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.
Tender for Supply of New Trains
June 2023
It is expected that in July 2023 Bulgarian Ministry of Transport and Communications will launch public procurements for the supply of new trains with an estimated total value of EUR 1.44 billion.
The scope of the procurement shall include purchase of 7 double-deck trains, 35 single-deck trains, 20 single-deck zero-emission electric trains type “push-pull” and 18 shunting locomotives.
New Nuclear Unit at the Site of the Existing Kozloduy NPP Using US Technology Update
On 23 October 2020, Bulgaria and the USA signed a Memorandum of Understanding between the two countries' governments on strategic cooperation in civil nuclear power.
BOYANOV & Co. Advised Eurobank Bulgaria on the Acquisition of BNP Paribas Personal Finance – Bulgaria branch
June 2023
BOYANOV & Co. advised Eurobank (Bulgaria) – the fourth-largest banking institution in the country based on assets, on the acquisition of BNP Paribas Personal Finance – Bulgarian branch, the Bulgarian business establishment of the French BNP Paribas Group.
BOYANOV & Co. provided crucial support in obtaining concentration clearance from the Bulgarian Commission for Protection of the Competition as well as in relation to the regulatory permit for the deal and the preparation of the closing process.
This acquisition strengthens Eurobank’s position in the Bulgarian retail…
Investment of United Group in Bulgaria
May 2023
United Group BV plans to allocate EUR 600 million to strengthening its business in Bulgaria over three years. This was announced by the group’s CEO Victoriya Boklag in March 2023.
The company is leading multi-play telecoms and media company in Southeast Europe, owner of Bulgaria’s telecom operator Vivacom and multi-platform media company Nova Broadcasting Group. Investments will be related to the coverage and capacity of Bulgaria’s mobile and optical networks and in high-quality products based on the latest technologies such as the 5G high-speed home internet.
