BOYANOV & Co. Advised Nippon Express Holdings, Inc. on the Acquisition of Cargo-Partner

January 2024  On 4 January 2024, Nippon Express Holdings, Inc., the renowned Japan-based logistics company, completed the acquisition of Cargo-Partner subsidiaries in Central and Eastern Europe. This acquisition strengthens Nippon Express's global logistics network, which spans over 739 locations. Cargo-Partner, headquartered in Austria, has a significant presence in Central and Eastern Europe and offers diverse logistics services, including air and ocean freight forwarding. BOYANOV & Co. acted as Bulgarian legal counsel to Nippon Express together with the global legal counsel Freshfields…

BOYANOV & Co. Advised Aurelius Group on the Acquisition of Lufthansa’s Catering Operations in Bulgaria

November 2023 BOYANOV & Co. advised  Aurelius Group on the Bulgarian legal aspects in the acquisition of the Bulgarian part of the Lufthansa Group catering business. The Star Alliance carrier initially sold LSG Group’s European business activities to Gategroup in 2019 and then struck a preliminary agreement to sell the remainder of LSG to Aurelius in April this year. The sale, formally completed on 31 October, comprises all the group’s classic catering activities along with its on-board retail and food commerce businesses. It includes a total of around 19,000 employees worldwide and…

BOYANOV& Co. Advised Ceska Sporitelna on Refinancing of Aricoma Group’s Loan for Musala Soft AD Acquisition

September 2023 BOYANOV & Co. advised Česká Spořitelna – leading a syndicate of banks including Československá obchodní banka and Komerční banka on the refinancing of a loan extended to the Aricoma Group in 2022. A segment of this loan facilitated the acquisition of Musala Soft AD, a transaction in which BOYANOV & Co. also played an advisory role. The ARICOMA Group stands as a premier IT service provider in Central Europe, boasting a pronounced presence in the Scandinavian region. With 15 European delivery centers, the company caters to an extensive clientele, serving over 1,000…

BOYANOV & Co. Аdvised Rezolv Energy on the Acquisition of the Rights to Build and Operate a 229 MW Solar Plant

August 2023 BOYANOV & Co. advised Rezolv Energy on the acquisition of the rights to build and operate a 229 MW solar plant in Silistra Municipality, northeastern Bulgaria. Rezolv Energy is an independent renewable energy producer focused on Central and Southeastern Europe which was launched last year by Actis, a leading global investor in sustainable infrastructure. Named ‘St. George,’ the project is set to become the largest solar plant in Bulgaria, with construction beginning later this year and completion expected in early 2025. The St. George plant will be constructed on the site…

BOYANOV & Co. Advised Tietoevry Oyj on the Acquisition of MentorMate LLC

July 2023 BOYANOV & Co. advised Tietoevry Oyj, a Finnish IT software and service company providing IT and product engineering services, on all Bulgarian legal aspects of the acquisition of MentorMate LLC, a digital engineering company headquartered in Minneapolis, USA, from Taylor Corporation. MentorMate provides advanced digital engineering services, human-centered design, and AI capabilities to its customers in North America and Europe. The local subsidiary MentorMate Bulgaria EOOD is one of the leading companies in the sector and a large employer having approx. 800 FTEs. Tietoevry leaders…

BOYANOV & Co. Advised Borealis on the sale of its Indirect Shareholding in Neochim

July 2023 BOYANOV & Co. advised Borealis AG, a subsidiary of the Austrian OMV AG, on all legal aspects of the sale of its indirect shareholding in Neochim AD, a large Bulgarian producer and trader of inorganic and organic chemical products including fertilizers. The transaction was part of the global divestment of Borealis AG of its nitrogen business including fertilizer, melamine, and technical nitrogen products. The business was acquired by AGROFERT – a Czech-based group active in a number of industries in Central Europe, with activities spanning from chemicals and agriculture to food…

BOYANOV & Co. Advised Deluxe Corporation on the Successful Sale of its Subsidiary Hostopia Bulgaria

July 2023 BOYANOV & Co. acted as local counsel for Deluxe Corporation (NYSE: DLX) on the sale of the subsidiary Hostopia Bulgaria EOOD to HostPapa, Inc., a leading global web hosting and cloud service provider for small and medium businesses. The transaction was part of a global acquisition by HostPapa of Deluxe Corporation's web hosting and logo design businesses. The sale was successfully closed on 29 June 2023, after completing the various pre-closing steps and obtaining necessary clearances (press release is available here). The instrumental support of BOYANOV & Co. was highly appreciated…

Concessions for Public Transport of National Importance

June 2023 After the Ministry of Transport and Communications successfully finalised concession procedure for the civil airport in the capital city of Sofia, it announced further plans for potential concessions for public transport of national importance. They include Black Sea ports in Varna and Burgas, Danube river ports in Ruse and Vidin, and an intermodal terminal in Dragoman. The procedures for awarding the concessions have not been started yet.

Tunnel Under Petrohan Pass

June 2023 The idea to build a tunnel under Petrohan Pass existed for years. The aim of the project for tunnel under Petrohan Pass is to facilitate the trip to North-Western Bulgaria and shorten the distance to Romania. It will also shorten the trip between the Greek port Thessaloniki and the Bulgarian port Lom. An Environmental Impact Assessment is currently being carried out. It can be expected that after the assessment completion the state will seek funding for the project.

Construction of New Grain Terminal at the Black Sea Port of Varna

June 2023 The new grain terminal will be developed and operated by Logistic Centre Varna, a subsidiary of Buildcom Group. Buildcom is one of the country’s largest traders of grains and fertilizers. It is expected that the terminal will become operational in the second quarter of 2026. It will consist of a new quay, a silo and other storage facilities, as well as a new railway and road access. The investment in the new grain terminal amounts to EUR 100 million. The European Investment Bank has approved a EUR 50 million loan to co-finance the project.

EUR 56 Million Investment in a New Malt Plant in Pleven

June 2023 The French company Malteries Soufflet Bulgarie has started the construction of a new malt plant in the city of Pleven. The investment amounts EUR 56 million and aims to double the company's production capacity to 60,000 t of malt per year.

Digitalization of Bulgarian Posts AD

June 2023 Bulgarian government has announced a plan for the recovery and digitalization of state-owned postal operator Bulgarian Posts AD. Apart from the need for restructuring of company’s debts, Bulgarian Posts AD are preparing implementation of a platform, providing the possibility of provision of new services, and integrating current and future software solutions. Further details of the project have not yet been announced.