On the evening of December 8, 2016, at the Hotel Bristol in Warsaw, CEE Legal Matters hosted the 2016 Expert Summit – our annual gathering of experts from across the region to discuss the state of affairs in CEE Legal Markets.
A two-hour webinar, May 9, 2017, from 11am -1pm NYC time
Djingov, Gouginsky, Kyutchukov & Velichkov has advised the owners of the Pharmastore pharmacy chain in the sale of the business to Sopharma Trading. Boyanov & Partners advised Sopharma on the deal, which will result in Pharmastore's 19 pharmacies in the cities of Sofia and Bourgas operating under the SOpharmacy brand. The deal remains subject to approval by the Commission for Protection of Competition.
In November, the Bulgarian Parliament began debating the amendments to the Competition Protection Act (CPA) with respect to the implementation of the EU’s Directive 2014/104/EE on Damages Actions for Antitrust Infringements (the “Directive”). Interestingly, the main aim of the Directive and the proposed amendments to the CPA – facilitating the private enforcement of infringements of competition law – coincides with what is probably the biggest cartel investigation in the history of the Bulgarian Commission for Competition Protection (CCP).
On November 29, 2016, CEELM reported that the Mareshki Medicines retail chain had been successful in the two-year litigation at the Supreme Administrative Court of Bulgaria, which resulted in the repeal of anti-competitive provisions on prescribing and dispensing medicine in Bulgaria's Ordinance No 4. We asked Irena Georgieva, In-house Attorney at Mareshki, to explain what happened.
The firms of the SEE Legal network are reporting that they worked alongside Skadden Arps in advising BA Glass I – Servicos de Gestao e Investimentos S.A. (the parent company of BA Vidro S.A.) on its acquisition of substantially all of the Yioula Glassworks SA glass container business from Yioula Glassworks SA and its subsidiary Yalos Holdings (Overseas) Limited. Yioula Glassworks was supported on all legal issues by Winston & Strawn.
DGKV has been retained by Bulgaria's Financial Supervision Commission (FSC) to represent it in a total of 19 proceedings before the Supreme Administrative Court based on the appeal of IsaOdit Ltd. (formerly named RSM Bulgaria OOD) against FSC's decision to remove it from the list of approved auditors to verify the assets of Bulgarian pension and insurance companies.
Djingov, Gouginski, Kyutchukov & Velichkov (DGKV) has advised Mundus Services AD on its EUR 3.2 million acquisition of 100% of the capital of A.S.S. Bulgaria EOOD – a supplier of technical equipment maintenance to office and administrative buildings and engineer of security systems – from S.V.S. EOOD (80%) and a private individual (20%). The sellers were advised by the Bazinas Law Firm on the deal, which remains subject to approval by Bulgaria's Commission for Protection of Competition.
Despite beginning the conversation by asserting that “there are not many new things to report in Bulgaria in terms of legislative amendments or legal market changes," in fact Borislav Boyanov, the Managing Partner of Boyanov & Co., is fairly optimistic, pointing out that the Bulgarian economy is “relatively ok, reporting 3.4% growth in 2016, which for Europe is very good.”
Djingov, Gouginski, Kyutchukov & Velichkov Law Firm has advised Bulpros Consulting AD on acquisition financing it received from Unicredit Bulbank AD for an acquisition by its German subsidiary of a majority interest in a global software business held by GROUP Business Software Europa GmbH, GBS Pavone Groupware GmbH, and GROUP Business Software (UK). CMS advised UniCredit on the financing. According to DGKV, "the transaction creates one of the largest Bulgarian IT services and solutions suppliers."