Dentons has advised the Board of Directors of Purcari Wineries on the RON 604 million public takeover bid launched by Maspex Romania. Schoenherr advised the founders of the winery. CMS, working with Turcan Cazac and Georgiades & Pelides, advised Maspex. Norton Rose Fulbright advised PKO Bank Polski on a loan facility to Maspex Romania to support the acquisition.

Dimitrov Petrov & Co has advised DHH on the acquisition of the remaining 40% stake in Evolink for a transaction value of over EUR 2.2 million.

The adoption of The Personal Bankruptcy Act ( the“Act“), published in the State Gazette, issue 54 of July 4, 2025, marks a significant milestone in the development of Bulgarian law. This legislative act fills a long-standing gap in the national legal framework, as Bulgaria was until recently the only European Union member state without comprehensive personal insolvency legislation. This lack has led to serious social and economic difficulties for citizens burdened with unmanageable debts, who often find themselves in a permanent state of inability to repay them.

According to the Bulgarian–Turkish Chamber of Commerce and Industry (BULTİŞAD), as of August 2023, Turkish investments in Bulgaria have reached approximately €2.5 billion, generating over 15,000 jobs through more than 70 production facilities and 2,500 active companies[1].

Wolf Theiss has advised Raiffeisen Bank International on a non-recourse project financing facility to support the development of three photovoltaic power plants in Bulgaria.

CMS, working with Ashurst, has advised Renalfa IPP on the development of its EUR 1.2 billion investment program in photovoltaic, battery electricity storage systems, and wind projects across Bulgaria, Hungary, North Macedonia, and Romania. The firm also advised on securing a EUR 315 million club loan facility led by the EBRD and backed by an InvestEU loss guarantee. DGKV, and reportedly A&O Sherman and PHH, advised the lenders.

In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and keep our readers apprised of the latest developments impacting their respective practice areas.

Tsvetkova Bebov & Partners, member of Eversheds Sutherland, working with Clifford Chance, has advised the Republic of Bulgaria on its dual-tranche EUR 3.2 billion sovereign bond issuance under its EUR 27 billion global medium-term note program. Djingov, Gouginski, Kyutchukov & Velichkov, working with Linklaters, reportedly advised joint lead managers Citigroup, ING Bank, J.P. Morgan, and UniCredit. 

Djingov, Gouginski, Kyutchukov & Velichkov has advised on the EUR 2 million seed investment round into Blue Longevity Holdings led by Eleven Ventures and supported by Sofia Angels Ventures as well as several private investors.

The long-awaited Bulgarian foreign direct investment (FDI) screening regime is now fully operational.

With the adoption of the Amendment and Supplement to the Investment Promotion Act (the “FDI Act”) in March 2024, along with the publication in the State Gazette of the long-awaited secondary legislation – the Amendment and Supplement to the Rules on the Implementation of the Investment Promotion Act (the “Rules”) –on 22 July 2025, the FDI screening regime became applicable in Bulgaria. Transactions by foreign investors in the areas outlined in the law, above the set thresholds, would need to obtain FDI approval before closing.

Miroslava Zafirova has joined Uniqa Bulgaria as General Secretary and Legal.

On 1 July 2025, the provisions of the Civil Procedure Code (CPC) regulating the new provisions in Chapters Thirty-Six ‘Issuance of a Writ of Execution’ and Thirty-Seven ‘Order for Payment Proceedings’ came into force, after the original date was postponed by one year. Also on 1 July 2025, the amendments to Regulation No. N-2 of 18 February 2020, issued by the Minister of Justice, came into force.

Schoenherr has advised Exadel on its acquisition of the IT business of Anthill. Tzvetkova, Tzvetkov & Dobreva advised Anthill.

Given the growth of the Bulgarian pharmaceutical retail sector, it is essential to understand the legal framework governing the operation of pharmacies, drugstores, cosmetics counters and optical retailers. Each of these types of businesses is subject to specific regulatory requirements designed to safeguard public health, ensure quality control and maintain compliance with both national and EU legislation.

CMS has advised Solia and Vineli JSCo on the sale of the 100-megawatt Vineli RE photovoltaic project located in General Toshevo municipality, Dobrich region, Bulgaria, to Metka EGN Solar 5.

On 18 June 2025, the Bulgarian National Assembly adopted a Law Amending and Supplementing the Foreigners in the Republic of Bulgaria Act, promulgated in State Gazette No. 52 of 27 June 2025 (the "Law"). These amendments introduce significant changes to the regulatory framework governing the entry and residence of foreign nationals in the country, aiming to establish clearer rules and new residence opportunities for various categories of foreigners.

Schoenherr has advised Enery Element on the sale of its 50% stake in Dunav Solar Plant, the developer of the Gabare photovoltaic project in northwest Bulgaria, to OMV Petrom, as part of a 50-50 joint venture between the two companies. Simultaneously, Enery Element transferred the remaining 50% of its shares to Enery Power Holding.