Mergers, Acquisitions and Restructuring

Joining of individual enterprises into a single entity as a result of a merger or acquisition of control over assets and/or operations of another enterprise provides opportunities for a company to expand its business and achieve synergy so that to improve its financial results. The restructuring of groups of companies and undertakings or their business operations has turned into a major technique to optimize and increase their market share, especially for the last few years. In the context of the increasing globalization and enhanced international economic cooperation and especially since Bulgaria’s accession to the EU in 2007, cross-border mergers and acquisitions have become essential for the level and quality of foreign investment in this country and have created additional opportunities.

PM&P is a leader in the field of mergers and acquisitions in Bulgaria. Ever since its establishment in 1990 the team of the law firm has taken part in almost all big mergers, acquisitions and privatization deals in Bulgaria in the wake of the political and economic changes in 1989. In 2007, PM&P represented AIG Capital in the acquisition of the majority package of shares of the privatized telecom BTC AD in the amount of about EUR 1.7 billion, the biggest deal ever in Bulgaria and the biggest deal of the year in Eastern Europe. PM&P consulted the National Bank of Greece in the acquisition of the United Bulgarian Bank, Titan Cement SA in the restructuring, including the acquisition of Zlatna Panega Cement and the sale of Pleven Cement to Holcim Group, Heineken Group in the acquisition of the majority package of shares of Ariana AD and the subsequent merger with Zagorka AD, as well as Coca-Cola Hellenic Bottling Company in connection with the acquisition of the producer of Bankia mineral water.

Over the years PM&P has provided legal services in transactions for merger, acquisition and restructuring on almost all financial service markets in this country, including banking, consumer loans and leasing, additional pension schemes, insurance and health insurance. PM&P has also consulted mergers and acquisitions in many real economy sectors.

The keys to the success of PM&P in mergers and acquisitions are the outstanding level of comprehensive legal competence, the strategic thinking and the experience gained in the course of more than 20 years.

PM&P offers its clients an efficient combination of knowledge and skills in specific economic sectors, paying attention to each and every detail of the transaction concerned. The good knowledge of the regulatory framework makes it possible to ensure optimal structuring of companies within the shortest possible time limits.




“The firm has one of the most experienced M&A practices in Bulgaria and has assisted a number of international investors, such as AIG, Advent International, AXA etc. for some major on-going acquisitions.“


“Penkov, Markov & Partners has a very motivated team with specialists in different areas capable to work with local and multinational companies. They have expertise in variety of subjects I needed advice for – like M&As, corporate governance legislation, specific energy legislation and many others.“