Bulgaria is among a minority of EU countries that have not yet adopted a foreign direct investment (FDI) screening regime. This is about to change with the introduction in late June of a bill on the amendment of the Investment Promotion Act, implementing the screening mechanism under Regulation (EU) 2019/452.

Djingov Gouginski Kyutchukov & Velichkov has advised Come Forth Capital on the sale of Synergyc to Italy's Kirey. KPMG advised Kirey.

Bulgaria's economic landscape appears to be evolving rapidly, driven by a proactive government and a series of long-overdue legislative reforms, according to Kinstellar Partner Nina Tsifudina. From changes in the available company forms to alignment with EU regulations and the anticipation of eurozone integration – all these keep the country’s markets buzzing, with movements in the banking and telecommunication sectors leading the charge.

Djingov Gouginski Kyutchukov & Velichkov has advised BGC on the structuring – including private equity financing and a project finance facility – to support the expansion of a green-field convenience store chain in Bulgaria.

Schoenherr, working with Sullivan & Cromwell, has advised the Emirates Telecommunications Group Company – operating as E& – on its acquisition of a 50%-plus-one-share stake in PPF Telecom Group's assets in Bulgaria, Hungary, Serbia, and Slovakia. White & Case and Karanovic & Partners advised the PPF Group on the up to EUR 2.5 billion sale and the setup of a joint venture with E&.

Boyanov & Co, working with the Stockholm and Washington offices of Baker McKenzie, has advised Finland's Tietoevry on the acquisition of US-based digital engineering company MentorMate. Ballard Spahr advised the Taylor Corporation on the sale.

CMS has advised Global Financial Consulting on the sale of the 25-megawatt greenfield Chernogor photovoltaic project to US investor Bulgaria Solar. Spasov & Bratanov advised Bulgaria Solar. Varadinov & Co reportedly advised the other sellers, Totally Green and Ki Energy.

CMS has advised YGY Industries on the sale of the 229-megawatt St. George greenfield solar plant in Bulgaria's Silistra municipality to Rezolv Energy. Boyanov & Co and, reportedly, Clifford Chance advised Rezolv Energy.

May 2023 marks five years since the application of the General Data Protection Regulation, better known as "GDPR", and its requirements still pose a number of challenges for organizations. On one hand, this is because ensuring compliance with GDPR is not a "one-time exercise" but a continuous process "from within", requiring synchronization with all other activities in the organization. On the other hand, companies must also take into consideration innovations "from the outside", including new regulations and technologies, by promptly addressing data protection risks.

Djingov, Gouginski, Kyutchukov & Velichkov has advised ALC Clover Ireland Limited on the lease of a new aircraft to Fly Lease and its subsequent sublease to Bulgaria Air.

Eversheds Sutherland Bulgarian member firm Tsvetkova Bebov & Partners has advised the TBI Bank on the public placement of its EUR 10 million first tranche of senior non-preferred MREL bonds due 2026.

Gugushev & Partners has advised Next Basket on an investment from the Innovation Capital Fund. Sole practitioner Sylvia Marushkina reportedly advised Innovation Capital.

Did You Know that a total of 14 partners at Bulgarian law firms have worked on multiple client matters in that country so far this year? That group is led by Boris Teknedzhiev of Tokushev & Partners, who has worked on five reported Bulgarian client matters in 2023.

Bulgaria's outlook is improving, with its elected government working hard to catch up on crucial EU legal updates, while the country continues to attract investments in banking, energy, healthcare, and technology, according to Penkov Markov & Partners Associated Partner Boris Lazarov.

Schoenherr has advised Bulstrad Life Vienna Insurance Group Bulgaria on the acquisition of AmeriMed medical center. Reportedly, Stanev & Partners advised the sellers.

Tsvetkova Bebov & Partners (member of Eversheds Sutherland) has advised on Allianz Bank Bulgaria’s issue of senior preferred MREL bonds.

Boyanov & Co has advised Borealis on the Bulgarian aspects of the sale of its indirect shareholding in Neochim to Agrofert. Wolf Theiss advised Agrofert.

Partners Stephan Kyutchukov and Zdravka Ugrinova have assumed joint management responsibilities as the Co-Managing Partners of Djingov, Gouginski, Kyutchukov & Velichkov.