Schoenherr has advised Swiss-based media company Ringier on the acquisition of a majority stake in Bulgarian sports news portal z Sportal Media Group – and an affiliated IT company behind the international Sports Content Management System, Sportal365 – Digital Ventures OOD. Jordanov, Valkov & Partners advised the seller, Mr. Angel Stoyanov Shishkov, on the deal.

Boyanov & Co and Kalo & Associates have advised Albania Telecom Invest Bulgaria and One Telecommunications SHA Albania on a refinancing loan made by a club of banks including OTP Bank Hungary, DSK Bank Bulgaria, and Banka OTP Albania, for a principal amount of EUR 37 million with a maturity of 10 years. Wolf Theiss advised the lenders on the deal.

Boyanov & Co has assisted Econt Financial Services in acquiring an e-money institution license from the Governing Council of the Bulgarian National Bank.

DGKV has advised Internet Corporated Networks on the sale of its hosting and domain business to Superhosting.bg. The Vladimirov Kiskinov law office reportedly advised the buyer. 

On March 24, 2021, CEE Legal Matters reported that Djingov, Gouginski, Kyutchukov & Velichkov had advised the founders of tech start-up MYX AD on EUR 350,000 invested into the company by a group led by New Vision 3 Fund KD. CEE In-House Matters spoke with Yordan Zarev, Partner at New Vision 3 Fund, to learn more about the matter.

While the Bulgarian political landscape is not exactly what Peterka Partners Partner Plamen Peev would describe as stable, there seems to be notable movement in terms of legislative updates as well as reasons for cautious optimism related to the Bulgarian economy.

CMS Sofia has successfully represented Philicon-97 in a dispute against the Ministry of Finance of the Republic of Bulgaria involving the country's feed-in tariff.

Boyanov & Co has advised EnerSys Holdings S.a.r.l. on the sale of its Bulgarian subsidiary EnerSys AD, to Recocycling EOOD. Solo practitioner Kiro Kirov advised the buyer.

Boyanov & Co has advised Mondelez International on Bulgarian law aspects of its approximately-USD 2 billion acquisition of Greek snacking company Chipita S.A. from the Olayan Group, Spyros Theodoropoulos, and several unidentified individuals.

Wolf Theiss and Spain's Uria Menendez have advised Spain's Glovo on its EUR 170 million acquisition of Delivery Hero's food delivery service businesses in Bulgaria, Romania, Serbia, Bosnia & Herzegovina, Montenegro, and Croatia. Cuatrecasas advised Delivery Hero.

The global pandemic has impacted all markets, with subsequent ramifications for M&A. Investors are now seeking greater protection against general lock-downs and supply-chain disruptions, while governments aim to protect critical supplies and services by imposing new regulations on foreign investment in crucial or strategic industries. 

Short overview of the importance of the applicable legislation and the need of adequate business reaction in the EU

The COVID-19 crisis continues to plague much of Europe. To get an overview of its effects across CEE – both on investment in the region and on the legal industry itself – we reached out to the members of Pontes the CEE Lawyers legal alliance, a Regional Sponsor at the upcoming Dealer’s Choice International Law Firm Summit.

Dimitrov, Petrov & Co. has advised Svilen Maximov – the sole owner of TV- and Internet-provider Networx-Bulgaria – on the sale of 100% of the company’s shares to BTC. Schoenherr advised BTC on the transaction, which remains contingent on regulatory approval.

Djingov, Gouginsky, Kyutchukov, and Velichkov has advised Blocks Group AD on a EUR 30.2 million ten-year secured bond issue, placed on April 12, 2021, and offered to a limited number of specific qualified investors. The anchor investor in the bonds is Bulgarian Development Bank AD.

Boyanov & Co., working with lead counsel Freshfields Bruckhaus Deringer, has advised initial purchasers Credit Suisse and Morgan Stanley on Bulgarian legal aspects of Standard Profil Automotive’s issuance of EUR 275 million 6.250% secured notes due 2026. Mayer Brown advised the issuer on the deal.

Unsurprisingly, 2020 saw a reduction in the A-listers on the Bulgarian real estate market, including investors in office, retail, and hospitality properties. The lockdown sent IT companies, which had been dictating the local office space market, into home office. The future of commercial and entertainment properties like shopping malls, cinemas, concert venues, and sports arenas remains uncertain – but tourism remains the hardest hit.

As last year’s upheavals continue to influence finance markets in 2021, Erika Papp, CMS’s Head of Finance CEE/CIS, and CMS’s Regional Finance Partners Paul Stallebrass in Prague, Ana Radnev in Bucharest, and Elitsa Ivanova in Sofia offer their perspectives on what this year might hold for financing in CEE.