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 issued.

Merger control remained predictable (no prohibited transactions, no divestiture measures ordered), but timing was uncertain with delays not uncommon.

Closing of deals was difficult for first-time sellers and/or inexperienced advisers.

Advisers’ experience and expertise, reliability, responsiveness and collegiality help sellers and buyers create a foundation of trust and conviction. Without it, the deals stalled or failed.

Still our role (advisers) is secondary. Leading are great products and businesses, created in Bulgaria, and visionary and knowledgeable investors willing to pursue those deals.