Vladimir Penkov

Chairman und Senior Partner


Practice Areas

Mr. Penkov has extensive experience in negotiations, researches, drafting of legal documents and representing clients in various areas of commercial law, such as Banking and Finance, Corporate Law and Commercial Contracts, Competition, Privatization and Foreign Investments, Investment Management, Mergers and Acquisitions, Project Finance, Public Procurement, Licensing and Know-How Agreements, Tax Law, Telecommunications, Media & IT, Energy Law and Renewable Energy Sources.


Mr. Penkov has led the legal teams of two international consortia between  PM&P and Roland Berger & Partner и Res & Co U.K. under the PHARE ( PATA) Program in connection with the preparation, negotiations and privatization of ten leading Bulgarian enterprises for privatization operating in the areas of electronics, machine-building, chemical industry, ceramics, fibers and textile. He headed the team of PM&P and PricewaterhouseCoopers assigned with the preparation of the privatization strategy, negotiations and privatization of the Bulgarian Maritime Fleet. Mr. Penkov led PM&P’s legal team preparing the legal analysis and assessment of the actual situation at SAPARD and preparing a strategy for negotiations with the European Commission for State Fund ‘Zemedelie’, together with Noerr, Germany, as well as the working groups on three EBRD projects for the financing of FLAG. Mr. Penkov was legal representative and conducted negotiations on the following Privatization and M&A Projects: Heineken in the acquisition of the largest brewery in Bulgaria – Zagorka; Yioula Glassworks in the acquisition of Stind AD and the largest producer of glass products on the Balkans - Drujba AD; Cargill & Tria Epsilon, participating in the negotiations for the privatization of Maize Products;  KNAUF in the acquisition of Gipsfazer – the largest plaster sheets producer; Luxcraft Trading Ltd. in the acquisition of the largest producer of canned foods in the food-processing industry – Storko; Titan Cement SA in the acquisition of Pleven Cement and the restructuring, including the acquisition of Zlatna Panega Cement and the sale of Pleven Cement to Holcim Group; TBI in the acquisition of the insurance company Bulstrad – the first privatization of an insurance company, as well as in the negotiations for the acquisition of DZI; EBRD and Oppenheimer & Co. in the acquisition of shares in the United Bulgarian Bank – the first privatization of a bank in Bulgaria; Telefonica in connection with the negotiations for the acquisition of the Bulgarian Telecommunications Company; Advent International in the acquisition of the Bulgarian Telecommunications Company; Gallaher Limited in the negotiations for the acquisition of Bulgartabac; Ealing Studios in the privatization of Boyana Films; LAUFEN in the acquisition of Fayans, Kaspichan; Trierina Trading Ltd. in the acquisition of the company for production of plastic products “IPOMA”; IEG Solingen in the acquisition of Bulgarreklama; Strabag AG in the acquisition of Ingstroy Sofia AD; The National Bank of Greece in the acquisition of United Bulgarian Bank following the privatization; Coca-Cola Hellenic Bottling Company in the acquisition of Bankya – mineral water producer; Pireus Bank in the acquisition of Eurobank; AIG Capital in the acquisition of the Bulgarian Telecommunications Company following the privatization, the largest ever deal in Bulgaria; Chipita International in connection to the acquisition of the commercial activity of Royal Foods Bulgaria; EQUEST in the acquisition of Bulvaria (import of vehicles); BASF in the merger with American Cyanamid Company, including before the CPC. Company Law, Investments and Concessions: Mr. Penkov was legal representative and led negotiations for: Clarina Holding S.A and Softbul Investments on the establishment of a joint venture with the Central Cooperative Union with majority participation of Coca-Cola; The incorporation of Coca-Cola EOOD; Cable & Wireless in the establishment of the first mobile operator Mobikom; Establishment of a joint venture with the participation of Oiltanking GmbH and the subsequent concession procedure related to the activity of a storage terminal at the Port of Varna – West; O.TEL.O GmbH in the concession procedure under the IRIDIUM Program; Chimco in the establishment of a joint venture with Messer Griesheim; Vodafone in the negotiations for the purchase of Mobiltel; KHS in connection with the establishment of a joint venture with Holding Zagora; Saint Gobain Weber in connection to the establishment of the company on the Bulgarian market. Finance Projects, Tender Procedures, Transaction Structuring: Mr. Penkov has led negotiations, represented and provided legal advice to: EBRD in connection with debt financing of Cellhart AD, debt financing of Balkanpharma Holding AD, Astera Holding AD and Aroma AD, as well as the preparation of the business and legal scheme in connection with the extension of large credit amount to Domain Boyar AD by EBRD; Daimler Chrysler Corporation for the delivery and maintenance of motor vehicles for the Bulgarian army; International Expo Center in relation to its financing and construction; Alenia Aeronautica in the tender for delivery of transport airplanes; Immoeast in the acquisition of shares of Stokov Bazar Ilyanci, one of the largest commercial retail centers; Bayer AG in reaching agreement for the discontinuation of the infringements of the trademark Aspirin by more than 10 local producers and merchants, as well as before the CPC for the protection of the trademark Aspirin from unfair competition; IFA Hotel & Touristic in financing and management projects of hotels and hotel complexes; Global Finance in connection to the due diligence and the negotiations for the acquisition of Business Park Sofia; Nokia Siemens Networks in connection with participation in public procurement procedures; KHS AG in the structuring of the deal for performance of joint activity with Impuls AD, Gabrovo; the Austrian banking consortia, led by Bank Austria, in the successful negotiation of the terms with the Minister of Finance, on the repayment of the extended credit for the modernization of Kremikovtzi. Public Procurement: Mr. Penkov has led PM&P’s team of lawyers in relation to the representation of: Innovation Norway, a state fund of the Kingdom of Norway, in connection with the monitoring public procurement award procedures for the implementation of projects in Bulgaria, financed under the programme of Innovation Norway; Elbit Security Systems regarding an open public procurement with subject matter “Building of an integrated system for monitoring of the border with the Republic of Turkey”; Hochtief in connection with its participation, as part of a consortium, in a public procurement award procedure “Project on the extension of the Sofia Underground,” the design and construction of a waste water treatment plant and auxiliary facilities in Rousse, as well as a public procurement award procedure for reconstruction of the water supply system in the Novo Selo Village, etc.; Balkan Star Automotive EOOD regarding an open public procurement award procedure with subject matter “Supply of buses for public transport.”



  • Do we need to continue judicial reform? PMP Legal News, 2019
  • Vladimir Penkov for "De facto legal" magazine: First priority - the Judicial Reform, June 2016
  • Vladimir Penkov - New Political Culture for the Judicial Reform, june 2016
  • Interview for Utilities magazine, 2015
  • "Defending Investments in Wind and Photovoltaic Power Plants in Bulgaria", Ost-West Contact Magazine, 2014
  • "Why Don’t We Have the Will to Improve the Investment Climate?", Vladimir Penkov, 2014
  • „Why Don’t We Have the Will to Improve the Investment Climate?”, Lega InterConsult News, 2014
  • "Violation of Inheritance Rights over Shares in Limited Liability Companies", Vladimir Penkov, 2013
  • “Omissions in the Energy Strategy Disturb the Investment Climate”, Lega InterConsult News, 2012
  • „Good investors deserve good investment conditions, as well as good legal services”, interview for В2В Magazine, 2012
  • “The Promotion and Protection of Foreign Investments in Bulgaria: Some Legal Aspects,” International Relationships Magazine; Publications in Foreign Trade, Bulgarisches Wirtschaftsblatt and the BCCI’s Business Opportunities in Bulgaria
  • “The New Renewable Energy Sources (RES) Act – in Support of Green Energy or Not?,” Lega InterConsult News, 2011
  • „Bulgaria: an energy hub for the Balkans,” co-authored by Nickolay Kiskinov, Financier Worldwide Energy & Utilities E-book, 2010
  • „Would the reduced capital requirement of BGN 2 have the desired positive effect?”, Lega InterConsult News, 2010
  • „The new sanctions for unfair competition: defender or destroyer of free business initiative,” co-authored by Svetlin Andrianov, Lega InterConsult News, 2010
  • “Necessary Revisions in the Commercial Register Legislation in Line with the Best European Practices,” Lega InterConsult News, 2010
  • „Council of Ministers Proposes 2 BGN for Limited Liability Company Registration”, interview for the newspaper Stroitel, 2009
  • „A Perilous Undertaking: Competition on Equal Footing with Prohibited Agreements and Abuse of Dominant Position,” co-authored by Svetlin Adrianov, Lega InterConsult News, 2009
  • „Role of Endorsement with Interim Certificates”, Lega InterConsult News, 2009
  • Interview for Office Assistant Magazine, 2008
  • „The Practical Realization of the Transportability Also Responsibility of the State,” interview for Utilities Magazine, 2007
  • European Legal Framework for the Bulgarian Economy, Report for the Conference „Bulgaria – 180 days after the accession – chances and challenges”, Berlin, 2007
  •  „Legal Guarantees and the Encouragement of Foreign Investments by the State”, interview for Wirtschaftsblatt, 2007
  • „Is the New Value Added Tax Act “European””, Lega InterConsult News, 2007
  • „Commercial Register Outside the Courts”, Lega InterConsult News, 2006
  • “Wages below BGN 350 – free of taxation”, interview of Leader Magazine, 2006
  • “Report on Small and Middle Size Enterprises in  Bulgaria from the view point of the foreign investors,” Vienna, 2005
  • “Report on Small and Middle Size Enterprises – a standout or development” –  Workshop Deutsch - Bulgarische Mittelstandskooperation, Berlin, 2005
  • “Harmonization of the Bulgarian legislation in the light of the forthcoming accession to the European Union,” Germen - Bulgarian, Wirtschaftspartner in Europa
  • „Introduction of Private Enforcement in Bulgaria,” Interview for Radio New Europe, 2005
  • “Company’s Lack Investment Stimulus”, interview for Pari Newspaper, 2005
  •  „More on Tax Reform”, Lega InterConsult News, (2005 г.);
  • „Private Enforcement Will Be Introduced”, Lega InterConsult News, 2005
  • „Promotional Campaigns and the Legal Protection of Competition – the New Practices of the Competition Protection Commission”, Lega InterConsult News,  2004
  • Forbes Insight Publications, IFLR 1000
  • „The Investment – Taxation Council with the BCCI and some current developments in the tax legislation”, interviews for Pari and Dnevnik Newspaper, 2004
  •  „Policy of Bulgaria with regard to the small and middle size enterprises and some aspects of the taxation regime,” interview for Wirtschaftsblatt, 2004
  • „Business Environment and the Credit Market,” interview for Sega Newspaper, 2004
  • “Important Economical and Legal Conditions fort he Investment Climate in Bulgaria,” 10 Yaers CD – ROM, Publication of the German business group in Bulgaria, 2003
  • „Granting Concession without Tender or Competitive Bid Process,” Lega InterConsult News, 2002
  • „The New Privatisation and Post-privatisation Control Act,” Lega InterConsult News, 2002
  • “Richtige Partnerauswahl hilft Vorteile zu gewinnen”, interview for Bulgarisches Wirtschaftsblatt
  • “Rechtliche Grundlagen für ausländische Investoren in Bulgarien”, Südeuropa Mitteilungen
  • “Legal Privatization Issues in Bulgaria,” Euromoney Publication, International Privatization Review, 1999