The global pandemic has impacted all markets, with subsequent ramifications for M&A. Investors are now seeking greater protection against general lock-downs and supply-chain disruptions, while governments aim to protect critical supplies and services by imposing new regulations on foreign investment in crucial or strategic industries.
The COVID-19 crisis continues to plague much of Europe. To get an overview of its effects across CEE – both on investment in the region and on the legal industry itself – we reached out to the members of Pontes the CEE Lawyers legal alliance, a Regional Sponsor at the upcoming Dealer’s Choice International Law Firm Summit.
Dimitrov, Petrov & Co. has advised Svilen Maximov – the sole owner of TV- and Internet-provider Networx-Bulgaria – on the sale of 100% of the company’s shares to BTC. Schoenherr advised BTC on the transaction, which remains contingent on regulatory approval.
Unsurprisingly, 2020 saw a reduction in the A-listers on the Bulgarian real estate market, including investors in office, retail, and hospitality properties. The lockdown sent IT companies, which had been dictating the local office space market, into home office. The future of commercial and entertainment properties like shopping malls, cinemas, concert venues, and sports arenas remains uncertain – but tourism remains the hardest hit.
As last year’s upheavals continue to influence finance markets in 2021, Erika Papp, CMS’s Head of Finance CEE/CIS, and CMS’s Regional Finance Partners Paul Stallebrass in Prague, Ana Radnev in Bucharest, and Elitsa Ivanova in Sofia offer their perspectives on what this year might hold for financing in CEE.
Wolf Theiss, working with Gide Loyrette Nouel as to French law and Norton Rose Fulbright as to German law, has advised the EBRD, the Black Sea Trade and Development Bank, the International Finance Corporation, UniCredit S.p.a., UniCredit Bulbank, UniCredit Bank AG, Societe Generale, Kommunalkredit Austria, and DSK Bank on their provision of a EUR 296 million debt package to support the SOF Connect consortium on its successful bid for the concession of the Sofia Airport. Willkie Farr & Gallagher, Kinstellar, and Bouzeva & Partners advised the borrowers on the deal.
According to Kameliya Naydenova, Legal Counsel South Central Europe at Mondelez International in Bulgaria, the market has somewhat recovered from the blast wave of the COVID-19 crisis. Yet, many industries still need to overcome the change in demand and consumer habits, as well as certain difficulties brought on by the pandemic.
Kambourov & Partners, Latham & Watkins, Shearman & Sterling, NautaDutilh, Noerr, and Bar & Karrer advised private equity firm Silverfleet Capital on its acquisition of a majority stake in the entity resulting from the recent merger of Bulgarian software company Bulpros and German CRM company ec4u. Financing was provided by Ares, which was represented by Ashurst.
For our Checking In feature, we reach out to partners and heads of practice across CEE to learn how specific practice areas are faring in their jurisdictions. This time around we asked Tax experts: What are the most important changes to the Tax laws in your country since January 2020 and what has their impact been?
In general, a medicinal product can be placed on the Bulgarian market after obtaining a marketing authorisation / certificate for registration issued under the Bulgarian Medicinal Products in Human Medicine Act or after completing the "centralised procedure" under Regulation (EC) No 726/2004 of the European Parliament and of the Council of 31 March 2004 laying down Community procedures for the authorisation and supervision of medicinal products for human and veterinary use and establishing a European Medicines Agency ("Regulation 726/2004").
On December 15, 2020 CEELM gathered legal experts from across the region for its annual Year-in-Review Round Table conversation. In a wide-ranging discussion, participants shared opinions and perspectives on their markets, on strong (and less-strong) practices across the region, and the effect of the COVID-19 crisis on both, as well as on how technology is changing the legal industry, and what the industry will look like in 2021.
CMS has advised Vier Gas Transport GmbH on its successful participation in a tender for a commercial dispatching center technical consultant for the Interconnection Greece-Bulgaria project and enhancement of the IGB network code.