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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 […]

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 […]

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 […]

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 […]

The Bulgarian foreign-direct-investment screening regime became effective as of 22 July 2025. Shortly thereafter, filings began arriving at the Bulgarian Investment Agency (BIA), which is the body responsible for verifying the completeness of applications before they are forwarded to the Interdepartmental Council for Screening of Foreign Direct Investments (FDI Council). In essence, under the new […]

Pricing professional and, in particular, legal services is complex. Above all, it is the foundation of the relationship with the client, the basis for trust. In our business, hourly rate has been the standard, the default fee arrangement for decades, first in the US, the UK and then Continental Europe. However, time recorded and billed, […]

Less deals and slower sale processes. Closing deals is contextual. In H2 2025, some major macro aspects must be factored in: – inflation – budget deficit – raising public and private debt – excessive lending and bad loans – energy sector indebtedness and inefficiencies – lower than predicted GDP growth – lower FDI Add: – […]

Законите трябва да се променят в отговор на промените в обществената и икономическата среда, които уреждат. Законът за защита на конкуренцията от 2008 г. трябва да се промени в частта за контрол върху концентрациите – и една малка промяна може да има значителен благоприятен ефект за стартиращите, малките и средните бизнеси и инвестициите в страната. […]

Уважаеми посетители на страницата ни, Получихме информация за разпространение на фалшиви съобщения по електронна поща от името на нашето адвокатско дружество, свързани с твърдени нарушения на търговска/и марка/и. Тези имейли не са изпратени от нас и може да съдържат подвеждащи твърдения или злонамерени линкове. Това представлява злонамерен опит за фишинг (phishing) атака и вероятно има […]

Many M&A practitioners are optimistic and predict a better year, higher deal values and volumes. We think that better will not be distributed evenly. Some countries and regions will fare well and outperform others. It is fairly safe to assume that South East Europe and Bulgaria in particular will face headwinds. The unfavourable factors include […]