BOYANOV & Co. Advised UniCredit Bulbank and United Bulgarian Bank on the Financing of the Acquisition by Plastchim-T of Manucor S.p.A, Italy

May 2024 Plastchim-T is a Bulgarian company, that is one of the leading privately owned European manufacturers of biaxially oriented polypropylene films (BOPP), cast polypropylene films (CPP), and flexible packaging products. Manucor is an Italian company founded in 1987 and has grown to become a major biaxially oriented polypropylene (BOPP) manufacturer. The acquisition will expand the existing joint manufacturing capacity up to 200,000 tons annually, strengthen the logistics and distribution network in Europe, as well as allow film lineup by adding a significant base of loyal clients. The team…

BOYANOV & Co. Advised Synechron on the Acquisition of Dreamix

April 2024 Synechron, Inc., a leading global digital transformation consulting company focused on financial services and technology organizations, announced its acquisition of Dreamix, founded in 2006, in Sofia, Bulgaria (press release available). As a bespoke end-to-end software engineering and digital product/application development company, Dreamix caters to the customised needs of an array of globally renowned enterprise clients across key industries, including Aviation, Transportation, RegTech, FinTech, ESG, and Healthcare. The acquisition of Dreamix was completed on 26 March 2024. BOYANOV…

BOYANOV & Co. Advised on the Eurobank’s Financing Deal with Mall Galleria Owners in Bulgaria

April 2024 BOYANOV & Co. advised Eurobank S.A. group on the EUR 61,000,000 general corporate purposes financing of Galleria Burgas EAD and Galleria Stara Zagora EAD, which own and manage two shopping centres in Bulgaria, Mall Galleria Burgas, and Mall Galleria Stara Zagora. BOYANOV & Co. advised on the Bulgarian legal aspects of the financing, including inter alia, preparation of the relevant Bulgarian security agreements, their execution and perfection, as well as issuing a legal opinion. Our team was led by Damian Simeonov, Head of the Banking and Finance practice, and included Senior…

BOYANOV & Co. Continues its Series of Advising on the Construction of Large Photovoltaic Power Plants in Bulgaria

March 2024  BOYANOV & Co. advised a syndicate of UniCredit Bulbank, United Bulgarian Bank, Eurobank Bulgaria, and Raiffeisen Bank International on the financing of the construction and operation of a 160 MW photovoltaic power plant in Bulgaria (in the Maglizh Municipality). The PV park is developed by Belozem Solar Park 2 OOD, which S Solar and Syzygy own. The minority shareholder in S Solar is Starcom – one of the main shareholders in Eurohold Bulgaria. Eurohold Bulgaria is one of the largest listed companies in Bulgaria and controls Electrohold Bulgaria – a holding company of the…

Foreign Direct Investment Screening Regime is Introduced in Bulgaria

March 2024 1. What’s new? On February 22, 2024, Bulgaria, previously one of the few remaining EU countries without foreign direct investment (FDI) controls, introduced a new FDI screening regime in accordance with the EU FDI Screening Regulation 2019/452 (the “EU FDI Screening Regulation”). The Act to Amend and Supplement the Investment Promotion Act (the “FDI Screening Act”) [1] now requires prior review and approval on national security grounds for foreign direct investments (“FDI”) in certain key areas of interest for national security. The regime will apply to investors controlled…

Working with the Unified Portal for e-Justice: Improvements and Practical Issues

February 2024 This article is available in Bulgarian here.  Three years after its launch[1], e-Justice in Bulgaria is still under construction and improvement and has not yet reached its final form. At the end of March 2023, the unified platform of e-Justice – the optimised Unified Portal for e-Justice (UPEJ) – started working. Prior to that, the pilot programme of the Unified Information System of the Courts (UISC), which was the forerunner of the actual UPEJ, operated for more than 3 years. The optimised UPEJ is a single electronic database of court cases considered by all regional,…

How to Handle Disciplinary Dismissals Situations

January 2024 Employment contracts can only be terminated on specific grounds listed in the Bulgarian Labor Code. There are over 50 grounds for termination, each with its unique facts, documents, and procedures. Disciplinary dismissal is both a disciplinary sanction and grounds for employer-initiated termination without notice (Art. 330, Para 2, item 6 of the Labor Code). This is regarded as one of the most problematic and risky grounds for termination under the Labor Code. This overview provides guidance on the procedure and highlights key considerations. 1.       General guidelines and…

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…