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.

BOYANOV & Co. Contributed to the Bulgarian Chapter on Private Equity

Yordan Naydenov, Partner and Head of Corporate and M&A Practice Group and Dr. Nikolay Kolev, Counsel at BOYANOV & Co. contributed to the third edition of Private Equity, published by Thomson Reuters in 2018, London with general editors Charles Martin and Simon Perry.

BOYANOV & Co. is Shortlisted for Law Firm of the Year: Eastern Europe and the Balkans Award by The Lawyer

BOYANOV & Co. is the only Bulgarian finalist of The Lawyer European Awards 2019 in the category Law Firm of the Year: Eastern Europe and the Balkans. Each year The Lawyer European Awards showcase the impressive achievements of Europe's finest within the legal industry. This year The Lawyer marks the 10th anniversary of the annual awards. The 2019 judging panel consists of 29 judges who review the entries in 14 jurisdictional, five transactional, and six organisational categories, as well as for The European Law Firm of the Year. The Lawyer European Awards ceremony will take place on 19 March…
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BOYANOV & Co. and KALO & ASSOCIATES Advised Albania Telecom Invest

BOYANOV & Co. and KALO & ASSOCIATES, members of SEE Legal, advised Albania Telecom Invest (ATI), a joint venture of Mr. Spas Roussev and Mr. Elvin Guri (a successful Bulgarian entrepreneur of Albanian origin), on the acquisition of Telekom Albania from OTE (Deutsche Telekom) for a total consideration of EUR 50 million. More specifically, BOYANOV & Co. advised ATI on the entire deal – participation in an auction organised by OTE, submission of a bid, legal due diligence (in cooperation with KALO & ASSOCIATES), negotiation of the sale and purchase agreement, escrow agreement and…

BOYANOV & Co. Advises the Parties in the Second Largest Transaction on the Bulgarian Office Properties Market in the Last 10 Years

BOYANOV & Co. advised the leading Greek real estate company NBG Pangaea REIC on the acquisition of I&B Real Estate AD in a transaction with a value of close to EUR 79 million. On the express mutual agreement of the parties, throughout the process, two dedicated teams of the firm provided legal support and assistance to both the sellers and the buyer. The transaction was successfully completed on 28 December 2018. The company I&B Real Estate AD is the owner of City Tower (Telus Tower), a full-let office building in Sofia, Bulgaria with a total area of about 54,000 sq.m. The newly built…