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According to Kameliya Naydenova, Legal Counsel South Central Europe at Mondelez International in Bulgaria, the market has somewhat recovered from the blast wave of the COVID-19 crisis. Yet, many industries still need to overcome the change in demand and consumer habits, as well as certain difficulties brought on by the pandemic.

Boyanov & Co., working alongside Faegre Drinker Biddle & Reath, has advised the Concord USA owners on Bulgarian aspects of the sale of company to H.I.G. Capital.  McDermott Will & Emery and Wolf Theiss, provided U.S. and Bulgarian advice, respectively, to H.I.G. Capital.

Kambourov & Partners, Latham & Watkins, Shearman & Sterling, NautaDutilh, Noerr, and Bar & Karrer advised private equity firm Silverfleet Capital on its acquisition of a majority stake in the entity resulting from the recent merger of Bulgarian software company Bulpros and German CRM company ec4u. Financing was provided by Ares, which was represented by Ashurst.

For our Checking In feature, we reach out to partners and heads of practice across CEE to learn how specific practice areas are faring in their jurisdictions. This time around we asked Tax experts: What are the most important changes to the Tax laws in your country since January 2020 and what has their impact been? 

In general, a medicinal product can be placed on the Bulgarian market after obtaining a marketing authorisation / certificate for registration issued under the Bulgarian Medicinal Products in Human Medicine Act or after completing the "centralised procedure" under Regulation (EC) No 726/2004 of the European Parliament and of the Council of 31 March 2004 laying down Community procedures for the authorisation and supervision of medicinal products for human and veterinary use and establishing a European Medicines Agency ("Regulation 726/2004").

On December 15, 2020 CEELM gathered legal experts from across the region for its annual Year-in-Review Round Table conversation. In a wide-ranging discussion, participants shared opinions and perspectives on their markets, on strong (and less-strong) practices across the region, and the effect of the COVID-19 crisis on both, as well as on how technology is changing the legal industry, and what the industry will look like in 2021.

For our Checking In feature, we reach out to partners and heads of practice across CEE to learn how specific practice areas are faring in their jurisdictions. This time around we asked Data Protection experts: Overall, how compliant would you say economic agents are with relevant local regulations on data protection, and what are the main gaps that have yet to be addressed?

Tsvetkova Bebov Komarevski, working with lead counsel Gianni & Origoni, has advised Alperia S.p.A., Dolomiti Energia Holding, and Finest S.p.A. on the sale of PVB Power Bulgaria AD and five hydropower plants along the Iskar River in Bulgaria to Akuo Energy, a French renewable energy independent power producer. Spasov & Bratanov advised Akuo Energy on the deal.

Schoenherr and Kambourov & Partners have advised the United Group on the acquisition of Sofia's Net1 telecom operator. Schoenherr also advised the United Group on the acquisition of Digital Cable Television, a telecommunications operator in the Bulgarian city of Plovdiv, operating under the brand name N3. Dimitrov & Partners advised the sellers of N3 on that deal.

Kinstellar has advised the KBC Group N.V. and its Bulgarian subsidiary DZI-Life Insurance EAD, on their successful EUR 77.7 million bid for NN’s Bulgarian pension and life insurance businesses. The deal, which remains subject to regulatory approvals, is expected to close in the course of 2021.

It has been a challenging year for the Bulgarian M&A market, with limited activity, just like in 2019. Undoubtedly, one of the reasons for the slowdown is that business is overshadowed by the coronavirus pandemic. Many acquirers abandoned expansion plans in order to focus on protecting both their financial stability and their employees, while waiting to assess the market environment and evaluate potential next steps. Many planned or already-started deals were cancelled at early stages (such as following a letter of intent or during preliminary due diligence) as uncertainty about the fulfilment of potential goals made the transactions risky.

Bulgaria Knowledge Partner

Schoenherr is a leading full-service law firm providing local and international companies stellar advice that is straight to the point. With 15 offices and 4 country desks Schoenherr has a firm footprint in Central and Eastern Europe. Our lawyers are recognised leaders in their specialised areas and have a track record of getting deals done with a can-do, solution-oriented approach. Quality, flexibility, innovation and practical problem-solving in complex commercial mandates are at the core of our philosophy.

Firm's website: www.schoenherr.eu

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