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Boyanov & Co., Allen & Overy, Go2Law, and Spasov & Bratanov Advise on Financing of and Nova Bulgaria Sale

Boyanov & Co., Allen & Overy, Go2Law, and Spasov & Bratanov Advise on Financing of and Nova Bulgaria Sale

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Boyanov & Co. has advised the lenders on a EUR 100 million syndicated financing of the Advance Media Group EAD's EUR 185 million acquisition of the Nova Broadcasting Group from MTG Broadcasting AB and Eastern European Media Holdings S.A. Advance Media was reportedly assisted by O'Melveny & Myers in London and Kambourov & Partners in Sofia. MTG Broadcasting was advised by Allen & Overy, Go2Law, and Spasov & Bratanov, and Eastern European Media Holdings was reportedly advised by Mayer Brown.

MTG disposed of its 95% stake in the Nova Broadcasting Group and Eastern European Media Holdings sold its 5%. Bulgaria's UniCredit Bulbank, DSK Bank, and United Bulgarian Bank served as the original lenders in the deal, along with BNP Paribas Bank in Belgium, and UniCredit Bulbank and BNP Paribas were the Mandated Lead Arrangers. UniCredit Bulbank also served as an Escrow, Facility, and Security Agent.

The Advance Media Group is a subsidiary of Advance Properties OOD, a Bulgaria-based business that owns 117 companies across 23 countries. Advance Properties’ portfolio companies operate in more than ten industries including pharmaceuticals, shipping, port operation, real estate, and power generation. The group is jointly owned by Bulgarian businessmen Kiril Domuschiev and Georgi Domuschiev.

The Boyanov & Co. team consisted of Partner Damian Simeonov and Senior Associate Georgi Drenski.

Allen & Overy’s team consisted of London-based Partner Lisa Goransson and Prague-based Partner Prokop Verner and Associate Jakub Cech. GO2Law's Hugh Owen served as an external consultant and English law counsel.

The Spasov & Bratanov team was led by Managing Partner Georgi Spasov and included Associates Nayden Raychinov, Vladimir Tashev, and Kremena Yaneva-Ivanova.

Editor’s Note: After this article was published Kambourov & Partners confirmed that it advised the Advance Media Group on the acquisition. The firm’s team consisted of Managing Partner Vladimir Rangeloff, Partners Veronika Hadjieva, Margarita Guigova, and Nikolay Vasilchev, Senior Associates Christian Dimitrov and Ivo Alexandrov, and Associate Yana Todorova.

Subsequently, Tsvetkova Bebov Komarevski announced that it acted Eastern European Media Holdings on Bulgarian legal aspects of the transaction. The firm's team consisted of Partner Venelin Dimitrov and Senior Associate Iva Georgieva. 

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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