M&A Update: Bulgaria

Despite the ongoing political instability, Bulgaria has seen a recovery in M&A activity and offers significant opportunities to investors.

The political crisis

Bulgaria has faced five parliamentary elections over the last two years resulting in an almost constant state of political uncertainty since March 2021. One of the 2021 elections led to the creation of an unstable government which lasted only seven months. For the rest of the period until June 2023, the country was mainly governed by caretaker governments appointed by the President against the background of a dysfunctional Parliament which was mostly incapable of adopting legislative changes.