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Privatization


The privatization of government and municipal property is a key condition and prerequisite for the overall transformation into a free market economy. In Bulgaria the privatization process has taken over 20 years, encompassing various privatization methods and techniques.

PM&P was the consultant to the first big privatization deal after the adoption of the privatization law back in 1992, i.e. the privatization of Maize Products. It was followed by dozens of other large-scale privatization projects: the biggest Bulgarian brewery Zagorka by Heineken, the biggest manufacturer of canned fruit and vegetables Storco, Plovdiv by Luxcraft Trading Ltd., the biggest glass factories Druzhba and Stind by Yioula Glassworks, the biggest manufacturer of plaster plates Gipsfazer by Knauf, the plastic products factory Ipoma by Trierina Trading Ltd., the first ever privatization of a bank in Bulgaria, the United Bulgarian Bank by the EBRD and Oppenheimer & Co, the biggest telecom operator, the Bulgarian Telecommunications Company by Advent International.

The enormous experience of the law firm in the privatization process has been recognized also by the government. PM&P was the legal advisor and a participant in two international consortia within the framework of the PATA Project (Privatization Advisors and Transaction Agents) for the preparation of ten enterprises for privatization in the ceramics, rubber and textile industries (with Res&Co) and in the sphere of electronics and machine-building (with Roland Berger & Partner). PM&P was the legal advisor to the Privatization Agency in connection with the overall preparation and successful privatization of the Bulgarian River Fleet and the Bulgarian Maritime Fleet, in which the selling price per share was the second highest in the whole history of the privatization process in Bulgaria.

As practice has borne it out, the privatization process is accompanied by joint tenders for state-owned and municipal enterprises, in which PM&P has been the consultant on numerous occasions, especially in the initial years of the privatization process.

 

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Comments:

“The firm has advised on numerous privatizations in the fields of banking, brewing, glass, food, ceramics and plastics and construction industries, among others, thus being involved in a major part of the entire privatization process in Bulgaria both on the part of the Government and of the Investors.“
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