Here are four important aspects of Bulgarian merger control that an investor may want to consider before proceeding with a contemplated acquisition of businesses or assets in our country:

  • Merger filings are mandatory, if the specified annual turnover thresholds are exceeded. Only turnover generated in the territory of Bulgaria is relevant. Generally the party acquiring control (i.e. purchaser, subscriber/new shareholder acquiring sole control) is responsible for filing and would be liable for a failure to notify.
  • If a transaction falls within the exclusive jurisdiction of the European Commission, no separate merger filing will be required in Bulgaria.
  • Suspensory effect. If a transaction is caught by Bulgarian merger control rules, the parties may not implement or close the transaction before a merger clearance (unconditional) is obtained (respectively, if the clearance is subject to conditions – before these conditions are fulfilled).
  • Clearance fees, paid to the national competition authority to assess the case, may be substantial: up to EUR 30,700.
The information contained in this post is not intended to and does not constitute a legal advice under Bulgarian law or under the laws of any other jurisdiction and is provided for informational purposes only. No actions should be taken or not taken based on any contents of this post. A specific legal advice must be sought from a qualified lawyer on a case-by-case basis, taking into account the relevant facts and circumstances.