Archive for July, 2013

Cosmote completes the sale of Globul and Germanos Telecom Bulgaria to Telenor

Wednesday, July 31st, 2013

Today, 31 July 2013, the Greek mobile telecom operator Cosmote Mobile Telecommunications S.A. (majority owned by Deutsche Telekom) completed the sale of its Bulgarian subsidiaries (Cosmo Bulgaria Mobile EAD also known as “Globul” – the second largest mobile phone operator in Bulgaria and Germanos Telecom Bulgaria EAD – “Germanos” – its local retailer) to Telenor Mobile Telecommunications AS (Norway).

Boyanov & Co. acted as Bulgarian legal counsel to Cosmote on the deal alongside Dechert LLP, which acted as English legal counsel to Cosmote.

The Boyanov & Co.’s team on the deal was lead by Partner Damian Simeonov and Senior Associate Ralitsa Nedkova.

No Restrictions for Purchase of Bulgarian Land by Foreigners after January 1st, 2014

Tuesday, July 23rd, 2013

After January 1st, 2014 all existing legal restrictions for foreign entities and individuals to acquire land (including agricultural land) in Bulgaria will be removed. 

So far foreign individuals and legal entities could acquire Bulgarian land only through a company registered in Bulgaria. There are some exceptions for EU citizens who are able to acquire directly the land of their second home in the country and EU citizens registered as self employed farmers stating their intentions to reside permanently in the country, who are able to acquire agricultural land. 

In fact, the sale of agricultural land in Bulgaria – one of the cheapest in the EU, has already started. At an international forum recently held in Sofia, a state owned company from China declared its intention to acquire 90,000 dca of agricultural land for a total price or USD 50 mln. More than 30 Chinese companies took part in the forum discussing the possibility of growing agricultural products in Bulgaria and exporting them to their homeland.

BOYANOV & Co. Winner in Two Categories in the Acquisition International M&A Awards 2013

Wednesday, July 3rd, 2013

BOYANOV & Co. has been announced the M&A Law Firm of the Year and Real Estate Law Firm of the Year in Bulgaria by Acquisition International Magazine in the 2013 M&A Awards. The firm is the only Bulgarian law firm that has been awarded in two categories within the M&A Awards 2013. Acquisition International’s M&A Awards celebrate excellence and commemorate the achievements and hard-work of all those involved in seeing a deal through to completion. The awards recognise investors, advisers and service providers pin-pointed for their expertise in their specialised field. The awards are given solely on merit and are awarded to commend those most deserving for outstand­ing work over the last 12 months.

Acquisition International is a monthly magazine that thoroughly researches and publishes today’s corporate finance news in cooperation with the leading professionals in the industry. It has a circulation of just over 53,000 that is comprised of a great mix of professionals, which take part in the whole process of deal making.