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 […]
First Practical Insights from the Bulgarian FDI Screening Regime
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 […]
Law Firm Pricing Based on Value not Time
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, […]
Bulgaria M&A Market Update
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: – […]
Какво не е наред с праговете за уведомления за концентрации в България?
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. […]
Due Diligence as a SWOT Analysis
Plenty has been said of the importance of the due diligence. You may have heard the expression ‘to buy a cat in a sack’. Every buyer in a sales contract has the duty to inspect diligently the product purchased for hidden defects or non-conformity. That being said, the main objectives include: identify the risks for […]
Dealing with Private Equity Interest
What do you do when a private equity fund comes knocking on your door? Ask you out for a dinner to talk about your business? It does not happen very often in Bulgaria. Only a few global and regional PE funds are actively looking into opportunities. So, yeah, go meet them. Talk. They would have […]