Bulgaria

Established in 1990, Boyanov & Co is a full service, independent Bulgarian firm based in Sofia. It is a founding member of SEE Legal, a legal network of 10 firms across Southeast Europe.

Focusses / specialisms

Foreign entities make up a good proportion of the firm's client base and it often acts as Bulgarian counsel to large foreign banks and investors on cross border financing and M&A transactions.

In project development the firm is notable for its energy practice with expertise in nuclear energy and oil and gas projects. It often advises on tender procedures for concession contracts.

Banking, energy, telecoms, media and technology and real estate are active sectors for the firm.

Key clients

Among its clients are European Investment Bank, J.P. Morgan, BNY Mellon Corporate Trustee Services Limited, DSK Bank, OTP Bank, DSK Bank, Credit Suisse, Morgan Stanley, Barclays Bank, HSBC Bank and HSBC Corporate Trustee Company, Sutherland, International Investment Bank, NN Group, Mondelez International, Klas Olio, Borealis, Econt Financial Services,M Trak, Enersys Holdings, Black Sea Property and Fraport.

Research period review: 33^rd edition (2023/2024)    

During the research cycle the firm was active in banking and finance, M&A, and project development.

In banking and finance the firm received notable mandates from the financial services industry, including prominent banking institutions.

In terms of M&A, the firm was active in industries such as car sales and leasing, courier services, IT, e-commerce, and smart agriculture.

In project development the firm was engaged by clients from industries such as renewable energy, mining, aviation and construction. In this practice area the firm has frequently acted on the side of concessionaires and sponsors.

Deal highlights: 33^rd edition (2023/2024)

Česká spořitelna $381 million acquisition financing

Okol Lake Park residential area development

CERHA HEMPEL Gerginov is a corporate law firm with an office in Sofia, Bulgaria, established over 25 years ago. It has a team consisting of over 200 lawyers.

Focusses / specialisms

The firm is active in banking and finance, corporate and M&A and project development. Its banking and finance practice includes advising borrowers on acquisition financing, debt restructuring, as well as on compliance and regulatory matters.

In M&A it advises acquirers and sellers on acquisitions, sales and mergers. In addition to that, it advises companies on corporate restructurings.

The project development team assists developers on public tenders for construction projects.

Key clients

Among its clients are ThyssenKrupp, Barclays, Knightsbridge Limited, Euronet Services, Euronet 360 Finance Limited, Pierer E-Bikes, Pierer & Maxcom Mobility, Wowcher Limited, DXC.technology, Euralis Semences, Facebook and Samsung Bulgaria.

Research period review: 32^nd edition (2022/2023)     

During the research cycle the firm was active in banking and finance, and corporate and M&A.

In banking and finance the firm advised a lender on loan restructuring and provided a regulatory advice to a payment services provider on restructuring of its set-up.

In corporate and M&A it was particularly active in advising acquirers on acquisitions in technology and telecommunication sector, and sellers on acquisitions in industrials and manufacturing, and also in technology and telecommunication. It also advised acquirers on land acquisitions, merger party in a food and beverage businesses merger, and a joint-venture partner on a joint-venture in manufacturing.

Recent staffing changes include the recruitment of Polina Westerhoven, an associate in banking and finance, and corporate and M&A, from Max Plank Institute.

Deal highlights: 32^nd edition (2022/2023)

Pierer E-Bikes and Pierer Mobility/ Maxcom €40 million joint-venture

Wowcher Limited acquisition Digitise Labs

DXC.technology acquisition of GSD Services

Euralis Semences/ Caussade Semences merger

Client feedback: 32^nd edition (2022/2023)

M&A                                                                                       

"Availability, competency, knowledge, legal research, comprehensive advice."

Boyko Gerginov        

"Precise, knowledgeable, efficient advice."

Djingov Gouginski Kyutchukov & Velichkov (also known as DGKV) was established in 1994. It has grown to more than 50 qualified lawyers in its headquarters in Sofia and it has a representative in Berlin.

Focusses / specialisms

The firm is one of the most prominent independent firms in Bulgaria and often advises on the market's largest financial and corporate transactions. 

In banking and finance the firm is most active on the lender side, advising domestic and foreign banks on acquisition financings. It also represents banks as creditors on debt restructurings.

In the capital markets space the firm is experienced in debt and equity work.

In M&A the firm regularly works for strategic and financial buyers.

In the projects space the firm has strong infrastructure and PPP expertise. It is also notable for advising participants on public procurement tenders across transport, electricity and oil and gas sectors.

Key clients

Among its clients are Metric Capital Partners, PIMCO Europe, 365 Bank, Bank of China, Eleven Bulgaria, Silverline Partners, ECA Invest, Blocks Group, Globe Trade Centre, Nitron Group, Single Resolution Board, Titan Gate, CVC Capital Partners, PPF, Sanmina Corporation and The Rohatyn Group.

Research period review: 33rd edition (2023/2024)    

During the research cycle the firm was active in banking and finance, M&A, and project development.

In banking and finance the team at DGKV has recently been active in industries such as financial services, media, technology and telecommunications, as well as investment management.

In terms of M&A work, the firm has attracted clients from manufacturing, investment management and the food and beverage industry. The firm has acted on behalf of acquirers, sellers and targets alike.

In project development, DGKV received mandates from companies in mining, transport, energy, and the technology and telecommunications industry. The firm acted mainly on the side of project developers.

Deal highlights: 33^rd edition (2023/2024)

Balkantel OOD $ 65 million railway project in Serbia

MAXCOM EOOD, Chipolino EOOD and MAXBIKE EOOD $173 million financing

Client feedback: 33rd edition (2023/2024)

Banking and finance

"Very proactive and creative. Met all deadlines. Knowledgeable about the law and able to deal with anything which was thrown at them. Good value for money."

Project development

"Very responsive. Thorough with their findings. Very strong technically (particularly with corporate law)."

Restructuring

"Responsive and available. They know their stuff and take a proactive role in the transaction."

Kaloyan Krumov

"Responsive, knowledgeable, polite."

Milan Pandev

"Very responsive. Strong technically."

Georgi Tzvetkov

"Proactive and knowledgeable. Able to think creatively and deal with issues as they arise."

"Very commercial. Knows his stuff and is hands-on and very proactive."

Opened in 1998, Tsvetkova Bebov & Partners is a leading full-service Bulgarian firm based in Sofia. The firm is a member of the International Swaps and Derivatives Association, ISDA.

Focusses / specialisms

The firm has a strong banking and finance team and expertise in capital markets transactions. It is well-versed in debt capital markets deals, having advised on bond issues and IPOs. In lending transactions, it acts for both the borrowers and the lender. Banks work with the firm on banking and regulatory matters under Bulgarian and European law.

In M&A the firm often acts as Bulgarian counsel on cross border transactions.

In project development the firm is active in the power sector, often advising its clients on electricity supply agreements. It also has experience advising clients on public procurement matters and EPC-contracts in oil and gas and transport sector projects. 

Key clients

Among its clients are Energo-Pro, Dronamics Global   First Investment Bank, Transact Europe Bank, KBC Asset Management, EnduroSat, MK Brokers, Raiffeisen Asset Management Ferratum Bank, Ferratum Group,KBC, PVB Power, Ergana Films, Kone, Transact Europe and Mercuria.

Research period review: 33^rd edition (2023/2024)    

During the research cycle the firm was active in banking and finance, capital markets, and corporate and M&A.

In banking and finance the major areas of focus for the firm have been regulatory issues, fund formation, payment services and transfer of business.

In the M&A field the firm has been advising both acquirers and sellers in areas such as banking, healthcare, industrials and manufacturing, as well as retail.

Deal highlights: 33^rd edition (2023/2024)

Energo-Pro $435 million bond issue 

Government of Bulgaria $1.6 million bond issue 

Client feedback: 33^rd edition (2023/2024)

Banking and finance

"Nikolay Bebov and Petar Ivanov are highly competent on the matter, very responsive and very efficient. The legal opinion that we received addressed the relevant issues up to the point and in a clear, well-written manner, without including irrelevant aspects. Each agreed deadline was kept."

"They are always available, they have great problem-solving skills, they are very experienced, apply an out-of-the-box thinking approach. They give the client a positive feeling of being well taken care of."

Capital markets

"All services provided by lawyers are distinguished by very high quality, consistency, clarity and high professionalism. Services are always performed within the agreed time frame and expected satisfactory quality. Their advice/guidance has been aimed at the progress and interest of the company and their opinion is extremely valuable. With our knowledge and the kindness of the team, we have built a high degree of trust and confidence."

"They are very commercial – they are well connected in both the latest legal developments and the various political thinking in Bulgaria. They are cost-effective, striking the right balance between making themselves available and being responsive and not overly exerting themselves to the point of incurring unnecessary fees."

"Excellent knowledge of the matter, extremely effective collaboration."

"Professional and quick response and advice."

Financial restructuring

"They are involved in preparation of all legal and regulatory documentation, mentoring the whole merger project and make a valuable contribution to business decisions."

Financial services regulatory

"Prepare documents, provide legal advice."

"The level of experience and their willingness to always find a practical solution to our problems."

"Team of exceptional professionals with deep understanding of industry specifics and legal and compliance regulations."

"Our main business activity is related to operating the capital markets. They have exceptional experience in this field. They manage to show us very precisely where we are from a regulatory point of view in a business that is truly unpopular in our country. They outline precisely all the 'traps' we can encounter and all the rules we should follow. As always, they are our indispensable partner."

"TBP is very solution-orientated, always proactive, and have a great hands-on mentality."

"Always reachable, always have answers to questions, very competent, great hands-on mentality."

"Team is very knowledgeable on this matter and the flexibility of the team to find solution."

Insolvency

"They are proactive, straight to the point, very knowledgeable and easy to access."

Investment funds

"Very deep field knowledge and professional attitude."

M&A

"Quick, practical, friendly."

"The team was always available and very responsive, especially in view of the tight deadlines we were working with. The work the team did was also at a very good level."

Nikolay Bebov

"Nikolay is an experienced lawyer, has all the necessary seniority, gives a great feeling of being taken care of, and has a profound knowledge of Bulgarian and EU banking regulations. The BEST external lawyer to work with."

"Knowledge, practice."

"Extremely well-mannered and ordered, with a high sense of responsibility. We have always received careful and individual attention."

"He is very personable, very capable and very responsive. Just a nice guy who gets the job done within budget and deadlines."

"Very professional."

"Professional, knowledgeable, diligent."

"Very calm, extremely well prepared in the field of capital markets, with many years of experience. His advice is always balanced and spot on."

"Quick thinker, down to earth, hands-on, expert lawyer."

"He gives you a straightforward opinion, is very deep into matters, and has a clear view of the legal regulations."

Petar Ivanov

"Very responsive, very comprehensive and an excellent professional."

Philip Kiossev

"Philip is a very competent Bulgarian lawyer. He (together with the team) was always able to provide legal advice ad hoc and/or within the tight deadlines."

Damyan Leshev

"Effective communication, problem-solving, effectiveness, good planning and meeting deadlines."

"Always looking for solutions, very well organised and the perfect professional."

"Very good communication, high responsibility, teamworking, very good knowledge of legislation."

"His vast experience with the regulatory framework, his willingness to take on challenging projects, his focus on finding solutions to problems."

"Very deep sector and jurisdiction knowledge. Willingness to take on challenging problems even when a clear legislation is missing. Very professional attitude and responsiveness."

"Hard-working , knowledgeable about financial/banking legislation."

"Practical and helpful."

Victoria Tzonkova

"Very knowledgeable, delivered correct advice and help throughout the bankruptcy and the recovery process."

Kinkin & Partners is an independent Bulgarian firm with a team of 16 lawyers. The team has the capacity to communicate can in Bulgarian, English, Italian, German, Spanish, French and Russian.

Focusses / specialisms

The firm is known for restructuring work and is experienced in advising creditors and debtors on debt and corporate restructurings.

It has a focus on work in the real estate, industrial and agricultural sectors.

In banking and finance, it has a strong record debt restructuring, restructuring of a business through bank credit, transfer and advising foreign clients on the release of financial means from electronic money accounts in Bulgarian banks.  

Key clients

Among its clients are Aroma Cosmetics, Karifert International, B PLUS, Concentrix, Trinity Investment, Laurea, Paladium, Sapir Bulgaria, Agera Pharma, Casa Chic, Limerock, Napo and Magineti.

Research period review: 33^rd edition (2023/2024)  

During the research cycle the firm was active in banking and finance, M&A, and project development.

In banking and finance the firm has advised companies from the real estate sector, healthcare, logistics and technology sectors.

In the field of M&A, the firm has been active in sectors such as agriculture, automotive and real estate.

In terms of project development work Kinkin & Partners have been active in energy, natural resources and consumer goods.

Client feedback: 33rd edition (2023/2024)

Banking and finance

"The lawyers from Kinkin & Partners participated in the negotiation process with the bank and prepared all the needed documents for obtaining the loan agreement and we agreed upon a revolving banking credit up to about €1 million. Also they represented us on more than 40 deals before a notary."

M&A

"The firm Kinkin & Partners are in my mind a synonym of: accurate, fast, complete and extra-advice. Easy to communicate and with astonishing ability to understand the client's needs."

"The whole team’s work is excellent. They have answered all my questions quickly and in detail. Wonderful communication and teamwork."

"Kinkin & Partners provided great assistance during every step in the process. They made sure all the documents were in order and paid attention to every detail. The whole team is great."

"The lawyers are outstanding professionals in the field. Working with them was easy, communication was fast and they answered all my questions thoroughly."

"Our company is a long-standing client of Kinkin & Partners and they assist us in investments."

"They closed the deal successfully and we are negotiating with a new investor."

"The lawyers’ expertise in the field is undeniable. Also they got back to me quickly and made it a seamless operation, especially as we were facing time constraints."

"The attorneys answered all my requests. Their work was efficient and quick. I’ve never had problems communicating with them."

Private equity

"The entire consultation process, as well as the company registration and the brand registration, were strict and straightforward."

"Deep understanding of the regulatory framework and compliance aspects."

Project development

"They knew our issue very well and demonstrated industry-specific knowledge. They communicated very well with us and helped us to develop the strategy with which we managed to protect our water permits."

"They are very competent in the sphere of real estate, and successfully represented us before the notary, municipality and cadaster. They assisted us in the whole process of obtaining visas and sketches, as well as in the communication with the local electricity supplier."

"The whole team works excellently. They answered all my questions quickly and in detail. Excellent communication and teamwork."

"The lawyers at the firm are great professionals with extensive knowledge. Even though they weren’t familiar with the exact European laws related to my case, they conducted research and made an in-depth analysis. They made sure all of my questions were answered."

"Kinkin & Partners conducted a detailed research for my case, since it was related to a very specific area. They put in a lot of effort in order to defend my permit and worked great as a team."

"They negotiated with my partner and now there is an agreement that I will buy his shares in the real estate so I can realise the investment in the land plot."

"Kinkin & Partners provided amazing service. They guided me throughout the whole process and paid attention to every detail. They informed me about everything they did and advised me on what steps I should take in order to achieve my goal."

"Even though they had had similar cases before, they carried out extensive research since my case was related to a special law. Additionally, they provided me with other possible solutions to my problem."

"Kinkin & Partners conducted research on the European legislation in the field. Even though the topic was very specific, they prepared a detailed report answering all of my questions."

"Kinkin & Partners is a law firm full of professionals. They are competent and work in the client’s best interest. They have a lot of experience in the area and are familiar with the necessary procedures."

Vladimir Kinkin

"Always perfectly informed in the area in which you are demanding his services. Perfect communication skills, knows how to serve information depending on the client. Gathers best practices and experience in order to be able to offer you the perfect solution for your needs."

"Thanks to Vladimir’s knowledge of the field and years of experience, we were able to do everything we needed very quickly and smoothly."

"Vladimir is one of the best lawyers in the field. He knew how to resolve any minor or major problem that we stumbled across during our work together."

"He is a great leader of the team and is ready to answer all my legal questions and give me a reliable advice."
"Vladimir is an outstanding professional. From our first meeting, he explained everything to me in terms I could easily understand and was always very responsive when I had questions outside of our meetings."

"Vladimir is excellent at his job. He is a professional in the field."
"Deep knowledge of the energy sector."

Dilian Kolev

"Analysis and problem-solving."

"Dilian Kolev is always striving to receive the best possible result and protect our interests."

Adriana Nacheva

"Adriana Nacheva is a great leader and lawyer who helped me with the project for the build-up through every stage of the process."

"Adriana Nacheva is an expert in the field. She advised me well during the sale. She works in the best interest of the client and has excellent communication skills."

"Adriana Nacheva is a qualified lawyer who manages a reliable team. She gives us legal advice through our long-term partnership."

"She is knowledgeable about the HPP sector regulation matters in Bulgaria, she manages well to combine her knowledge with her past experience to deliver the best result for the client."

"Adriana is an amazing specialist in this field. She finds quick solutions for every situation. Exceptional quality of work."

"Adriana Nacheva has experience working with clients and isn’t afraid of a challenge. She researched the matter in a timely manner and provided consultation on what I could do to prevent any damages to my business and to the whole field."

"She was a great leader for the team and made sure all the research was conducted in a timely manner. She kept me updated throughout the whole process and successfully defended my permit."

"Adriana Nacheva is a highly qualified lawyer who is responsive when I have legal issues."

"Adriana Nacheva has a lot of expertise in the field. She is very familiar with the legislation and this helped her complete the tasks in a timely manner. She always puts the client first."

"Adriana Nacheva carried out detailed research on the matter, which helped her evaluate what options I have and what steps I should take. She kept me informed and helped me achieve my goal."

"Adriana Nacheva is a great lawyer. Although she and her team hadn’t researched this matter before, they did an excellent job. She is an amazing team leader."

"Adriana Nacheva is a great lawyer. Her experience allows her to move along the necessary procedures fast and to give advice on what is the best way to achieve the client’s goal. She always kept me updated."

Deloitte Legal Law Firm is a corporate law firm with an office in Sofia, Bulgaria since 1992. It is part of the international law and tax firm Deloitte with offices in more than 80 jurisdictions where more than 2,500 legal professionals provide a broad range of legal services.

Focusses / specialisms

The firm is active in banking and finance and corporate and M&A. Its banking and finance team advises borrowers on financing, as well as it assists banks and corporate clients with legal analysis and restructurings. It’s active in corporate and M&A where it advises buyers on acquisitions and regulatory matters in various sectors, including real estate, banking, finance, technology and energy.

Key clients

Established in 1997, Dimitrov Petrov & Co is a corporate law firm with offices in Sofia and Varna, Bulgaria.

Focusses / specialisms

Dinova Rusev & Partners is a corporate law firm with an office in Sofia, Bulgaria since 2003.

Focusses / specialisms

The firm is active in banking and finance, corporate and M&A and project development.

In banking and finance it advises clients on financing, refinancing and structuring banking products.

In corporate and M&A advises clients on various corporate matters, as well as joint ventures and acquisitions in various industries, including mining and hospitality.

In project development it advises clients on tenders, concessions and projects in various industries, most notably in mining, energy, oil and gas and electricity.

Key clients

Among its clients are McDonalds, EkoBulgaria, Monsanto, AP Retail, Northrop Grumman, Danaos Development, Marks & Spencer, Sephora Bulgaria, Astron Chemicals, Mitsubishi Heavy Industries, Bulgarian Energy Holding, Kaliakra Wind Power, Assos Capital – AP Retail I and Energo Pro.

Founded in 2002, BWSP Ilieva Voutcheva & Co is a full-service law firm with an office in Sofia, Bulgaria. It is part of Globalaw, a network of more than 180 firms independent law firms in more than 80 jurisdictions.

Kambourov & Partners is a corporate law firm with an office in Sofia, Bulgaria, established in 1988.

Focusses / specialisms

Kinstellar is a corporate law firm with an office in Sofia, Bulgaria, founded in 2014. It is part of the international law firm Kinstellar, with offices in ten jurisdictions and over 250 local and international lawyers.

Focusses / specialisms

Nina Boteva Law Office is a corporate law firm with an office in Sofia, Bulgaria, established in 1994.

Focusses / specialisms

The firm is active in corporate and M&A, advising clients on various corporate governance and matters and acquisitions, as well as on corporate restructurings.

Key clients

Peterka & Partners is a corporate law firm with an office in Sofia, Bulgaria. The first office of the firm was established in 2000 in Prague, Czech Republic and today it has offices in Belarus, Bulgaria, Hungary, Poland, Romania, Russia and Slovakia.

Focusses / specialisms

The firm is active in banking and finance, advising clients on loans, various financing agreements and regulatory and contractual matters.

Popov Arnaudov & Partners is a corporate law firm with an office in Sofia, founded in 1998.

Focusses / specialisms

The firm is active in banking and finance, corporate and M&A and project development.

In banking and finance, it advises clients on various banking matters such as opening bank accounts and acquisition finance.

In corporate and M&A it advises buyers, sellers and shareholders on corporate and regulatory matters.

In project development it often advises contractors on public procurement procedures, construction projects and land acquisitions. It’s active in various sectors, including water utilities, electronics and has a track record of working with public administration.

Key clients

Among its clients are UniCredit Bulbank, BNP Paribas, Artzone, Cascadas Group, MD Immobilien, UniCredit Consumer Financing, Odelo Bulgaria, Ferro Corporation, Creditreform, Top Five, HCR Tech Huddle, Ministry of Regional Development and Public Works, Botevgrad Municipality, and Watter Supply and Sewage Company.

Client feedback: 31^st edition (2020/2021)

M&A                  

"They are prompt and adaptive. Enter quickly into the case and understand the business logic in it. Always provide additional point of view."

Project development : Telecommunications networks                      

"Excellent understanding of the business needs - in terms of level of detail and structured feedback; timely, precise, to the point, capable of finding legal solutions rather than underlying the obstacles."

Project development               

"Competent, communicative, open to recommendations, flexible."

"The main strengths of this law office are mostly related to the precision and correctness of their work, as well as the quick reaction to each case."

"They pay attention to detail and stick to the legal framework."

Restructuring              

"A lot of competence; the conversations are conducted in whatever language the client wishes; always very professional."

Wolf Theiss is a corporate law firm with an office in Sofia, Bulgaria, established in 2007. The Bulgarian office has 19 lawyers. It’s part of the international law firm Wolf Theiss with 340 lawyers in 13 countries.

Focusses / specialisms