Foreign Investments, Privatization and PPP

 

Our firm enjoys the reputation of being one of the clear market leaders in the area of Foreign Investments, Privatization, and PPP’s. We advise businesses and investors on transnational investments and we navigate them through the intricacies of the foreign investment process.

The lawyers at Penev LLP are committed to serving the special needs of foreign investors stepping into the Bulgarian market or expanding their activity in Bulgaria. Penev LLP was also actively engaged in several of the biggest privatization projects in Bulgaria. Along with its first-hand expertise in privatization, our lawyers have relevant experience related to the private financing of state-owned infrastructure.

Our practice encompasses:

  • Structuring and Legal Support of Foreign Investment;

  • Public Procurement, Concession and PPP Issues arising under EU and National Law;

  • Project Structuring (including tax advice);

  • Drafting Tender and Transaction Documentation;

  • Representation before State, Municipal Bodies and Private Parties with respect to Public Procurement, Concession, Infrastructure and PPP Projects;

  • Challenging Actions of Contracting Authorities before the Bulgarian Commission for Protection of Competition and the Supreme Administrative Court;

  • Provision of Full Scope Legal Advice on the Performance of Public Procurement Contracts, Concession and Infrastructure Contracts, as well as of Contracts involving PPP’s.

Some highlights of Investments, Privatization, and PPP transactions include:

  • provision of advice to Metro Cash & Carry on all their activities in Bulgaria including the establishment and development of retail facilities;
     
  • Penev LLP has been the exclusive service provider to all operations of Coca Cola Hellenic Bottling Company and all Coca Cola bottling factories throughout the country in the area of corporate, employment, tax, competition, etc.
     
  • ongoing advice on corporate, commercial and employment issues to Zagorka AD (Heineken group) and representation before the Commission on Protection of Competition in relation to the Company’s advertising and promotion campaigns;
     
  • acting for Şişecam Group (Turkey), a major glass producer in Europe on a USD 150 Million investment in Bulgaria – one of the largest greenfield investment projects in Bulgaria. The project included concession for extracting of ores and construction of a factory for the production of float glass in Bulgaria;
     
  • provision of advice to Fraport AG in a concession-granting procedure for the two largest Bulgarian airports - Varna and Bourgas;
     
  • provision of advice to Titan Cement Company in its participation in the privatization of the production facilities of the Bulgarian cement industry;
     
  • advice to one of the largest German retail companies HIT Hypermarket on all legal aspects of construction, opening, and operation of shopping-malls in 10 Bulgarian cities;
     
  • negotiation, drafting, and execution of Lease Agreements for retail spaces in large shopping centers such as Serdika Centre, Carrefour Tzarigradsko shousse Mall, Grand Mall Varna, Galeria Stara Zagora Mall for members of Inditex S.A. Group in Bulgaria, inter alia Zara Bulgaria, Massimo Dutti, Bershka, Stradivarius and others;
     
  • provision of ongoing advice to Statkraft Markets GmbH in relation to their business activity in Bulgaria, inter alia day-to-day commercial matters, handling of negotiations with regulatory authorities, etc.;
     
  • legal advice to Toshiba on the rehabilitation works contracts with the Bulgarian Energy Holding for Maritsa Iztok 2;
     
  • we acted for Mitsubishi on a renewable energy (wind generators) project in Bulgaria. The work included drafting and negotiating contracts for the supply and installation of wind turbines, service and availability agreements, as well as representation before state and private parties;
     
  • regulatory advice to Hitachi with regard to a potential greenfield generator project;
     
  • advice and representation of the largest Israeli bus operating company of EGGED in their negotiations with Sofia City Municipality for granting a concession for the city public transportation services;
     
  • provision of advice and preparing due diligence for Deutsche Telekom on the privatization of the Bulgarian Telecommunication Company (BTC);
     
  • provision of advice to Mizuho Bank (Japan) for the privatization of several hydropower plants in Bulgaria;
     
  • provision of advice to the Bulgarian Government on the structuring of the privatization procedure for the privatization of the largest pool of the governmental pool privatization program, namely the Balkancar Holding and its 18 subsidiaries, including legal analyses and related contractual documentation, and negotiations;
     
  • we acted for William Pears Family Holdings - one of Europe's largest private real estate developers, on the privatization of the largest real estate company in Bulgaria, established for servicing and accommodating the diplomatic missions and their personnel in Bulgaria;
     
  • advising the Consortium led by Warburg Pinkus, Charlemagne Capital Limited (UK) and Saudi Ogier on the due diligence report of the Bulgarian Telecommunication Company and competition clearance procedure in the privatization;
     
  • provision of advice to Carlyle Group and the Consortium of Koç Holding, (Turkey) and Turk Telecom, (Turkey) for the final stage of privatization of the Bulgarian Telecommunication Company;
     
  • advising Istituto Poligrafico e Zecca dello Stato on public procurement procedure with the Ministry of Interior;
     
  • provision of advice to Elliniki Technodomiki in the process of negotiation with the Sofia Municipality for several objects;
     
  • advice to Selex Sistemi Integrati (former Marconi Systems) in relation to a project with the Air Traffic Control Services Authority involving national and European funding;
     
  • acting for York Capital Management on the privatization tender for the Bulgarian national air carrier Bulgaria Air;
     
  • provision of advice to T.O.E. London on the establishment of a Bulgarian affiliate company and acquisition of real estate properties for the purposes of constructing a hotel in Bulgaria;
     
  • advice to Japan Tobacco on a regulatory matter relating to a privatization deal;
     
  • provision of advice to JVP on establishing of the company, drafting of agreements, acquisition of premises, etc.;
     
  • provision of advice to the large Hungarian investor Digital Axis having projects for construction of waste utilization facilities in Bulgaria;
     
  • advising Heli Invest in the whole process of construction of a business building in Sofia downtown district;
     
  • provision of advice to Letterstone Plc. on its real estate investments in Bulgaria;
     
  • acting for Bavaria Film GmbH on the privatization procedure of Boyana Film Studios;
     
  • we provided advice to the largest bidder in a USD 200 mln concession granting procedure on the water supply and sewerage system of the city of Sofia - the consortium of Vivendi, Berliner Wasser Betriebe and Marubeni;
     
  • provision of advice to SAP in a public procurement procedure;
     
  • provision of advice to a large international investor on a EUR 5 000 000 investment project related to real estate transactions;
     
  • provision of advice on the concession for the beach ‘Albena’ at Albena resort - one of the largest Bulgarian Black Sea Resorts.