30 July 2021
BOYANOV & Co. acted as local counsel for NN Group on the sale of its Bulgarian pension and life insurance businesses to DZI – Life Insurance, part of KBC Group (the “Transactions”).
BOYANOV & Co. advised on the deal structuring, negotiations, signing of the agreements, pre-closing, and closing support. The Transactions involved the first-ever transfer of insurance business of a foreign branch as a going concern in Bulgaria which posed specific regulatory, corporate, and administrative challenges.
The Transactions were successfully closed today after completing the necessary pre-closing steps, including obtaining approval by the Hungarian National Bank for the transfer of the life insurance business. The instrumental support of BOYANOV & Co. was highly appreciated by all parties in the Transactions.
Stibbe N.V. acted as the international legal counsel of NN Group for the Transactions. BOYANOV & Co.’s team was led by partner Yordan Naydenov and also included partner Alexander Chatalbashev and senior associate Borislav Notovsky.