VIVACOM is for Sale

Bulgarian Telecommunication Company EAD (BTC) is a Bulgarian telecommunication operator known by the trademark VIVACOM. VIVACOM owns the best developed network in Bulgaria and is a leader in the provision of modern telecommunication services. The company is the only telecom operator in the country that provides converged solutions through terrestrial, copper and satellite infrastructure, a mobile network and public internet. VIVACOM maintains the only networked international networking center in Bulgaria, the network management center and the largest real-time data storage and booking center.

Borislav Boyanov, Speaker at the UIA Foreign Investment and Investment in Real Estate Conference

Borislav Boyanov, Managing Partner at BOYANOV & Co., talked about the needs of the foreign investors to be serviced by the state and local communities in the first panel titled Foreign investment – conditions/prerequisites for good investment climate and for good and attractive investment environment during the conference on Foreign Investment and Investment in Real Estate, organised by the International Association of Lawyers, Sofia Bar Association and the Supreme Bar Council of Bulgaria on 12-13 April at Grand Hotel Sofia.

BOYANOV & Co. Advises on the Financing of the Acquisition of Nova TV

BOYANOV & Co. advised the lenders of a EUR 100 million syndicated financing arranged by UniCredit Bulbank and BNP Paribas and a lending syndicate including them, DSK Bank and United Bulgarian Bank for the acquisition by Advance Media Group of Nova TV from MTG and EEMH. The deal was completed on 10 April 2019 in a record short period of time for a deal of this type (two and a half months from the start of the negotiations on the financing documents until closing of the financing).

A Concession Procedure for Sofia Civil Airport

A concession procedure for the Sofia Civil Airport has been announced on 2 July 2018 by the Minister of Transport of the Republic of Bulgaria for designation of a concessionaire and award of a concession for the construction of Civil Public Airport Sofia, which is public state property. The announced concession has an estimated value of approximately EUR 3.9 billion excluding VAT. The term of the concession is 35 years. The concessionaire shall pay the initial concession remuneration that amounts to EUR 281 million excluding VAT. The minimum investment requirement amounts to EUR 600 million for the term of the concession. There is also a requirement for the Concessionaire to build a third terminal within the first 10 years. Currently, the deadline for investors to submit their offers is 11 April 2019. The last extension was required because of changes in the Bulgarian Concessions Act. Amendments to the law ensure wider competition in the procedure. The amendments clarify the texts on a joint liability, the way of settling disputes between the parties and the grounds for invalidity of the Concession agreement.

CEZ Withdraws its Investments from Bulgaria

At the beginning of 2018, the Czech electricity distribution company CEZ EAD announced that it is selling its assets in Bulgaria to the Bulgarian company Inercom at a price of EUR 320 million. In September 2018 the deal was suspended by the Bulgarian Commission for Protection of Competition, which ruled that this transaction will lead to Inercom’s establishment of a dominant position on the photovoltaic power generation market. Currently, the deal is not a fact due to a decision of the Commission for Protection of Competition, which has been appealed before the Supreme Administrative Court. The proceedings will remain suspended until the Supreme Administrative Court rules on the validity of CPC's decision to block the deal following Inercom's initial notification. Meanwhile, Inercom issued a statement saying that it is working towards receiving regulatory approval and completing the deal.

Volkswagen AG to Open a New Automobile Factory in Eastern Europe

Volkswagen AG is planning to open a new automobile factory in Eastern Europe and Bulgaria is a potential destination. Possible locations for a Volkswagen factory in Bulgaria are Sofia and Plovdiv. The new factory shall produce cars from different brands under the Volkswagen group, including Volkswagen, Audi, Skoda, SEAT and others. Initially, Skoda Karoq and SEAT Ateca will be produced by moving their current production from Skoda's factory in Kvasiny, Czech Republic. It is expected Volkswagen to decide in which country to build the new factory at the beginning of May. Sources say that the direct capital investment will be over EUR 1.4 billion and will include the opening of initially, 5,000 work places, plus hundreds of engineers, followed by thousands of work places as suppliers and service industries.

Software Group to Obtain an Investment Loan from the European Investment Bank

The global technology company Software Group signed an agreement with the European Investment Bank to obtain an investment loan of EUR 18 million. The European Investment Bank chose Bulgaria to fund a project with money from the European Strategic Investment Fund. Funding will be used in two areas - R&D and Innovation, Business Development and Marketing. Over the next three years, the company will focus on developing new technologies, platforms and products in the field of insurance, factoring and Internet of Things (IoT).

Nuclear Power Plant Belene Update

In June 2018, the Bulgarian Parliament adopted a decision to reopen the search of options for building the NPP Belene. In the implementation of the decisions of the Bulgarian Parliament of 7 June 2018 and of the Council of Ministers of 29 June 2018, National Electric Company EAD issued an invitation for the selection of a strategic investor for the construction of Belene NPP on 11 March. The invitation also gives an opportunity to declare an interest in acquiring minority participation in the future project company, and/ or in purchasing electricity from the future power plant. The purpose of the invitation is to provide certain information to the parties wishing to participate in the procedure. The Ministry noted that Belene NPP must be built on a market basis, as the state will not sign with the investor long-term power purchase agreements, nor provide state guarantees. Bulgaria will participate in the project company via a non-monetary contribution.

BOYANOV & Co. is Highly Commended in the Law Firm of the Year: Eastern Europe and the Balkans Category of The Lawyer European Awards 2019

The 2019 judging panel included 29 extinguished CEOs, General counsels, managing partners and lawyers working for some of the largest international companies and law firms across Europe. The panel was impressed by BOYANOV & Co.’s stable growth and business increase across the region of South East Europe. Please find the full editorial of the judging panel below: Sofia-headquartered BOYANOV has long been seen as a strong player in Bulgaria, but in recent times the firm has internationalised its business dramatically across South East Europe and has shown a solid uptick in revenues. The judges…

Amendment to the Bulgarian Personal Data Protection Act

Today, the long-awaited amendment to the Personal Data Protection Act was promulgated in the Bulgarian State Gazette. Most notably, the law designates the Commission on Personal Data Protection as the Bulgarian supervisory authority under the GDPR and officially repeals the registration regime for personal data controllers which was inapplicable in practice since 25 May 2018. Following the entry into effect of the amendment, the Commission is to adopt additional ordinances and amendments to its internal rules. Furthermore, the law implements the rules of Directive (EU) 2016/680 related to the…

Promotions at BOYANOV & Co.

BOYANOV & Co. announced the following promotions as of 1 February 2019: Radoslav Alexandrov is promoted to Partner and Head of Employment Practice Group; Nikolay Kolev ­­- to Counsel within the Corporate and M&A Practice Group; Stela Sabeva - to Principal Associate and Head of the Intellectual Property Department; Rossiza Marinova and Marina Mollova - to Senior Intellectual Property Associates.

Bulgarian List of Processing Operations Requiring Data Protection Impact Assessment

The Bulgarian Commission on Personal Data Protection adopted a list of processing operations for which it would be mandatory for controllers to conduct data protection impact assessments. The controllers whose main or only place of establishment is on the territory of the Republic of Bulgaria will be required to conduct a data protection impact assessment in all cases when a specific processing is likely to result in a high risk to the rights and freedoms of the individuals.