazarova is a true specialist in M&A transactions, and we greatly appreciate her expertise in this field. We often work with Boyan Lazarov and Nikolay Georgiev, who have a very good grasp of best practices in the corporate and commercial areas.’

‘When it comes to commercial and corporate related matters, I feel I am in safe hands with Nikolay Georgiev. Boyan Lazarov demonstrates confidence, competency and problem-solving attitude and excels when it comes to team organization and management.’

‘Boyan Lazarov and Damyana Lazarova are smart, organized and reliable advisors. They demonstrated profound knowledge in various legal aspects and perfect professional legal practice.’

‘Boyan Lazarov definitely stands out because is well-versed in commercial and corporate practice areas. I am also really impressed with Spartak Yovchev who is a real team player. Working with them is always a pleasure as together we meet every deadline and find a solution to every problem.’

‘CasePro is a reliable law firm with an excellent team of lawyers. We have been working with them from years and always the professionalism and expertise of the lawyers involved in our company’s cases has led to obtaining the best resolution in those cases.’

‘The team has proven they can find excellent solutions to fit our corporate and commercial needs. What really brought my attention is the active engagement of the lead management along with the prospective counsels from the junior team.’

Key clients


WHG Services (Bulgaria) Limited

SumUp Ltd.

SumUp Holdings Luxembourg S.a.r.l

SumUp Payments Ltd.

Taulia Bulgaria

Paysafe Bulgaria

Lufthansa Technik Sofia

Hesburger (Bulgarian Burger)

GrEco Bulgaria

Scale Focus


SumUp Services GmbH


Rhythm Engineering – Bulgaria


MariaDB Bulgaria

Intertainment Services Jsco

Astrea Staffing

Enco Vending

Melexis Bulgaria

Milestone Systems Bulgaria

Tide Platform Ltd – Bulgaria Branch

OpenPayd Bulgaria

Astea Solutions AD

Debitoor Holdings Limited S.a.r.l


Direct Credit Bulgaria

Defacto Retail Limited Sirketi Bulgaria Ltd.

Trust for Social Achievement Foundation

Fourth Bulgaria

Wealth Effect Management

Henkel Bulgaria

New Vision III Fund

Property Club EAD


Pontica Solutions

Glovoapp23, S.L

Berry Smart Logistics



Internet Securities Bulgaria

Digital Technology Center Commerzbank AG Sofia Branch BFC

Expert Solutions

TDB Play

Network Management Innovations


Sb Accounting & Consulting





DSV Road






Mabsut Technology


Industrial Software

AP Bulgaria LLC

America for Bulgaria Foundation

Joker Media Rental

Ten Dots



New Vision Fund

SWM Fund Management

Rosalea OOD

Pontech BG EOOD

Sofia Electric Brewing OOD

Badu OOD

Amarant Bulgaria Ltd

Releva OOD

AE Solar Horizon AD

Sappience OOD

Tennis Maleeva AD

Smart Organic AD

International Vessel & Barge Chartering d.o.o


Lufthansa Industry Solutions

Soft Mx EOOD

Slakovtsi Solar Park EAD

Graovo Solar Park EAD


FL Technics UAB

Dextrasoft OOD

Work highlights

  • Advised Storpool Storage AD on the successful exit and buy- back of the Series A investors in the company – LaunchHub Fund Cooperative, LaunchHub Partners OOD and IT Web AD.
  • Advised NV3 Fund, on a significant M&A deal for equity financing for EUR 3,5M in the local entity AE Solar Horizon AD.
  • Advised Excitel Holdings B.V. on the closing of the equity financing for EUR 10,6M.

Georgiev, Todorov & Co

Georgiev, Todorov & Co is engaged by its clients for day-to-day advice on a variety of corporate and commercial matters, among them share transfers, corporate disputes and drafting contracts for clients across the construction, energy, transport and healthcare sectors. Arno Mamasyan is regularly involved in corporate and administrative matters and heads the firm’s corporate and commercial practice. Tsvetelina Dimitrova is highly recommended by clients for her corporate work across varied sectors.

Practice head(s):

Arno Mamasyan

Other key lawyers:

Tsvetelina Dimitrova


‘Tsvetelina Dimitrova is the lawyer who stands out for all corporate, IP and healthcare related matters. She is trustworthy and responsive and can work well under pressure. I highly recommend her!’

‘Tsvetelina Dimitrova is the lawyer who we work with, and I can only recommend her. She is extremely knowledgeable and capable lawyer with very good communication skills. It is a pleasure working with such a talented professional.’

‘For the corporate aspect of the deal, we have mainly worked with Tsvetelina Dimitrova, who is a partner in the firm. She is an excellent lawyer, very knowledgeable and experienced and very easy to communicate with. It is a pleasure working with her and as part of the team, I am absolutely assured that we will always receive high value legal advising.’

Georgiev, Todorov & Co. provides legal consultancy in corporate matters in the real estate and construction sectors as well as on various projects our company is involved in. The law firm has strong business and commercial awareness. In my opinion, what makes them stand out from the competition is the very well synched team of knowledgeable and skillful lawyers and their capability to help and solve problems in real business challenging situations.’

‘Georgiev, Todorov & Co. provides legal services tailored to our specific needs and have a team of well prepared and experienced professionals in different fields, which is the strength of the firm.’

‘The assignments the team at Georgiev, Todorov & Co. have worked on include corporate related matters, as well as IP related ones. We are very satisfied with the work provided, and the firm has very strong understanding of the healthcare regulation and the sector. Highly recommend the firm.’

‘We have engaged Georgiev, Todorov & Co. for shares sale and purchase agreements. My impression from the team is that it is very experienced and knowledgeable. It has also good level of responsiveness and communication, which is very important for us. The law firm has been advising us on the corporate and on the real estate aspects of the deal. Overall, we are very satisfied with the legal services provided.’

Key clients

Alliance Print

Ciela Norma

Bulgarian Branch Chamber “Roads”

Dundee Precious Metals Inc.

Experian Bulgaria

Belozem Solar Park 3 LTD


Heat Energy

Galaxy RE Ltd. |Galabovo Solar BG Ltd.

Solar Energy Support Ltd.

Solar Land

METRO Cash & Carry

AG Capital

Roche Bulgaria

Hill Clinic

On Clinic


Work highlights

  • Advised the Fleet Services with regards to its participation as major shareholder in the capital of GPS Bulgaria.
  • Assisted Heat Energy in the capacity of a pledgee, which has started compulsory execution on the grounds of a special pledge of receivables in the amount of approximately EUR 1020230 to Bulgarian State Railways EOOD.
  • Provides daily legal consultancy to Experian Bulgaria, including registration of necessary corporate changes into the Bulgarian Commercial register, revision of contracts, negotiations, employment contracts; relocation of local employees in foreign countries and employment of foreign nationals in Bulgaria, as well as intellectual property advises, copyright protection.

Gugushev & Partners Law Office

Gugushev & Partners Law Office's broad scope of work ranges from providing regulatory and business advice up to assisting on corporate reorganisations and complex local and cross-border transactions. Stefan Gugushev focuses on complex transactions for international clients and jointly leads the practice with Dimitrinka Metodieva, who covers M&A, private equity and venture capital investments among other corporate matters.

Practice head(s):

Stefan Gugushev; Dimitrinka Metodieva

Other key lawyers:

Victor Gugushev


‘Dimitrinka Metodieva was the lead lawyer on the potential acquisition matter. She was very well informed on the necessary steps that needed to be taken and her work on the documentation was immaculate. Daniela Petkova was very attentive to questions. Her ability to explain the complex legal steps in simple terms made the process much easier to understand.’

‘Gugushev & Partners’ standout quality is handling tricky deals making sure everything is legally sound. They’re innovative and really pay attention to details, making them an excellent choice for anyone needing solid legal support in complex business transactions.’

‘Victor Gugushev and Daniela Petkova are really good at sorting out complex projects. They carefully they handle all details of the project and are proactive when solving problems. Victor is great at thinking ahead, and Daniela is super precise when dealing with important documents.’

Key clients

The shareholders of Tillbase Holdings Ltd.

Helios Energy Invest JSC

Minority shareholders in Icom Ltd.

Alfastar Ventures JSC

Next Basket JSC

Black Peak Southeast Europe Growth Fund SCSp

Malex Management Ltd.

Malex Management Ltd. and VIG 14 EOOD

Work highlights

  • Advised the shareholders in Tillbase Holdings Ltd. on the sale of the largest BPO service provider in South-East Europe– 60K AD.
  • Advised Helios Energy Invest JSC on the acquisition of Helios Projects JSC.
  • Advised on the registration of the first Bulgarian Evergreen EuVECA Fund Alfastar Ventures JSC.

Stoeva, Tchompalov & Znepolski

From start-up companies through to large public and private companies, a range of local and international companies turn to Stoeva, Tchompalov & Znepolski for its expert advice on M&A, corporate governance and general corporate matters, and commercial litigation. The team is co-led by founding partners Iordan Tchompalov and Irina Stoeva, while the former has extensive experience in supervising mergers and acquisitions, the latter has experience of a plethora of commercial projects.

Practice head(s):

Iordan Tchompalov; Irina Stoeva

Other key lawyers:

Miroslava Iordanova; Tihomir Todorov


‘Irina Stoeva has business acumen, follows a pragmatic approach and is highly motivated to go the extra mile when needed to get a deal done.’

‘Iordan Tchompalov is very active across domestic and cross-border M&A, private equity transactions and financings. He has excellent knowledge and a good sense of what is needed to be done to make the deal work.’

‘Miroslava Iordanova is very competent and efficient lawyer that goes directly to the point.’

‘I am very happy with the work of Miroslava Iordanova, Tihomir Todorov and Vanya Todorova – they are knowledgeable and efficient. Natalia Yordanova is an exceptional litigator.’

‘The whole team is highly skilled and knowledgeable with relevant experience in the corporate and commercial matters. Irina Stoeva and Iordan Tchompalov have excellent legal background and expertise in the field of private equity. They are able to go beyond and above to deliver what the client asked for. Miroslava Iordanova and Tihomir Todorov are passionate young lawyers ready to take every challenge met by the client and to find an appropriate solution.’

‘Stoeva, Tchompalov & Znepolski’s team has extensive knowledge in corporate and commercial law and provide efficient and pragmatic advice based on their knowledge of the market. The team operates smoothly, delivering high quality results on time and always showing a genuine interest in the business.’

‘The lawyers from Stoeva, Tchompalov and Znepolski meet tight deadlines and are extremely reliable. They easily understand corporate law issues and solve them effectively.’

‘The law firm serves both Bulgarian and international clients across varying sectors. What I appreciate the most is that STZ lawyers pay attention to the minor issues from the day-to-day business as they do with the big projects. They are trustworthy and make client feels comfortable and confident when taking business decision.’

Key clients

Eurohold Bulgaria AD


Electrohold group (former CEZ group in Bulgaria)

SDI Group

Dialogue Plus Ltd

KWU International Professional League EAD

Industry Development Holding JSC

Adara AD

Premier Fond REIT

Samex Ltd.

Texim Bank

Alteron REIT

We Love Digi Ltd

Dealing Financial Company

Bolkan & Sea properties REIT

Nielsen Admosphere A.S


Cardbox JSC

EU Consult Ltd.

Work highlights

  • Advised the SDI Group and its shareholders on the sale of SDI Group to the Polish Unilink owned by Acrisure.
  • Advised on the liquidation of the Bulgarian subsidiary Nielsen.

Eversheds Sutherland

Eversheds Sutherland is entrusted with varied work which includes advice on M&A deal structuring, completing due diligence and other corporate documentation, as well as the restructuring of domestic and foreign businesses. Practice co-head Irina Tsvetkova is well versed in mergers and acquisitions and the resulting restructurings, and fellow co-head Nikolay Bebov  similarly acts in M&A deals, but with a focus on the financial sector.

Practice head(s):

Irina Tsvetkova; Nikolay Bebov

Other key lawyers:

Eleonora Mateina


‘The team is unique since they are very competent, business oriented and always accessible.’

‘The lawyers are very dedicated to their work and always try to find the right practical solution for the client.’

Key clients


Alstom Ferroviaria S.p.A./ Bombardier Transportation

Green Innovation

Japan-Bulgaria Business Association

Japan Tabaco International

LBL Investment

Royal Canin Bulgaria

Transact Europe

TE Connectivity Germany GmbH


Viterra Romania

Work highlights

  • Acted as the leading counsel for Transact Europe, including the drafting of the share purchase agreement, advising the client in the negotiations, on a range of regulatory matters, on the escrow agreement among the escrow agent and the sellers and buyer, and on all closing matters.
  • Advises AstraZeneca on a day-to-day basis on commercial and corporate matters.
  • Provides Japan Tobacco International with advice on all commercial agreements of the company.


CERHA HEMPEL Gerginov is well positioned to advise on international cross-border mergers, joint ventures and corporate restructurings, due to its well-established client network spanning central and eastern Europe. Practice head Boyko Gerginov works with various IT clients and focuses on advising them in complex M&A transactions.

Practice head(s):

Boyko Gerginov

Key clients

Hewlett Packard Enterprise

Pierer E-Bikes GmbH

Pierer & Maxcom Mobility OOD

Pierer New Mobility GmbH

Thyssenkrupp AG

Hewlett Packard Enterprise CDS

Euralis Semences SAS

Meta (facebook) USA

Samsung Electronics

Tchibo Bulgaria

HP Inc.

Work highlights

  • Advised Pierer New Mobility GmbH in relation to the incorporation of a distribution subsidiary in Bulgaria.
  • Advised HPE in relation to the carve out of certain Services and internal reorganisation, including on the incorporation of a new Bulgarian subsidiary.
  • Advise the client on the merger of two of its entities as well as on multiple in-sourcings and acquisitions.

Ernst & Young Law Partnership

Ernst & Young Law Partnership assists on a wide array of commercial agreements, drafting of corporate documentation and M&A transactions for their domestic and international client-base, with corporate restructuring advice lying at the heart of their practice. Svetlin Adrianov leads the team and has experience in major privatisation transactions. Among the team changes was the promotion of Rebeka Kleytman to senior manager in July 2023, and the hire of Ana Petrova from the United Bulgarian Bank in October 2022.

Practice head(s):

Svetlin Adrianov

Other key lawyers:

Rebeka Kleytman; Ana Petrova

Key clients

VITRONIC Dr.-Ing. Stein Bildverarbeitungssysteme GmbH


ISKRA, elektro in sistemske rešitve, d.o.o.


Cash Credit

Industrial Center Iskar


Mohawk International Holdings


International holding company

Orion Innovation AG

Evrotrust Technologies AD


Work highlights

  • Advised EnduroSat on its global restructuring.
  • Advised Cash Credit on the acquisition of 100% of the ownership of the group by the minority shareholders.

Kaldamukov, Dinev Bliznakova & Mandazhieva Law Office

Kaldamukov, Dinev Bliznakova & Mandazhieva Law Office

Practice head(s):

Dimitar Kaldamukov


‘KDBM supports Nedschroef with the Eastern European extension and covers all legal areas for us in an effective and efficiant manner – corporate (establishing a limited), commercial (negotiating a major lease deal) labor law (individual and collective) and compliance (code of conduct training / hotline). The team is increadibly hands-on and takes ownership and initiative to a level that is comparable to what a general counsel would be expected to provide.’

‘Zhulieta Mandazhieva (commercial, corporate and M&A) and Encho Dinev (labour law) are both very pro-active in their respective areas of expertise – they do not only manage the desk research and drafting aspects very well but even get involved in direct negotiations, where required (e.g. subsidies) while being fully compliant with laws and regulations.’

‘Quick, adequate and competence response of our needs and the ussies that we have.’

Key clients

Arton Group GmbH Austria

Koninkljike Nedschroef Holding B.V., the Netherlands

Smart Organic AD, Bulgaria

BenchMark Finance


Golden Agri Resources (GAR Iberia)

Interactive Advertising Bureau Bulgaria Association

Mountainview estates

Unit Investments

Retail Park Elin Pelin

Work highlights

  • act KDBM Law advised AKWEL on the acquisition of several land plots and a factory building near Stara Zagora where the client will set up its newest operations in Europe.
  • act KDBM Law fully supported the Nedschroef, a leading global fastener supplier for the mobility industry, in setting up a local SPV in Bulgaria and taking over a factory in Stara Zagora.
  • Advised Retail Park Pirdop, Retail Park Dupnitsa, Retail Park Smolyan and Retail Park Elin Pelin for investment appr. 5,5 million EUR for each project. We advised the implementation of the whole project – purchase of project land, its development and execution of commercial rent agreements with leading international FMCG and clothing companies. In addition, we are advising the client on the project financing and execution of credit agreements, establishment, and perfection of collateral inclusive.

Kinkin & Partners

Kinkin & Partners assists its varied clients on corporate and shareholder restructurings, mergers and acquisitions and provide ongoing legal support and business consultations. Vladimir Kinkin leads the practice with 30 years of experience in corporate and commercial law and is supported in the team by Adriana Nacheva.

Practice head(s):

Vladimir Kinkin

Other key lawyers:

Adriana Nacheva; Nikolay Radev


‘The team specializing in corporate law is exceptional. They provide helpful advice and are always available when needed.’

‘All of the lawyers at Kinkin and Partners are amazing professionals with a lot of experience. They have great work ethic and work well as a team.’

‘Kinkin & Partners have the capability and qualities to deal with the flexibility of our case. The team we work with is really engaged with our case and our communication was smooth and transparent.’

‘The members of corporate team are helpful, prompt in providing services and always responsive to our requests. Nikolay Radev handled our case with exceptional professionalism. Vladimir Kinkin leads the corporate team and the work they do is always at high level. ’

‘The team we work with is well-qualified and dedicated to their work. What distinguish Kinkin & Partners is the attention to detail and the professionalism. Their teams have the capacity and experience to assist in variety of cases.’

‘The individuals whom I work with are highly experienced and well prepared. They are organized and easy to cooperate with. They keep me informed with updates and always give highly appreciated advice.’

Key clients

Agria JsC

Bulavto-Lada Ltd

Casa Chic jsC

Iso Systems Ltd.

Mime Ltd.

Real Fruit Ltd.

S E Bulgaria Ltd.

Showroom Ltd.

Textilano Ltd.

Work highlights

  • Assisted a client specialized in production of plant protection products with subsidiaries in Europe, Asia, Africa, West America in the process of negotiations for acquiring the whole business by investors.
  • Assisted a client with in-kind contribution of receivables in the capital of JsC, amounting to EUR 20,000,000.
  • Represented the client as shareholder in Ltd. in a process of separation of the business with ex-partners including the financial relations.

Kolev, Angelov & Miteva Law Firm

Kolev, Angelov & Miteva Law Firm advises on corporate law matters, corporate governance, AML regulations and business restructurings as well as M&A matters. The team led by Nikolay Kolev and Angel Angel Angelov handles local and international matters, and both partners are praised for their 'immense knowledge and experience in the area of corporate law'.

Practice head(s):

Nikolay Kolev; Angel Angelov


‘Nikolay Kolev is a brilliant mind, it is a real pleasure discussing legal cases with him, he always presents different views and interpretations clearly, with pros and cons. Structured, consistent, polite, appreciates and understands the different points of view in negotiations.’

‘The team has long experience and acted on many major transactions in Bulgaria. They uniquely combine the practice with deep knowledge on theory. They have tailored approach and vast interdisciplinary knowledge.’

‘Angel Angelov is extremely diligent and experienced, provides out of the box solutions if needed and responds basically immediately.’

Key clients

CETIN Bulgaria EAD


BinBin BulgariaEl i Klima OOD

Glavbolgarstroy / GBS Group / GBS Energy Solutions

Titan Machinery Bulgaria

Evklips Energy


Tiger Road R&D EOOD

Work highlights

  • Advised on acquisition of one of the competitors of Glavbolgarstroy International – Global Construction AD.
  • Advised HL-TopMix in a commercial dispute with Elektrorazpredelenie Yug (one of the three grid operators in Bulgaria), related to breach of the requirements for the quality of the supplied electricity.
  • Supported the majority shareholder in a complicated corporate dispute with the minority shareholder.

Komarevski Dimitrov & Partners, Attorneys-at-Law

Komarevski Dimitrov & Partners, Attorneys-at-Law

Practice head(s):

Venelin DimitrovIva Georgieva


‘I like working with KDP, because the team is pragmatic, solution oriented and sharp.’

‘Venelin Dimitrov: very experienced, very pragmatic, excellent negotiation skills.
Iva Georgieva: super efficient and well-organised, very diligent and knowledgable.’



‘small under international standards but for Bulgarian measures certainly with good punch. all are excellent lawyers and show great committment to client needs. And in addition a pleasure to work with.’

‘Venelin Dimitrov: Did a DD and transaction with him, perfect cooperation, short reaction time, always reliable advice. together with Iva Gerorieva a perfect team
Ilya Komarevsky: Sent a client to him for a comercila dispute, client was pleaseantly surprised, did not expect such service orientation and international quality of work in Bulgaria’

‘Difference competences, areas, support, collaboration ’

‘Venelin is supportive, has an in-depth knowledge, team-player, understands the business need and looking for its most proper defense, considering the law, he understands not simply the law but the facts that should stay behind them and understands them properly, he is a good professional with considerable experience in M&As which supports us in our M&As ’

Key clients

Advent Group (

AstraZeneca (

Brandwatch ( / (

Deutsche Bahn (DB Cargo Bulgaria) (

East Interactive (

Eurolease Group (

Financial Times (

Hydrapharm Bulgaria (

it-economics Bulgaria (

Kemet Electronics Bulgaria (a Yageo Company) (

Kone (

Mars, Inc. (

Novel Plant Foods (

Planets Pride Balkans (part of Planets Pride Group –

Progress Software (

Renewable Energy Insurance Broker (

Rentronics OOD (

Sorcible Ltd. (

Takeda (


ZeroNorth A/S (part of Maersk Group) (

Work highlights

  • KDP provided assistance on the sale of 60% of largest renewable energy insurance broker in Bulgaria.
  • Advised Kone on restructuring its local business presence.
  • Assisted Kemet Electronics in merging its Bulgarian subsidiaries.

Murgova & Partners Attorneys at Law

Murgova & Partners Attorneys at Law has experience ranging from deal structuring and due diligence assessments through to corporate and commercial regulatory advice. The team is jointly led by Petya Murgova and Simeon Krastev who are highly rated by their clients on all corporate and commercial matters.

Practice head(s):

Petya Murgova; Simeon Krastev

Other key lawyers:

Juliana Tsankova; Silvana Dzharkova-Aleksandrova


‘They have provided full legal services related to all corporate and commercial matters concerning our business. Their assistance and legal skills are invaluable, and I would highly recommend them.’

‘Petya Murgova is an expert in deal structuring, corporate matters, negotiations and litigation. She has proven to be not only an excellent lawyer, but also a great team leader.’

‘The whole team is dedicated to meeting client needs on a timely basis, while ensuring legal support at top professional quality.’

Key clients

PIM Haskovo

Application Mart (former name ICN)

Simonas cards

Property Assets

Artex Zlaten vek

Artex Engineering

Lemi Trafo


Nemuno Banga

Viber Media Bulgaria

Viber Luxembourg


DM Services

Balkan services

Mars Armor

Unique Estates

VIA Architects

Go Grill

White Water

Navtex Group

Slavi Toys



Via Holistica

Work highlights

  • Provided the full scope of legal services to Viber Media Bulgaria related to the incorporation of the Bulgarian subsidiary of the client.
  • Advised Kreon Bulgaria during the whole start up process of their business in Bulgaria.
  • Provide PIM Haskovo with the full scope of legal services including drafting corporate agreements for sale and distribution of the equipment, for settling their relations with brokers and commission agents, securing collecting of their receivables as well, implementation of full set of documents and procedures required by GDPR and AML regulations.

Penkova & Partners Law Firm

Penkova & Partners Law Firm has broad expertise in commercial and corporate matters including business transactions, share transfers, restructuring and drafting and termination of commercial arrangements. Founder and managing partner Victoria Penkova's 'remarkable expertise' is highlighted by clients and together with Diana Milkova they are valued for providing 'a great service'.

Practice head(s):

Victoria Penkova

Other key lawyers:

Diana Milkova; Yavor Tankov


‘It is easy communicating with Penkova & Partners Law Firm and they provide a great service.’

‘Penkova & Partners Law Firm – Bulgaria has highly qualified lawyers working there.’

‘Distinctive feature of team in their collaboration with the client is their capability to be involved in the making of decisions, involving key legal and commercial matters.’

Key clients


A-LIGN Compliance and Security, Inc.

adidas Bulgaria EAD

Rex Consulting Ltd

PKF Bulgaria Ltd.

MA Creative EOOD

EXLService Bulgaria EAD

Adecco Bulgaria EOOD

Inso Ltd.

Berg Montana Fittings EAD

Montana Hydraulics OOD

Stemar Consulting EOOD

Renomia a.s.

Renomia OOD

Barentz-Bulgaria EOOD

Eastvantage EOOD

McLarens Bulgaria Service Centre EOOD

Varna Mall EAD

Work highlights

  • Advising A-LIGN BG EOOD on its day-to-day business, as well as on corporate matters, and data protection and privacy.
  • Provide ongoing day-to-day advice to adidas Bulgaria EAD, employment issues and preparation of corporate policies.
  • Advise Eastvantage BG on different corporate matters related to the restructuring of the Bulgarian legal entity as part of the global re-organization of its shareholding structure.

Popov, Arnaudov & Partners

Popov, Arnaudov & Partners assists clients with acquisitions where it advises on all steps of the proceedings, from due diligence documentation to the closing of the deal as well as other commercial and corporate matters, increasingly for clients in the technology sector. Sibina Eftenova leads the practice and Ivan Volodiev one of the key team members.

Practice head(s):

Sibina Eftenova

Other key lawyers:

Ivan Volodiev


‘The people who work there stand out for their great willingness to help, high competences and individual approach.’

‘The team is broad enough to provide adequate and timely service when we have needed legal assistance. Very beneficial are also the regular newsletters with important legal changes that are happening.’

‘The strengths of the lawyers at Popov Arnaudov & Partners are the high level of professionalism, expert knowledge in the field. ’

Key clients

UniCredit Consumer Financing

MD Immobilien – part of XXXLutz


Sirma Solutions

Sirma Group Holding

Atanas Kiryakov

Non-Food Traders Association: Praktis, Enikom, Helikon, Mr. Bricolage, AIKO, Mömax, Masterhaus, Sport Depot

Aiko Multi Concept / Moemax Bulgaria

Kenes Group

Fragment Events

Work highlights

  • Assisted on a transaction for the sale of 76% of the capital of Sirma A.I., operating under the Ontotext brand, and attracting additional investment in the Company.
  • Advised Sirma Solutions, in connection with the disposal of a 23.80% equity stake in the subsidiary Sirma AI, trading as Ontotext, to the European Bank for Reconstruction and Development (EBRD), the Hungarian company OTX-Partner Korlatolf Felelossegu Tarsasag and Sirma Group Holding board member- Atanas Kiryakov.
  • Advised the Client in the overall process of the acquisition of a joint-stock project company: legal due diligence, share purchase agreement, deal closing, necessary corporate changes thereafter.

Stankov, Todorov, Hinkov & Spasov

Stankov, Todorov, Hinkov & Spasov is highlighted by clients for its abilities when it comes to ‘closing deals and doing legal due diligence beforehand’. In addition to commercial law, it is also handles corporate and concession law, where it is regularly instructed by telecommunication, construction and online gaming companies. Mihail Stankov and Teodor Todorov are practice heads and bring with them extensive experience in this field.

Practice head(s):

Mihail Stankov; Teodor Todorov

Other key lawyers:

Ida Golemanova


‘What makes Ida Golemanova stand out is her individual approach, plus hard work and competence.’

‘Simeon Hinkov is an intelligent lawyer, with good theoretical knowledge and good communication strategies, which helps him in negotiations and in achieving a satisfactory result for the client.’

‘Simeon Hinkov not only knew how to deal with my case, but also helped me to better understand the tax law in Bulgaria and prepare for my future actions with tax authorities. Apart from that, he advised me on commercial agreements and labor law.’

Key clients

Oxford Integrated Logistics Jsc.

State Agriculture Fund

Kintex Jsc.

State Consolidation Company Jsc.

Municipal Bank Jsc.

Transpress Ltd.

Inter Cars Bulgaria Ltd.

Ford Moto Pfohe Ltd.

Bulgarian Football Union

Besta Med Ltd.

Max Covering Ltd.

Realfin Bulgaria Ltd.

Fish Invest Ltd.

Devin Jsc.

Tsaki Ltd.

Tyrbul Jsc.

TVB Ltd.

Baka 357 Ltd.

Grainchart Ltd.

The Slovenian Embassy in Sofia

MD Build Ltd.

Peltina Ltd.

Benda Group Ltd.

Kalin Petrov

Paralax Life Sciences Jsc.

Marsfeld Railways Logistics Jsc.

Work highlights

  • Advised CrossChem Bulgaria Ltd. and Tsaki Ltd. in their joint venture proceedings for taking part in the Bulgarian market.
  • Advised Findy Ltd. with a case relating to the misuse of its EU trademark by a competitor registered in Switzerland.
  • Advised a state-owned company in its legal due diligence on their whole business activity.

Tokushev And Partners Law Office

The commercial and corporate department of Tokushev And Partners Law Office is regularly called upon to advise on mergers and acquisitions both in local and international settings, and also assists on business registration processes and company restructurings for clients ranging from start-ups to large corporates. Boris Teknedzhiev leads the practice and covers M&A transactions, private equity investments and capital markets advice. He receives support from managing partner Viktor Tokushev, who is active across corporate, commercial and real estate law.

Practice head(s):

Boris Teknedzhiev

Other key lawyers:

Viktor Tokushev; Teodora Yakova


‘The law firm is widely known for its expertise in the corporate and capital market legal areas, where the founding partner Viktor Tokushev has a long history in the legal profession as he also features academia background.’

‘Boris Teknedzhiev showed in-depth expertise in the field of corporate matters in the financial sector.’

‘Tokushev and Partners are our long-standing partners and we could name their strict professionalism, ability to deal with high volume of work and flexibility.’

‘I mostly work with Viktor Tokushev who is an exceptional professional in the field of capital markets and general corporate.’

‘I find the services of Tokushev and Partners Law Office very helpful and useful. They stand out with their strict professionalism, ability to deal with high volume of work and flexibility.’

‘Boris Teknedzhiev really stands out with his work and dedication on details within tight deadlines. It is a pleasure working with people who have such professionalism and make it easy for one to trust their services.’

‘Great people that really care and take full responsibility.’

‘Teodora Yakova and Boris Teknedzhiev always go the extra mile, have an eye for detail, are responsive and keep an eye on deadlines. It’s a pleasure working with them.’

Key clients

Bulgarian Development Bank AD

Capital Investments Fund AD

Telematic Interactive Bulgaria

Danone Bulgaria

Pharmalex Bulgaria

KBC N.V. Branch Bulgaria

Sofia Commerce Pawn Shops AD

Aktiv Properties REIT

IpoTech Sofcom AD

Danube Meat AD

Rak 2019 AD

Work highlights

  • Advised Capital Investments Fund (CIF), part of the Bulgarian Development Bank group, in several successful transactions in equity investments in its portfolio.
  • Advised RTP Global on leading a EUR 2.3 million equity investment round in PlanDelta.
  • Advised Telematic Interactive Bulgaria AD on day-to-day compliance matters and regulations of transactions worth more than EUR 18,3 M.