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

Penkov, Markov & Partners
1113 SOFIA

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 ValovRoman Stoyanov, Milena Gaidarska and Yura Mincheva are other key names.

Practice head(s):

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.

Key clients

ČEZ a.s.

Bul Dom OOD

Basildon Holding Sarl

Mondi Stambolijski EAD

Enikom-M EOOD

Industrial Capital Holding AD

Pierre Fabre Dermo-Cosmetics Bulgaria EOOD

BA Glass Bulgaria AD

Zlatna Panega Cement AD

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.

Practice head(s):

Vladimir Penkov; Yura Mincheva


‘In terms of the quality of advice, consistency in the content delivered, accessibility of the advice, understanding of our format, general formation and presentation of the content delivered and speed with which the process was handled, I would put PMP very high on the list.’

‘Excellent knowledge of the law and local situation, hard-working, always accessible.’

‘Their lawyers are specialised in all the fields important for the business. They react fast to customer demands.’

Key clients

ČEZ, a.s.

CEZ Bulgarian Investment B.V.



Coca Cola Hellenic Bottling Company Bulgaria AD


Titan Group

Zlatna Panega

Correct Consulting Ltd

Klett Lernen und Information GmbH

Heineken Group and Bulgarian subsidiary Zagorka AD

SM Control Ltd

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.

Practice head(s):

Milena Gaidarska


Knowledgeable and approachable.’

‘I am very happy with their services. They are highly motivated professionals who always try to do their best for their clients.’

Key clients

Bul Dom OOD, former sole-owner of the capital of BULFELD EOOD (Paradise Center)


Siko Service EOOD (Part of SiKo Trans Group)

Frech Internationale Beteiligungen

Kontrol Engineering AD

Klett Bulgaria OOD

Nedvizhimi Imoti SIPJV

Investicionna Companiya Galata AD

Glorient Investment BG OOD

Kambana Burgas AD

B&B Hotels Group

Zagorka AD, part of Heineken Group

Enikom-M EOOD

Artstroy Holding Group

BA Glass Bulgaria AD

Mondi Stambolijski AD

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.

Practice head(s):

Vladimir Penkov; Ivan Markov; Nikolar Cvetanov


‘We rely on the team’s efficiency, in-depth legal advice, and analysis of the sector, which are always related to our specific needs.’

‘They understand the business climate in this field and provide practical and business-oriented legislative advice.’

‘We definitely benefit from the strong business focus of their lead partners in the sphere, as well as from their legal precision, expedient approach, and ability to work within very narrow deadlines.’

Key clients

Fund Manager of Financial Instruments in Bulgaria EAD (FMFIB)

Paynetics AD

European Bank for Reconstruction and Development (EBRD)


MoneyGram International



Weston Growth Capital

Phyre AD

Billy UK

Industrial Capital Holding (HIKA) and M+S Hydraulic (5MH)

CEZ a.s.

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.

Practice head(s):

Vladimir Penkov; Roman Stoyanov; Nikolay Cvetanov; Atanas Valov


‘We highly appreciate the internal consistency between the team members and the unique expertise each one provides to the client.’

‘My impression of the team is that their working group has not only a good understanding of the legislative framework, but also is proficient in licensing and regulatory matters as well as dispute resolution.’

Key clients

CEZ a.s.

Mondi Stambolijski EAD

Zlatna Panega Cement

Markan Holding AD

Knauf Bulgaria EOOD

EnergiMidt Renewables A/S, Denmark

Minstroi Holding group of companies

Aenerg energy management team

Solar group

Sunpower EOOD

Wat Burgas Co&KD

Aleksandrina Solutions

Photon Sredets EOOD

Televic Bulgaria EAD

Gravel and Sand Pits Bulgaria EAD

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.

Practice head(s):

Vladimir Penkov; Roman Stoyanov


‘Roman Stoyanov has been collaborating with our company for almost 10 years and has supported us with his professionalism and precision in matters of development and clinical research.’

Key clients

Pierre Fabre Dermo-Cosmetics Bulgaria EOOD, part of the Group Pierre Fabre

InnoPharma S.r.l., international Clinical Research Organization (CRO) and its Bulgarian subsidiary InnoPharma International BG

Berlin-Chemie AG and Berlin-Chemie/A.Menarini Bulgaria EOOD part of Menarini Group

Medical Center Mona Lisa EOOD

Intellectual property Tier 2

Penkov, Markov & Partners perform trade mark searches and due diligence, registrations, oppositions and renewals on an ongoing basis for clients in a wide range of industries. Practice head Vladimir Penkov advises on copyright and trade mark infringements. Ivan Markov is a key contact in the team. In 2020, Yordan Politov left the practice and is now an independent practitioner.

Practice head(s):

Vladimir Penkov


‘Very competent and easy-to-work-with team. Highly engaged for each and every case.’

‘The intellectual property practice team of Penkov, Markov & Partners provides the best possible advice ensuring maximum effectiveness and a customised approach to the client.’

‘They always provide excellent, timely and really useful and practical advice.’

Key clients

Coca Cola Hellenic Bottling Company Bulgaria AD

Zlatna Panega Cement/ TITAN

Jos H. Lowenstein & Sons, Inc.

BA Glass Bulgaria

White Ltd.

Tekra EOOD

Arteks Engineering

Naturproduct Ltd.

Klett Bulgaria Ltd.

Novo Staklo (New Glass) EAD

MVB Track & Bus Bulgaria /MAN SE

Build Invest – Sofia

Ivo Todorov

Karelia Tobacco Company Inc.

Rinamar Ltd. (Guardium)

G Star OOD

Makter Consult Ltd.

Educational Center “Temida”

BSTD Consult Ltd.

Strimona Ltd./ Fencing Systems Ltd

ENCO Vending Ltd.

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.

Practice head(s):

Nikolay Cvetanov


‘Their multi-disciplinary, global team helps us to turn our innovative ideas into practice and practice into growth with their professional legal advice and business-oriented approach.’

‘Nikolay Cvetanov anticipates change and seizes new opportunities with the foresight and insight to manage deal execution and post-merger integration effectively. He helps us to integrate risk, regulatory and crisis management.’

Key clients


pCloud EOOD

V Mobile AD

Getti AD

Phyre AD

Paynetics AD

Teletek Electronics AD

Depository Network


Cable Internet Systems EOOD

Secure Group Lab / Delatek

Mnemonika AD


GDPR Project

Colibra AD

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.

Practice head(s):

Vladimir Penkov; Atanas Valov


‘The firm has a very professional, customer-focused, result-orientated and pragmatic approach.’

‘The team is well organised, with extensive legal knowledge both of civil and administrative disputes procedure law, but also on arbitration rules of the big arbitration institutions in Bulgaria.’

‘My impression of the team is that they are strict, efficient and proactive, applying innovative approaches to leading litigation cases in area where there is no explicit legislation that could be directly applied.’

Key clients

Haskovo Minicipality

Arteks EngIneering AD

Red River Bulgaria EOOD

Red River Van Eck B.V.




DNV GL SE (former Germanischer Lloyd SE)

Gravel and Sand Pits Bulgaria EAD

Arteks Zlaten Vek OOD

BA Glass Bulgaria AD

Zagorka AD, part of Heineken Group

ČEZ, a.s. and CEZ Bulgarian Investment B.V.

Coca Cola Hellenic Bottling Company Bulgaria AD (CCHBCBG)

Balkan Star Retail

Nedvizhimi Imoti Sofia SIPJV

Obzor Development Ltd

Established in 1990 Penkov, Markov & Partners is one of the first law firms in Bulgaria having nowadays the biggest and most significant client portfolios and being respected both domestically and internationally. The firm currently has approximately 40 partners and associated members, several external legal consultants, 12 trainees, 12 assistants and staff members.

The firm publishes its own newspaper PMP Legal News, circulation 2200 (published in Bulgarian, English and German languages) which is also available on its website.

Since 1996 PM&P is the exclusive member firm for the jurisdiction of Bulgaria of Lex Mundi – the world’s leading association of independent law firms.

PM&P is a member of Lex Mundi and FLI Net and is the first law firm in Bulgaria certified under the ISO 9001:2000 and later recertified under ISO 9001:2008 and ISO 9001:2015 standards by Bureau Veritas Certification.

For their professionalism the experts from PM&P are frequently engaged not only in legal advice and procedural representation but also in the legislative process (e.g. the Commercial Register Act and the New Renewable Energy Sources Act, as well as competition regulations).

In 2019 PM&P was awarded Superbrand of the year award for a fourth time (2007, 2015, 2017) as recognition for exceptional reputation of the trademark Penkov, Markov & Partners among its current and potential clients, partners and investors.

Department Name Email Telephone
Commercial and company Vladimir Penkov
Mergers and acquisitions Vladimir Penkov
Mergers and acquisitions Ivan Markov
Litigation and arbitration Vladimir Penkov
Litigation and arbitration Atanas Valov
Public procurement Milena Gaidarska
Taxation Radost Georgieva
Labour Radost Georgieva
Labour Maria Pashalieva
Real estate and project development Milena Gaidarska
Real estate and project development Atanas Valov
IT, media and telecommunications Nikolay Cvetanov
Competition and antitrust Smilena Hrusanova
Insolvency and bankruptcy Ivan Markov
Banking, finance and insurance Vladimir Penkov
Banking, finance and insurance Ivan Markov
Banking, finance and insurance Nikolay Cvetanov
Concessions Vladimir Penkov
Concessions Ivan Markov
Energy, RES and natural resources Roman Stoyanov
Energy, RES and natural resources Boris Lazarov
Intellectual property and trade marks Vladimir Penkov
Customs Roman Stoyanov
Pharmaceuticals Roman Stoyanov
Immigration Maria Pashalieva
Immigration Vyara Tomova
Commercial and company Nikolay Cvetanov
Consumer protection Nikolay Cvetanov
Photo Name Position Profile
Mr Asen Apostolov  photo Mr Asen Apostolov
Mr Nikolay Cvetanov  photo Mr Nikolay Cvetanov
Mrs Milena Gaidarska  photo Mrs Milena Gaidarska
Ms Radost Georgieva  photo Ms Radost Georgieva
Ms Smilena Hrusanova  photo Ms Smilena Hrusanova
Ms Ana Krusteva  photo Ms Ana Krusteva
Mr Koycho Marinov  photo Mr Koycho Marinov
Mr Ivan Markov  photo Mr Ivan Markov
 Nikoleta Nesheva  photo Nikoleta Nesheva
 Ivo Nickolchev  photo Ivo Nickolchev
Ms Maria Pashalieva  photo Ms Maria Pashalieva
Mr Vladimir Penkov  photo Mr Vladimir Penkov
Mr Lachezar Raichev  photo Mr Lachezar Raichev
Mr Vencislav Semkov  photo Mr Vencislav Semkov
 Mila Stoeva  photo Mila Stoeva
Mr Roman Stoyanov  photo Mr Roman Stoyanov
 Boris Strijlev  photo Boris Strijlev
 Pavel Tsanov  photo Pavel Tsanov
Mr Plamen Valkanov photo Mr Plamen Valkanov
Mr Atanas Valov  photo Mr Atanas Valov
 Nikolay Voynov  photo Nikolay Voynov
 Rumyana Yordanova, CIPP/E  photo Rumyana Yordanova, CIPP/E
Number of lawyers : 50+
Exclusive Bulgarian member of Lex Mundi
Bulgarian Chamber of Commerce and Industry
American Chamber of Commerce in Bulgaria
Austrian Business Club
Bulgarian Business Leader Forum
German-Bulgarian Industry and Commerce Chamber
French-Bulgarian Chamber of Commerce
Bulgarian-Swiss Chamber of Commerce
Vienna Economic Forum
ICC Bulgaria
Hellenic Business Council in Bulgaria
Bulgarian-Japanse Economic Council
First Law International (FLI)
Other offices : Burgas
Other offices : Lovech
Other offices : Pleven
Other offices : Russe
Other offices : Stara Zagora
Other offices : Varna