Energy and Mining
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Energy and mining
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https://seelegal.org/wp-content/uploads/2019/07/GLIMA19_Bulgaria.png 600 1200 sara https://seelegal.org/wp-content/uploads/2018/01/SeeLegalLogoHeader-1.png sara2019-07-26 09:55:422019-07-26 09:56:34BOYANOV & Co. Contributes to the Bulgarian Chapter on Global Legal Insights to: Mergers & Acquisitions 2019
BOYANOV & Co.’s partner Yordan Naydenov and counsel Assoc. Prof. Dr. Nikolay Kolev have authored the Bulgarian chapter on Global Legal Insights to: Mergers & Acquisitions 2019, 8th edition, published in July 2019 by Global Legal Group. The article discusses the legal background, financing of the M&A transactions in Bulgaria, touches upon the significant deals and highlights, key developments, as well as looks at the year ahead.
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Mr. Borislav Boyanov, managing partner at BOYANOV & Co. and a founder and co-chair of the SEE Legal Group, continues to be the only Bulgarian lawyer regularly nominated by his peers as one of the world’s leading practitioners in the field of M&A and Governance by Who’s Who Legal. Who’s Who Legal: M&A and Governance 2019, published by Law Business Research Ltd., is a result of the opinions of law firm clients and corporate law experts from around the world. The research has revealed 1,531 lawyers from 85 jurisdictions who are considered leaders in the field of M&A and Governance.
https://seelegal.org/wp-content/uploads/2019/04/cables.jpg 690 1197 sara https://seelegal.org/wp-content/uploads/2018/01/SeeLegalLogoHeader-1.png sara2019-04-23 19:38:202019-04-23 19:38:20VIVACOM 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.
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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.
https://seelegal.org/wp-content/uploads/2019/04/television.jpg 633 1100 sara https://seelegal.org/wp-content/uploads/2018/01/SeeLegalLogoHeader-1.png sara2019-04-11 18:38:102019-04-11 18:38:10BOYANOV & 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).
https://seelegal.org/wp-content/uploads/2019/04/airport-check-in.jpg 642 1263 sara https://seelegal.org/wp-content/uploads/2018/01/SeeLegalLogoHeader-1.png sara2019-03-28 22:21:122019-04-10 22:34:45A 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.
https://seelegal.org/wp-content/uploads/2019/04/electricity-2.jpg 595 1127 sara https://seelegal.org/wp-content/uploads/2018/01/SeeLegalLogoHeader-1.png sara2019-03-28 13:13:192019-04-15 13:20:40CEZ 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.
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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.
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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).
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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.
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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…
https://seelegal.org/wp-content/uploads/2019/02/data-protection.jpg 421 900 sara https://seelegal.org/wp-content/uploads/2018/01/SeeLegalLogoHeader-1.png sara2019-02-26 16:50:552019-02-27 16:57:27Amendment 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…