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."
DGKV is reporting that, after trials lasting several months, three of 27 cases between firm client Glorient Investment BG Ltd. and Technomarket Bulgaria AD involving ownership of retail stores and an office building in Bulgaria have concluded with verdicts in Glorient's favor. The verdicts resolve the disputes over three of the 13 stores, with 24 cases involving the remaining 10 stores still ongoing.
Allen & Overy has advised South Africa-based Internet and entertainment group Naspers on its sale of the comparison shopping engines Arukereso.hu, Compari.ro, and Pazaruvaj.com to the Rockaway Group. Dentons reportedly advised the buyers on the deal, which consolidated the e-commerce markets within the CEE region.
In “The Buzz” we interview experts on the legal industry living and working in Central and Eastern Europe to find out what’s happening in the region and what legislative/professional/cultural trends and developments they’re following closely. Because the interviews are carried out and published on the CEE Legal Matters website on a rolling basis, we’ve marked the dates on which the interviews were originally published.
Dentons has advised Group Spadel, a European family-owned company specializing in the production of natural mineral water, spring water, and natural fruit drinks, on the acquisition of a 93.29% stake in Bulgarian bottled water producer Devin AD from private equity firm Advent International. Dentons worked with Hristov & Partners in Bulgaria, while Advent was advised by CMS on the transaction, which was based on an enterprise value of EUR 120 million. Completion of the transaction is subject to the approval of Bulgarian Commission for Protection of Competition.
Kambourov & Partners has successfully defended Lidl in two proceedings before the Bulgarian Commission on Protection of Competition (CPC) pertaining to alleged infringements of the novel Art. 37a of the Bulgarian Protection of Competition Act (PCA), which prohibits abuse of stronger bargaining position.
Wolf Theiss, working as local counsel for CEE to Cleary Gottlieb Steen & Hamilton, has advised Amundi on its acquisition of Pioneer Investments from Unicredit for an all-cash consideration of EUR 3.545 billion. UniCredit was advised by Gianni, Origoni, Grippo, Cappelli & Partners.
Schoenherr has advised Kansai Paint Co Ltd., from Osaka, on the acquisition of the Helios Coatings Group from Ring International Holding AG ("RIH"), GSO Capital Opportunities Fund II (Luxembourg) S.a r.l., and Templeton Strategic Emerging Markets Fund IV, LDC. The sellers were advised by Brandl & Talos.
On November 28, 2016, CEELM reported that the Bulgarian electricity power distributor Energo-Pro Varna EAD had sold seven-year bonds worth of EUR 130 million to international investors. We invited Tsvetanka Vasileva, Head of Legal and Compliance at Balkan Advisory Company to provide us an insider’s view on the matter.
Dimitrov, Petrov & Co. is reporting that, after almost two years of litigation, the 5-member panel of Bulgaria's Supreme Administrative Court has issued its final decision in favor of firm client Medicus Trade – a company from the Mareshki medicines retail chain repealing provisions of the country's Ordinance No. 4 on the terms and conditions for prescribing and dispensing of medicines.
Tsvetkova Bebov Komarevski has advised Bulgarian electricity power distributor Energo-Pro Varna EAD on its issuance of seven-year bonds with a yield of 3.5% p.a. on the Bulgarian market in a total volume of EUR 130 million, which represents the biggest ever bond sale in Bulgaria. The Balkan Advisory Company IP, which was sole lead manager on the deal — and which was advised by Boyanov & Co. — reports that the bonds were placed among institutional investors from Bulgaria, Austria, Central and Southeastern Europe. The bondholders trustee, United Bulgarian Bank, was advised by its in-house legal team.