Comprehensive legal services for business purchase and sale transactions — from initial structuring and due diligence to closing the deal and post-closing integration.
Thorough review of the corporate history, contracts, property, disputes, employment and tax matters of the target company.
Learn more →Share deal, asset deal or transfer of enterprise? We choose the optimal structure from a tax and legal perspective.
Learn more →Notifications to the CPC, sectoral regulators and foreign investment screening. Full representation before authorities.
Learn more →Closing mechanics, transfer of control, Trade Register filings, employee integration and earn-out structures.
Learn more →Preliminary terms
Review of the target company
Choosing the deal form
SPA, SHA, warranties
CPC, sectoral approvals
Transfer of control
Post-closing, earn-out
Concentrations with a combined turnover exceeding BGN 25 million require clearance from the Commission for Protection of Competition (CPC). In regulated sectors (banking, insurance, energy), additional approvals from the relevant supervisory authorities are required.
A typical M&A transaction in Bulgaria takes between 3 and 6 months from due diligence to closing. If CPC clearance is required, the timeline may extend by an additional 1-3 months.
Legal due diligence covers the corporate structure, contracts, employment relationships, assets, intellectual property, tax status, regulatory compliance, and potential litigation of the target company.
Generally, there are no restrictions on foreign acquisitions. Exceptions exist in certain sectors (agricultural land, defence, media) and for investments from third countries, which may be subject to screening under EU Regulation 2019/452.
The post-completion stage involves registering changes with the Commercial Register, corporate reorganisation, operational integration, notifying counterparties and regulators, and settling any price adjustments (earn-outs, escrow mechanisms).
Contact us for a confidential consultation about your transaction.