Boyanov & Co. has advised Bulgarian Leasing Finance EAD — the former Piraeus Leasing AD — on its acquisition of 100% of the capital of TBI Rent EAD, a Bulgarian provider of operating lease and rent-a-car services, from TBI Bank. The sellers were reportedly advised by Dimitrova & Co.
DGKV, working with Baker McKenzie, London, has advised British American Tobacco on its over EUR 100 million acquisition of assets of Bulgarian cigarette maker Bulgartabac Holding, including Bulgartabac's Victory, Eva Slim, and GD tobacco brands and its distribution and retail assets in Bulgaria and Bosnia. The sellers -- Bulgartabac Holding AD and Blagoevgrad-BT AD -- were represented by in-house counsel on the deal.
DGKV has advised International Personal Finance Investments Limited, the leading British-based international home credit business provider, on the sale of Provident Financial Bulgaria (Provident) to Easy Asset Management (which operates under the Easy Credit brand). EY Law advised the buyers on the deal.
DLA Piper has advised Hungary-based Egis Pharmaceuticals on its acquisition of the D-Panthenol brand, the second largest brand in the dexpanthenol market in Russia, and of a Russian gynaecology portfolio consisting of Vagilac, Feminal and Folacin brands, from Jadran-Galenski Laboratorij. CMS advised the sellers on the deal.
As a result of several mid-sized acquisitions in 2016, many foreign companies interested in buying shares in limited liability companies in Bulgaria have faced questions about how the management of such business entities are controlled and what the risks are of detection, after the acquisition, of “hidden liabilities” due to the potentially non-compliant behavior of those companies’ statutory representatives with good corporate standards.
On May 3, 2017, CEE Legal Matters reported that facility management company Mundus Services – a joint venture of EMPower Capital and KJK Capital – had acquired engineering solutions and services company VM Automation from VM Finance Group in Bulgaria. Stanislav Nikolaev, Operating Partner for EMPower Capital, agreed to answer our questions about the deal.
In The Corner Office we invite Managing Partners at law firms from across the region to share information about their careers, management styles, and strategies. The question this time around: Is your personal practice more or less the one you anticipated when you finished law school, or did it change somehow in the interim?
The 2017 CEE Legal Matters General Summit took place at the Intercontinental Hotel in Warsaw on June 1-2, 2017, once again bringing together well over a hundred General Counsel and Heads of Legal from across Central and Eastern Europe for two full days (and one entertaining evening) of seminars, panel discussions, best practices review, and networking. This year’s event — the third annual, following the 2015 GC Summit in Budapest and the 2016 GC Summit in Istanbul — was the biggest and most successful yet.
On May 31 and June 1, 2017, CEE Legal Matters was proud to host a rare event: A gathering of those senior lawyers from each Central and Eastern European country identified by peers as being most influential, most important, most uniquely responsible for having created the country’s modern commercial legal market.
Tsvetkova Bebov Komarevski has advised Prime Kapital on the acquisition of two shopping malls in Bulgaria by the Luxembourg-registered PKM Investments (a joint venture of MAS Real Estate and Romania's Prime Kapital) from Poland's Globe Trade Centre. The sellers were advised by Djingov, Gouginski, Kyutchukov & Velichkov.
Business is good in Bulgaria at the moment, according to Ilko Stoyanov, Partner at Schoenherr in Sofia. He draws particular attention to the real estate market — especially the shopping mall segment, which has seen four Sofia malls change owners already this year. Stoyanov isn’t able to pinpoint a particular reason for the boom, but notes that two of the malls (The Mall and the Serdika Center) are expected to be sold to a "sizeable investor” — New Europe Property Investments. The price of real estate has increased in 2017, according to Stoyanov, “reaching levels close to before the financial crisis."
Wolf Theiss has provided advised FactSet on CEE matters related to its acquisition of BISAM Technologies for USD 205 million from Aquiline Capital Partners. Factset was also represented by Cravath Swaine & Moore in the United States and K&L Gates in Western Europe. Willkie Farr & Gallagher represented the Sellers and BISAM.
DGKV has successfully persuaded the Bulgarian courts to recognize and enforce an award in favor of Sandvik Bulgaria EOOD resulting from arbitration against Bulgaria's state-owned Montagi EAD arising from a contract for erection of coal and lime stone storage and handling systems at Bulgaria's Maritza East 1 power station.