The European Court of Justice (CJEU) likely anticipated a wave of GDPR-related referrals. Few such matters receive as much attention from the public and lawyers as questions on GDPR damages.

This article aims to explore key aspects of Regulation (EU) 2022/720 (Regulation), which governs the block exemption of specific vertical agreements in the European Union market, with a focus on its implications within the Bulgarian market, particularly for its dynamic IT sector, which had a 26% growth in 2022 and reached 4.5% of the country’s GDP. Further to that, Bulgaria has seen even more foreign investments by VCs and big corporations alike, therefore such antitrust legislations are closely followed by the business ecosystem. Some of the world’s biggest automotive giants also have software and engineering development centers here, with new leading players expected to enter soon.

Djingov Gouginski Kyutchukov & Velichkov has successfully represented the Bulgarian Employers Association for Innovative Technologies before the country's Supreme Administrative Court in a dispute for its recognition as a nationally representative employers’ organization against the Bulgarian government.

During the Three Seas Initiative annual general meeting in Bucharest in September 2023, Austria's Dorda, Bulgaria's Boyanov & Co., Croatia's Divjak Topic Bahtijarevic & Krka, the Czech Republic's Kocian Solc Balastik, Estonia's Ellex Raidla, Hungary's Lakatos Koves & Partners, Latvia's Ellex Klavins, Lithuania's Ellex Valiunas, Poland's Wardynski and Partners, Romania's Nestor Nestor Diculescu Kingston Petersen, Slovakia's Barger Prekop, and Slovenia's Selih & Partnerji announced they formed the Three Seas Legal Alliance, in recognition of the progress made by the Three Seas Initiative.

Arsov Natchev Ganeva has successfully represented Sofia water and wastewater system operator Sofiyska Voda before Bulgaria's Supreme Administrative Court in a dispute with the Commission for Energy and Water Regulation on determining the rate of return for Sofiyska Voda in the 2022-2026 regulatory period.

Clifford Chance has advised KKCG Group's Technology pillar on the complete refinancing of its existing bank indebtedness and the further recapitalization of its members, including those in Bulgaria, North Macedonia, Poland, and Serbia.

"Bulgaria transposed the Restructuring Directive's prohibition to terminate contracts via ipso facto clauses, but also (deviating from the Directive) prohibited contractual set-off in restructuring, thus rendering the preservation of many contracts performed via contractual set-off / netting of payment meaningless. So, in drafting ipso facto clauses the impossibility to perform contracts in restructuring, due to the contractual set-off prohibition, may be utilised as an additional trigger for termination, now".

CMS has advised the Czech consortium of Skoda Transportation and Skoda Vagonka on their successful participation in Metropoliten Sofia's BGN 134 million public procurement procedure for eight metro trains.

Djingov Gouginski Kyutchukov & Velichkov has advised ICBC International Finance Limited on a USD 66.22 million ship financing extended to the Navibulgar group. Stephenson Harwood reportedly advised Navibulgar.

Bulgaria is among a minority of EU countries that have not yet adopted a foreign direct investment (FDI) screening regime. This is about to change with the introduction in late June of a bill on the amendment of the Investment Promotion Act, implementing the screening mechanism under Regulation (EU) 2019/452.

Djingov Gouginski Kyutchukov & Velichkov has advised Come Forth Capital on the sale of Synergyc to Italy's Kirey. KPMG advised Kirey.

Bulgaria's economic landscape appears to be evolving rapidly, driven by a proactive government and a series of long-overdue legislative reforms, according to Kinstellar Partner Nina Tsifudina. From changes in the available company forms to alignment with EU regulations and the anticipation of eurozone integration – all these keep the country’s markets buzzing, with movements in the banking and telecommunication sectors leading the charge.

Djingov Gouginski Kyutchukov & Velichkov has advised BGC on the structuring – including private equity financing and a project finance facility – to support the expansion of a green-field convenience store chain in Bulgaria.

Schoenherr, working with Sullivan & Cromwell, has advised the Emirates Telecommunications Group Company – operating as E& – on its acquisition of a 50%-plus-one-share stake in PPF Telecom Group's assets in Bulgaria, Hungary, Serbia, and Slovakia. White & Case and Karanovic & Partners advised the PPF Group on the up to EUR 2.5 billion sale and the setup of a joint venture with E&.

Boyanov & Co, working with the Stockholm and Washington offices of Baker McKenzie, has advised Finland's Tietoevry on the acquisition of US-based digital engineering company MentorMate. Ballard Spahr advised the Taylor Corporation on the sale.

White & Case and Eversheds Sutherland member Tsvetkova Bebov and Partners have advised Energo-Pro on its EUR 300 million issuance of senior unsecured notes due 2035. Spasov & Bratanov and Clifford Chance and its Turkish affiliate Ciftci Attorney Partnership advised initial purchaser Goldman Sachs & Co and guarantor DFC. White & Case Turkish affiliate GKC Partners and Georgia's BLC Law Office reportedly also advised the issuer. Georgia's Business Legal Bureau reportedly advised the initial purchaser as well. Alston & Bird reportedly advised the trustee.

CMS has advised Global Financial Consulting on the sale of the 25-megawatt greenfield Chernogor photovoltaic project to US investor Bulgaria Solar. Spasov & Bratanov advised Bulgaria Solar. Varadinov & Co reportedly advised the other sellers, Totally Green and Ki Energy.

Kinstellar, working with Watson Farley & Williams, has advised South Korea's Yanolja Cloud on its acquisition of Go Global Travel from the AMI Opportunities Fund.