Public Offering of Securities – Bulgarian Chapter

Prospectus for the Public Offering of Securities in Europe Set – Chapter on Bulgaria. European and National Legislation in the Member States of the European Economic Area – Law Practitioner Series – Cambridge, 2008.


The Commercial Proxy (in Bulgarian)

This article provides a brief insight into the legal regulation of the commercial proxy, one of the types of commercial agents existing under Bulgarian law.     Copyright picture:


BGN 2.96 Million Banking Litigation

The firm is working on a commercial litigation for one of the biggest Bulgarian banks involving claims with a value of approximately 2.96 million Bulgarian leva. Some of the legal issues of that case concern the authority to represent a company in insolvency proceedings and the legality of transactions and payments with the bank and […]


Soravia Group Divests Majority Holding in Devin AD

On November 19, 2009 Advent International, the global private equity firm, announced the acquisition from the Soravia Group of Austria and certain individual shareholders approximately 79% of the shares of Devin AD, Bulgaria’s leading mineral water bottler and distributor of soft drinks. Devin was founded in 1992 and has consistently grown to reach the number […]


Borislav Boyanov & Co. Leads the Market in 2009 in the Implementation of Global Employee Share and Option Plans

Borislav Boyanov & Co. advised a number of international companies (such as InBev S.A./N.V., Société Générale, Hewlett Packard, Siemens) on the offering of their global employee share and stock option programs in Bulgaria, including regulatory issues and local filings, related to their qualification as local public offerings.     Copyright picture: Hewlett Packard


EQT Combined Acquisition of Two Leading Pay-TV Operators

In a complex transaction involving simultaneous closings of both deals in more than 5 different jurisdictions, the firm advised the EQT investment funds on the acquisition of 100% controlling interest in Eurocom and 70% controlling interest in CableTel. The two target companies are major Pay-TV operators in Bulgaria and Macedonia, offering integrated communications home services – Pay-TV, Internet and telephony. The total […]


USD 1 Billion Aircraft Securitisation

In 2008-2009, Borislav Boyanov & Co. served as a local counsel for a $1bn Aircraft Securitization.     Copyright picture:


Defense of German Food Retailer under Articles 81 and 82 of the EC Treaty

In a landmark case involving allegations by suppliers under Articles 81 and 82 of the EC Treaty against all major retail chains in Bulgaria, Borislav Boyanov & Co. has been engaged in defense of a major German-owned retail chain against alleged prohibited clauses in vertical agreements and allegations of abuse of dominance. The case represents a […]


Representing Bavaria on BayernLB Nationalization

Borislav Boyanov & Co. represented the Free State of Bavaria, a federal state of Germany, in respect of obtaining Bulgarian merger clearance for its acquisition of sole control of BayernLB. The firm also obtained regulatory clearance for the operation, in connection with the indirect acquisition of a significant shareholding in BayernLB’s local indirect banking and […]


Anheuser Busch InBev Divestment of Bulgarian Assets

The partnership acted for Anheuser Busch InBev (ABI) providing advice and support for divesting from its brewing business in Bulgaria, as part of the disposal of several regional businesses. Prior to that, we assisted ABI in acquiring and reorganizing four breweries in Bulgaria, thus becoming one of the largest players in the Bulgarian beer market. […]


Successful Defense in Alleged Pharmaceutical Sector Boycott Case

Borislav Boyanov & Co. successfully defended a client in the pharmaceutical sector against an allegation of a boycott-type cartel. The case was brought by a local pharmaceuticals distributor against five international pharmaceutical companies and the Association of Research-Based Pharmaceutical Producers in Bulgaria (ARPharM). The case was dismissed following a positive decision by the Commission on […]


Court Quashes 2/3 of Sanctions for Alleged Cooking Oil Cartel

The firm represented Papas Olio AD, Niva AD, and New Oil AD before the Supreme Administrative Court in a case challenging the allegations of the Commission on Protection of Competition that a purchasing cartel for sunflower seeds existed among 13 cooking oil producers in the country. The case involved a significant volume of evidence, including […]


Sony Local Business Reorganization

Borislav Boyanov & Co. acted for Sony Central and Southwest Europe on the reorganization of Sony’s Bulgarian business operations.   Copyright picture: SONY


Warburg Pincus Closes its Bulgarian Pay TV Investments

Borislav Boyanov & Co. acted as an advisor to Warburg Pincus (WP) in the divestment of its assets in the Bulgarian telecommunication sector. Previously, WP was among the most aggressive acquirers of Bulgarian telecoms, having purchased more than 20 telecommunications operators for a period of just 5 years. Borislav Boyanov & Co. was instumental in […]


Borislav Boyanov & Co. Acts for EQT on 90 Million Euro Refinancing of Loans to CableTel and Eurocom

As part of a complex transaction, whereby EQT acquired control over CableTel and Eurocom (the two largest Pay-TV operators in Bulgaria) in 2009, Borislav Boyanov & Co. advised EQT on a syndicated loan which refinanced CableTel and Eurocom’s existing loans amounting to a total of 90 million Euros.     Copyright picture:


Borislav Boyanov & Co Advises the Largest Brazilian Steel Producer

In the period December 2008 – June 2009 the firm advised CSN (the largest Brazilian steel producer) in connection with its interest in acquiring the business of Kremikovtzi AD, the largest Bulgarian steel producing complex, which by that time was already in insolvency. The firm provided highly sophisticated and complex assistance covering various sectors of […]


Partnership Advises JPMorgan on ISDA Master Agreement Issues

Borislav Boyanov & Co. was retained by JPMorgan for advising on local law issues in relation to transactions entered under the ISDA Master Agreement.   Copyright picture: JPMorgan


Providing Advice for EFG Eurolife on Regulatory Requirements for Setting up and Licensing Local Insurance Companies

Borislav Boyanov advised EFG Eurolife (the insurance arm of EFG Eurobank Group, Greece) on the legal regime for incorporation and licensing of two insurance subsidiaries in Bulgaria (in continuance of previous advice provided in 2007 regarding Greek insurance companies’ local branches licensing).   Copyright picture: EFG Eurobank Group


Insurance Run-off Activities

Borislav Boyanov advised a major international re-insurance company on the legal regime for performing specific run-off activities in an EU country affecting Bulgarian cedents.     Copyright picture:


Advising Goldman Sachs on Passporting UCITS in Bulgaria

Borislav Boyanov & Co advised Goldman Sachs International (as the global distributor) of units/ shares of a Luxembourg-based Umbrella Fund in relation to the prospectus’ ‘passporting’, as well as the public offering and distribution in Bulgaria of units/ shares of one of Umbrella Fund’s sub-funds.   Copyright picture: Goldman Sachs International