Firm Profile > Penkov, Markov & Partners > Sofia, Bulgaria

Commercial, corporate and M&A Tier 1

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.

EU and competition Tier 1

The ‘excellent’ Penkov, Markov & Partners has extensive experience of advising on merger clearance for large-scale mergers in heavily regulated industries, including armaments and energy. In 2019, the firm acted for ČEZ and Emco OOD, an arms manufacturer, in appealing the CPC’s decision to block their respective asset sales and mergers. The firm is well versed in contentious work, acting for Uber and Enicom-M, a furniture retailer in unfair competition proceedings as defendant and claimant respectively. Vladimir Penkov and Yura Mincheva lead the team, which also advises major clients including Heineken and Coca-Cola on compliance related to distribution agreements, promotions and marketing campaigns on an ongoing basis.

Real estate and construction Tier 1

Penkov, Markov & Partners advises on high-value commercial real estate projects and transactions, with a particular focus on challenging zoning and cadastral maps and facilitating clients with permission grants and construction licences. As well as advising on transactional matters, practice head Milena Gaidarska is experienced in leading complex negotiations between both private companies, and between companies and municipal authorities. Atanas Valov advises on structuring lease agreements on behalf of both landlords and tenants, and has experience in real estate litigation and disputes concerning restitution and zoning.

Banking, finance and capital markets Tier 2

Penkov, Markov & Partners has considerable expertise in banking regulation in Bulgaria, having been selected to draft the operating agreement for an investment fund financed, initially, by state and EU funds. The firm has assisted cutting-edge fintech, cryptocurrency, and payment software companies with complying with banking regulations, including with the updated anti-money laundering legislation. On the transactional side, the team assists clients with acquisition finance, real estate, and project finance for borrowers and lenders. Vladimir Penkov, Ivan Markov and Nikolay Cvetanov lead the team. Smilena Hrusanova is a name to note.

Energy and natural resources Tier 2

The energy and natural resources practice at Penkov, Markov & Partners has handled major deals in the sector; in 2019, the team advised ČEZ on the planned sale of its Bulgarian assets to Eurohold. The firm has notable expertise in renewable energy feed-in pricing, having acted for manufacturers seeking to sell energy, generated as a by-product of waste-processing, back into the grid. In this vein, the firm counts over 60 renewable energy producers among their clients, and has represented them in compensation claims against the regulatory authorities after a change to feed-in tariffs enacted, and declared unconstitutional in 2014. The practice is jointly led by Vladimir Penkov, Roman Stoyanov, Nikolay Cvetanov and Atanas Valov.

Healthcare and life sciences Tier 2

Penkov, Markov & Partners advises on the requirements and conditions for conducting clinical trials for medicines and medical devices for manufacturers and the hospitals where the trials are to be conducted. The team also advises on commercial and regulatory matters for clients in the sector, covering data protection, competition and marketing issues, National Health Insurance Fund reimbursement, licensing, and distribution agreements. Vladimir Penkov and Roman Stoyanov, who advises on contentious matters, jointly lead the team.

Intellectual property Tier 2

TMT Tier 2

The TMT practice at Penkov, Markov & Partners assists clients at the intersection of IT and software, advising on compliance in an evolving regulatory environment for companies in the SaaS, SAP, fintech, cryptocurrency, and blockchain spaces. Nikolay Cvetanov, the head of the practice, has particular expertise in data protection and GDPR, having assisted in drafting Bulgarian data protection law, and additionally is a leading figure in non-bank lending and fintech. Vladimir Penkov’s practice is more closely focused on telecommunications, having contributed to the drafting of Bulgaria’s Telecommunications Act and Electronic Communications Act. In his career, he has advised clients including Vodafone, Telefonica, Telenor, and Nokia.

Dispute resolution Tier 3

Penkov, Markov & Partners is active in representing clients from a range of sectors in high-value disputes with the Bulgarian administrative and regulatory authorities. The firm is particularly active in the energy sector, having acted for ČEZ in an appeal against the CPC for a blocked merger, and for numerous renewable energy producers in cases against the state regarding changes to energy tariffs. Real estate and construction is another of the firm’s strengths; the firm has represented a major property developer and cement manufacturer in appeals against administrative acts. Vladimir Penkov and Atanas Valov jointly head the practice. Yura Mincheva and Ralitsa Tihova are key contacts.