Earn-Outs in Bulgarian M&A: Drafting, Enforcement and Traps Parties Should Know
Earn-outs are increasingly common in Bulgarian mid-market transactions, yet Bulgarian law provides little guidance on their enforceability or the resolution of earn-out disputes. This article offers insight on these topics. An earn-out is a mechanism providing for contingent additional consideration based on a target’s post-closing performance. In acquisitions of Bulgarian companies across various sectors (but […]
Two Hurdles for Deals in Bulgaria to Have in Mind: FDI Screening and the New Merger Control Call-In Powers
In the second half of 2025 Bulgaria introduced a mandatory FDI screening regime and new call-in powers for its competition authority. For international investors and their counsel, both regimes are now live may affect transactions that would previously have closed without regulatory angle. Until mid-2025, Bulgaria stood out among EU member states for the absence […]
Price Is a Function of Risk. And Risk Can Be Managed.
In M&A, Price Is a Function of Risk. And Risk is Our Playground. A deal is shaped and solidified by many factors and external and internal dynamics. A complex deal ought to be explained in simple terms in order to work. We suggest two reliable and time-tested formulas. Price of asset = Opportunity (expected return) […]
Hristov & Partners Endorsed in The Legal 500 2026 Rankings
The firm is very pleased by our strong performance at the latest rankings of the leading international legal directory Legal 500 2026 edition which placed us consistently among the premier commercial, corporate, M&A and EU/competition law firms in Bulgaria. ‘We value Legal 500 independent research and legal market insights. The annual rankings measure and show […]
Необходима ли е реформа в организацията и дейността на Комисията за защита на конкуренцията?
С оглед на продължителната липса на резултати конкретно в областта на най-сериозните нарушения на конкуренцията, реформа или промени/подобрения са необходими. Имаме предвид, че правилата за устройството, дейността и организационната структура на КЗК следва да се преглеждат и актуализират регулярно с цел подобряване на дейността, упражняване на прaвомощията в пълен обем и отстраняване на пречки и […]
The Time Factor in Dealmaking
A M&A deal dynamics can be simplified and visualised to its three core characteristics. To this effect, it can be shown as a triangle with three variable factors placed in each corner – Asset, Price and Time. The purpose of dealmaking is reaching an agreement on at least those three fundamental aspects. All conditions equal, […]
What will 2026 Bring to M&A in Bulgaria
In an interview for the leading legal publication in Central and Eastern Europe CEE Legal Matters, our partners Pavel Hristov and Dragomir Stefanov shared insights and predictions substantiated by a very active 2025 for our M&A practice. ‘VC funding rounds (seed and Series A and B) attracted some of the leading global players. The Founders […]
M&A in Bulgaria 2025 Reflections
2025 Year-end Reflections M&A had a slow start of the year but strong last months. We witnessed a peak of US investments, both strategic and funds. Significant involvement of major US law firms. International financial and M&A advisers were still a rarity (regrettably). The FDI screening became fully effective and the first 10 approvals were […]