Archive for November, 2009

Borislav Boyanov & Co. Completes a Successful Transaction for Soravia Group

Tuesday, November 24th, 2009

On November 19, 2009 Advent International, the global private equity firm, announced the acquisition of approximately 79% of the shares of Devin AD, Bulgaria’s leading mineral water bottler and distributor of soft drinks, from the Soravia Group of Austria and certain individual shareholders. Devin was founded in 1992 and has consistently grown to reach the number one position in the Bulgarian bottled water market with its leading Devin® mineral and spring water brands. Over the past two years, the company has also established distribution agreements for Red Bull® and the premium juice brand Granini® in Bulgaria, launched the first flavored water locally and expanded into the Romanian market.

Devin’s shares are traded on the Bulgarian Stock Exchange and the buyer will launch a takeover bid for the remaining shares of Devin in line with local regulations. Devin’s group includes two subsidiaries — Devin Royal EAD and Atlantic Devine EAD.

Borislav Boyanov & Co has been counseling Soravia Group since the acquisition of Devin in 2006 and in the pursuit of other business opportunities in the food & drinks sector in Bulgaria and the South East Europe Region, and has acted as corporate counsel for Devin. The firm has advised Soravia Group on all aspects of the transaction and continues to provide legal services to the Devin group of companies with respect to the post closing steps of the transaction.

Borislav Boyanov & Co. Elected 2009 M&A Law Firm of the Year for Bulgaria

Monday, November 23rd, 2009

The ACQ Magazine has elected Borislav Boyanov & Co. winner in the category “M&A Law Firm of the Year for Bulgaria” in the 2009 edition of the ACQ Finance Magazine Law Awards.

Guided by the poll results, the editors of ACQ have selected those firms which had the greatest impact on the industry in 2008 / 2009. In judging these awards, ACQ has studied the nominations made by their voters and recognized that all of the nominated are leaders in their fields but the exceptional performances of some deserve special recognition.

The full list of the winners can be accessed by following the link: http://view.vcab.com/?vcabid=lgSgrnhSgjalh.

Borislav Boyanov & Co. Supports a Private Equity Fund in the Acquisition of the CATV Operators CableTel and Eurocom

Thursday, November 12th, 2009

On October 29, 2009 the private equity fund EQT V acquired, in a complex transaction involving simultaneous closings in more than 5 different jurisdictions, control over 100% of Eurocom Cable Management Bulgaria EOOD from Warburg Pincus and 70% of CableTel EAD from Gene Phillips. The target companies are the major CATV operators in Bulgaria and Macedonia, offering integrated communication home services – cable TV, digital TV, HDTV, Internet and telephony. The total value of the two transactions exceeds EUR 200 million, which sets the deal as the largest M&A deal in Bulgaria in the telecommunications sector in 2009. Borislav Boyanov & Co. has acted for EQT V on all Bulgarian law aspects of the transaction and has coordinated the provision of Macedonian legal advice for the buyer through the Macedonian member of the SEE Legal Group.

The work of Borislav Boyanov & Co. involved (i) a complex legal due diligence process of both target groups of companies (22 in Bulgaria and 14 in Macedonia); (ii) advice on the share purchase agreements and related documentation; (iii) advising the buyer side on all Bulgarian law aspects in relation to a syndicated term loan facilities agreement and related security documentation pursuant to which a syndicate of international banks lead by ING provided funding for refinancing of existing loans of the target group companies, (iv) obtaining of a concentration clearance and (v) all Bulgarian law aspects of an extremely complex closing of the deals.

Borislav Boyanov & Co. continues to provide legal services to EQT V and the target group companies with respect to the post closing steps of the transaction, part of which is the planned merger of the companies where the surviving company will be the clear market leader in both Bulgaria and Macedonia with annual revenues of approximately EUR 70 million.

On the Eurocom sale, Borislav Boyanov & Co. also acted as a legal advisor to its longstanding client Warburg Pincus by forming a separate team of lawyers working under ”Chinese Wall” arrangements. The above fact is a consequence of the trust and respect gained by Borislav Boyanov & Co. among the business community in Bulgaria through its excellent quality work and high ethical standards demonstrated during the last two decades