Archive for the ‘News’ Category

BOYANOV & Co. advises Leasing Finance EAD on the Acquisition of 100% of TBI Rent EAD

Monday, July 10th, 2017

BOYANOV & Co. advised the Bulgarian Leasing Finance EAD (, former Piraeus Leasing AD, on the acquisition of 100% of the capital of TBI Rent EAD ( from TBI Bank EAD.

TBI Rent is a leading Bulgarian provider of operating lease and rent-a-car services.

The acquisition will allow Leasing Finance to expand its leasing services portfolio and strengthen its positions on the rapidly growing market of operating lease, rent-a-car and fleet management services.

The team of BOYANOV & Co. was led by our partner Nikolay Zisov.

BOYANOV & Co. Boyanov & Co. advises Silver Star Group on the Acquisition of Real Estate and Other Assets from Vienna Real Estate / Balkan Star Group

Monday, July 10th, 2017

Boyanov & Co. has advised Silver Star Group in its acquisition of group of assets and services related to the Mercedes-Benz distribution business in Bulgaria from Vienna Real Estate / Balkan Star Group.

Silver Star Motors EAD was appointed by Daimler AG as General Distributor for the sale of Mercedes-Benz trucks, cars, commercial vans, Evobus, Fuso trucks, Maybach and Unimog in Bulgaria, commencing 1 April 2017. In the process of setting-up its distribution network in Bulgaria, Silver Star Group has agreed to purchase from Vienna Real Estate and Balkan Star Group (the former Mercedes-Benz distributor in Bulgaria) certain real estate and movable assets. In an agreed complex of individual transactions Silver Star acquired from Vienna Real Estate and Balkan Star two showrooms in Varna and Plovdiv and certain movable assets and inventory. The parties also agreed on the rent of showroom in Sofia and the provision of certain services by Vienna Group to Silver Star Group.

Boyanov & Co. team provided full legal support and assistance to Silver Star Group in the structuring, negotiations, signing and closing of the group of transactions, including the bank financing aspects of the deal. The team was led by the partners Nikolay Zisov and Nickolay Nickolov. Georgi Drenski, Senior Associate, advised on the bank financing aspects of the transactions.

Borislav Boyanov is the Only Bulgarian Lawyer Nominated by Who’s Who Legal: M&A and Governance 2017

Thursday, June 15th, 2017

Our Managing Partner, Mr. Borislav Boyanov, remains the only Bulgarian legal practitioner who’s earned inclusion in the Who’s Who Legal – M&A and Governance 2017 guide. He is highlighted to be among the standout lawyers from around the world known for their abilities and expertise assisting clients with high-value M&A transactions, equity deals, joint ventures, shareholder issues, governance matters and other aspects of company law.

Based on the opinions of law firm clients and M&A and governance experts, each year Who’s Who Legal publishes listings of individuals and firms that have performed exceptionally well. This year results are fruit of a month long in-depth marketplace research of the corporate transactions, covering 1407 lawyers from 459 firms and 85 countries. The names and contact details of all experts whose nominations are accepted are listed without charge.

Who’s Who Legal is a publication of the Law Business Research, an international legal publishing company based in London doing research and business law analysis.


BOYANOV & Co. Advises NBG on the Sale of United Bulgarian Bank and Interlease to KBC

Wednesday, June 14th, 2017

Freshfields together with BOYANOV & Co. as local counsel advised NBG on the biggest banking deal of 2016 – the sale of United Bulgarian Bank and Interlease to KBC for a total consideration of EUR 610 million. On 13 June 2017 the sale of the Bulgarian NBG group entities was successfully closed after a year of preparation including buyer due diligence analysis, regulatory notifications and permissions, and preliminary internal ownership reorganization. The acquisition of fourth-largest bank in Bulgaria significantly strengthens KBC’s position on the local market.

The complexity of transactions involved the consolidation within the UBB group and the indirect acquisition by KBC of the insurance, insurance brokerage, asset management, leasing and factoring businesses, as well as loan investments of NBG Group in Bulgaria.

BOYANOV & Co.’s team on the deal is led by the Managing Partner Borislav Boyanov, Svetlina Kortenska, Counsel and Ilina Maltzeva, Associate.


Boyanov & Co. Advises on the First University Acquisition in Bulgaria

Friday, June 9th, 2017

BOYANOV & Co. advised Investor.BG (Investor Media Group) in the acquisition of majority stake in VUZF AD, the founder and owner of the University of Finance, Business and Entrepreneurship, based in Sofia, Bulgaria (

Investor Media Group is one of the largest media groups in Bulgaria. Its portfolio includes the national television Bulgaria ON AIR, the business TV channel Bloomberg TV Bulgaria, over 15 various online media and websites, radio Bulgaria ON AIR, as well as the magazines Bulgaria ON AIR The Inflight Magazine, Investor Digest and others.

The transaction is the first university acquisition in Bulgaria and establishes unique strategic partnership between the leading Bulgarian private university and one of the serious business media groups in Bulgaria. This landmark investment is part of the long-term strategy of Investor.BG to develop and support high-quality educational standards in Bulgaria. The transaction is a complex of corporate, financial, real estate and education law elements.

The team of Boyanov & Co. comprised Mr. Borislav Boyanov, Mr. Boyko Voynov, and Mr. Nikolay Zisov, Partners.

Borislav Boyanov Was Named the Market Maker for Bulgaria

Monday, June 5th, 2017

On June 1, 2017, at a special awards ceremony at the Intercontinental Hotel in Warsaw, Borislav Boyanov was named the Market Maker for Bulgaria, a special lifetime achievement award given to the senior lawyer identified by peers as having played the most influential and significant role in creating the country’s modern legal market.

The Market Makers awards were conceived of, designed, and presented by CEE Legal Matters — the widely-read source of news and information about the lawyers and legal markets of Central and Eastern Europe — at the Gala Dinner of the CEE GC Summit, an annual two-day gathering of General Counsel and Heads of Legal from across the region. The editors of CEE Legal Matters conducted research across the region to identify the lawyers who would receive the Market Maker awards for each CEE country, inviting them to the special ceremony.

David Stuckey, Executive Editor of CEE Legal Matters, commented on the night’s events: “Having so many of the most influential, widely-recognized, highly-respected, and outrageously talented lawyers from across Central and Eastern Europe in one room was a special thrill. These lawyers did not just play a passive role in the transformation of their markets — to a large extent they made that transformation happen. In the course of our research in these 22 markets we discovered the Market Makers to be uniformly recognized for their intelligence, commercial instincts, business savvy, and dedication to the countries they live in. And, of course, their success and the reputation they’ve established over many decades is an obvious testament to their abilities, skill, and commitment to the highest standards of ethical advocacy. We were honored to have them join us last night, and proud to have brought them together for this one special evening.”

Picture 01CEE Legal Matters Market Maker For Bulgaria

BOYANOV & Co. Awarded the Best Capital Markets Law Firm 2017 – Balkans by Wealth & Finance International

Friday, June 2nd, 2017

BOYANOV & Co. has been announced the winner of Alternative Investment Awards 2017 and is recognized as the Best Capital Markets Best Law Firm 2017 – Balkans by Wealth & Finance INTL.

Wealth & Finance INTL is a monthly publication dedicated to providing fund managers and investors around the world with the latest industry news across traditional and alternative investment sectors.

Alternative Investment Awards cast a light on the individuals, firms and departments from across all sectors that have played a part in shaping this dynamic and imitable industry. These awards are not concerned with a firm’s size of reputation, but rather their dedication to client service, innovation and success. From multinational companies to individual investors the awards are seeking everyone within this industry investing in everything, from collectable items, fine art and wines, property and precious metals, whose hard work and professionalism is changing the financial landscape for the better.

The winners are decided by a combination of votes of respected industry partners and an in-house research scrutinizing nominee’s region, their performance over the past 12 months, their commitment to innovation, their methods and even their competition, to ensure that only the most deserving names walk away with one of the prestigious trophies.


BOYANOV & Co. is Part of the “Start It Smart Pre-Accelerator” Mentorship Programme for Young Bulgarian Entrepreneurs

Wednesday, May 31st, 2017

BOYANOV & Co. offered a second educational seminar for young entrepreneurs on “IP Rights Protection”, as part of the business coaching program Start It Smart Pre-Accelerator. The programme provides over 40 business workshops designed to gear up young businesses for a successful startup, help them find investors for their ideas or enter the market directly.

The seminar conducted at Мicrosoft Innovation Center in Sofia Tech Park, was attended by a number of representatives from the information and high technologies field, who are currently developing innovative business ideas.

BOYANOV & Co.’s presentation made by Stela Sabeva, Co-Head of IP Department and Nikolay Zisov, Partner, gives an insight into the intellectual property law in Bulgaria and unscrambles the legislative procedures for registration and protection of trademarks, patents, company and domain names, industrial design, copyright, “know-how” and trade secrets.

The IP seminar is aimed to educate business owners how to protect and earn from their unique inventions and is part of BOYANOV & Co.’s Pro Bono initiative to support startups and new businesses in Bulgaria.

IP Rights Presentation – May 2017


BOYANOV & Co. Holds Top Places in 2017 Rankings of Chambers and Partners and The Legal 500

Wednesday, April 12th, 2017

BOYANOV & Co.’s excellent market reputation and standout expertise of its individual practitioners have once again been confirmed through the results of the latest research of two of the most reputable legal directories – Chambers and Partners and The Legal 500.

Chambers Europe 2017 ranks BOYANOV & Co. a Band 1 law firm in: Banking and Finance, Competition / Antitrust, Corporate / Commercial, Dispute Resolution, Real estate and construction, Restructuring and Insolvency, and IP.

The Legal 500 commends BOYANOV & Co. as a Top Tier legal services provider in: Banking and Finance, Capital Markets, Commercial, Corporate and M&A, Dispute Resolution, EU and Competition, TMT and Healthcare and Life Sciences.

According to Chambers Global 2017 the firm is Band 1 in both researched areas for Bulgaria: Corporate /Commercial and Dispute Resolution. Six practitioners have been individually listed in the prestigious rankings of Chambers Global to be among the world’s very best lawyers. Mr. Borislav Boyanov is ranked an Eminent Practitioner in Corporate/Commercial, described as a highly respected figure and “one of the leading lawyers in Bulgaria.” and recognised in particular for his work for international investors;  Yordan Naydenov, Alexander Chatalbashev, and Damian Simeonov are also recommended practitioners in Corporate/Commercial; Kina Chuturkova and Boyko Voynov are recognized litigation experts in Dispute Resolution.

B&Co. Chambers EUROPE 2017 Personlized - small B&Co. Chambers GLOBAL 2017 Prsonalized - Small Top_tier_firms

Proposed amendments to deals of listed companies that require prior shareholder approval

Monday, April 3rd, 2017

The financial regulator (the Financial Supervisory Commission or the “FSC”) has proposed to Parliament to amend the law that regulates listed companies (the Public Offering of Securities Act).

One of the proposed amendments will change the rules regarding the need of a prior shareholder approval of certain deals entered into by listed companies.

This amendment (if approved by Parliament) will be important given that without prior shareholder approval these deals are null and void ex lege (in contrast to the general rule applicable to non-listed companies that a deal is valid and binding on the company even if it was not approved by the relevant corporate body of the company).

In principle, under the current rules listed companies cannot buy, sell or otherwise dispose of or give as security assets above a certain value (based on their balance sheet) without a prior shareholder approval of the deal (taken without counting the votes of a significant shareholder if the deal is with it or its affiliates). Deals entered into without such shareholder approval (where needed) are null and void, i.e. they do not bind the listed company. Hence any third party entering into a deal with a listed company must make sure the shareholder approval (where needed) is granted at the risk of the listed company not being legally bound by the deal.

There are certain exceptions regarding deals made in the ordinary course of business of the listed company. But so far the exception failed to capture for example taking bank loans (as it is often difficult to determine with certainty whether taking a bank loan is within the ordinary course of business of a company, particularly where the bank loan is a large one or for a large project or investments rather than normal bank overdraft or working capital bank loan).

One of the proposed amendments will allow listed companies to take any bank loans and give any security for them (regardless of the size of the loan or the value of the security) without the need of a shareholders approval for validity of the deal.

The other proposed amendment will allow listed companies to guarantee or secure bank loans taken by a subsidiary of the listed company.

The FSC has not given any reasons for proposing these amendments, but the FSC probably takes the view that in the case of taking a bank loan the management of a listed company or its significant shareholders cannot abuse the rights of the minority shareholders or wants to give more flexibility to the management of listed companies regarding the bank financing of listed companies.

In addition, the FSC has proposed to exclude from the rule requiring a prior shareholder approval reinsurance deals made by insurers or reinsurers whose shares are listed.