Kinstellar has advised Peter Mitev and Big Orange Foundation on the joint venture with Raycho Raychev and Endurosat for the acquisition of a 17,000-square-meter office building in Sofia from Alpha Bank. CMS advised Alpha Bank on the sale of its former headquarters. Yonev Valkov Nenov reportedly advised Raycho Raychev and Endurosat.

CMS has advised Greenvolt Next Holding on its acquisition of Greenvolt Next Bulgaria JSCo from Greystone Bulgaria. Kambourov and Partners advised the seller.

On 21 August 2024, the Bulgarian Ministry of Energy opened a tender procedure for National infrastructure for storage of renewable energy (RESTORE) for granting stand-alone battery energy storage system (BESS) tender funded under the EU’s Recovery Resilience Facility (the “Procedure”).

Kinstellar has advised the Mitiska European Real Estate Partners 3 on its entry in Bulgaria via a joint venture with Park Lane Developments. CMS advised Park Lane Developments.

CMS has successfully represented MET’s subsidiary MET Suvorovo Wind Park in its claim against the Republic of Bulgaria, represented by the Minister of Finance, for the return of unconstitutional wind taxes imposed by the Republic of Bulgaria back in 2014.

In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and keep our readers apprised of the latest developments impacting their respective practice areas.

Clifford Chance has advised KKCG's IT pillar on the integration of the acquisition debt, following the acquisition of Avenga Group, into the group's umbrella financing.

Summer is traditionally a slower period for many, including the legal sector, but, if used right, the time can pay dividends for law firms.

In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. With managing firm clients being a critical aspect of firms’ operations, we asked: What are the three most important elements when onboarding a new client?

Major infrastructure and industrial projects depend on careful government planning and resources. However, Bulgaria’s government has been in flux since 2021, with six general elections in the last four years. Nevertheless, there have been some legislative developments that could stimulate private investment in the fields of utilities, transport, postal services, energy, and industrial manufacturing.

Boyanov & Co. has advised Generali CEE Holding in the acquisition of United Health Insurance Fund Doverie. Djingov, Gouginski, Kyutchukov & Velichkov advised the seller.

Integrites, working with Holman Fenwick Willan, has advised Nibulon on reprofiling a USD 80 million pre-export credit facility extended by a syndicate of banks, including ING Bank NV, Credit Agricole CIB, the European Bank for Reconstruction and Development, and FMO, the Dutch entrepreneurial development bank. CMS advised the lenders.

Reporting on the most interesting recent developments in Bulgaria Gugushev & Partners Law Office Senior Partner Dafinka Stoycheva shares her views on continuing political instability in the country, a major investment dispute, and significant legal and regulatory developments.

In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. As partner departures are inherent to the workings of any law firm, and likely demand clear strategies for navigating, this time around we asked: What are the three most important items on your checklist when a Partner leaves your firm?

Derivatives, repurchases, and securities lending transactions are often used by sophisticated financial institutions and large corporate entities in Bulgaria to manage their portfolios of investments, hedge against financial risks, or get short-term credit. Such products are predominantly offered on an OTC basis by foreign banks, with mainly the largest local banks having the know-how and resources to do the same.

Gugushev & Partners has advised the founders of Flat Manager on the sale of the company to Renters. Hristov & Partners advised Renters.

Wolf Theiss, working with Simpson Thacher & Bartlett, Gorrissen Federspiel, and Hengeler Mueller, has advised Software AG on the carve-out and sale of its Super Integration Platform as a Service business to IBM. Binder Groesswang, working with Cravath, Swaine & Moore, advised IBM.

In recent months, Bulgaria has undergone significant changes to its Anti-Money Laundering (AML) legislation intending to achieve the long-overdue complete transposition of the EU 2018/843 Directive into national law and meeting the higher standards set forth in the Financial Action Task Force’s (FATF) recommendations on Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT), especially following the country’s inclusion in FATF’s so-called “grey list” of jurisdictions under increased monitoring.  Naturally, these changes give rise to a number of new obligations for businesses to comply with. The purpose of this article is to provide an overview of the most significant changes.