CEE/CIS - Bulgaria
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Commercial, corporate and M&A

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Penkov, Markov & Partners

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Penkov, Markov & Partners frequently advise on complex cross-border transactions and domestic energy infrastructure acquisitions, with a recent focus being on PV park acquisitions, while also being active in the insurance, life sciences and real estate sectors. Furthermore, the firm handles diverse corporate mandates, comprising restructurings, corporate governance and share purchase agreements. The team is led by a trio of practioners: Nikolay Cvetanov, who focuses on M&A and private transactions, with a sectoral focus on TMT and banking, Boris Lazarov, who has long term experience in large cross-border transactions, and Roman Stoyanov, who advises on M&A transactions, privatisation deals, investments and ongoing corporate matters.

Legal 500 Editorial commentary

Testimonials

Collated independently by Legal 500 research team.

  • ‘Penkov, Markov & Partners have very recognisable M&A practice and a large team of lawyers in it. We have worked with several of their partners through the years. They work on M&As in many sectors and are very experienced in any type of contractual documents and formats, as well as in any accompanying procedures before administrative authorities.’

  • ‘Milena Gaydarska is outstanding person with deep knowledge, expertise and devotion to work.’

  • ‘This law firm stands out due to its commitment to combining deep legal expertise with a client-first approach. The practice is built around understanding each client's specific needs and delivering tailored legal solutions. The team is made up of highly skilled attorneys who have specialised knowledge across diverse practice areas such as corporate law, litigation, intellectual property, and regulatory compliance. What sets them apart is their ability to navigate complex, high-stakes legal challenges with precision and efficiency.’

  • ‘Atanas Valov is very diligent, open and reachable, thinks for working solution outside of pure legal technicalities. Boris Strijlev is very precise, clever, well-prepared in the details of the court practice when we seek for solutions which are not explicitly envisaged in the law. Anelia Licheva is also among their notable associates, prudent, easy to communicate with, strictly following up on the development of our common tasks and great communicator during negotiations.’

  • ‘Nikolay Cvetanov and Boris Lazarov have both shown exceptional qualities and strong commitment when working on multiple complex projects across various industries.’

  • ‘Boris Lazarov is a top notch lawyer. He understands negotiation practices and business needs. His market insight and strong devotion is what really makes the difference.’

  • ‘I have to mention Roman Stoyanov and Ivan Markov, they are very experienced and highly intelligent lawyers, combined they are truly a dream team. Communication with them is easy and pleasant, they have outstanding work ethic.’

  • ‘They are really experienced in M&A practice, in all aspects of M&A processes: performing due diligence, drafting SPA and other documentation, negotiating terms of the transaction, conducting regulatory procedures (like merger clearance etc.) and the closing of the transaction. Always committed, deliver high quality legal services on time.’

Key clients

  • Vienna Insurance Group
  • Green Line Group AD
  • Invenio Partners Fund II SCSp
  • Unilink S.A.
  • BSPF (Property 2) LIMITED
  • Pension Assurance Company Doverie AD
  • MVB Truck & Bus Bulgaria EAD
  • Tiger Technology AD
  • Wealthlock Ltd.
  • STAMH LTD
  • Karelia Bulgaria EOOD
  • Arteks Engineering AD
  • Mondi Stambolijski EAD
  • Zagorka AD
  • BA Glass Bulgaria AD
  • Infinity Capital AD
  • Klett Lernen und Information
  • Roberto Santorelli
  • Eurostar EOOD
  • Peltina OOD
  • ABBA
  • Cancham
  • Grund I.G. Immobilien GmbH
  • EUROWIND ENERGY A/S
  • Atland Investment AD

Work highlights

  • Advised Vienna Insurance Group AG on the sale of 10% of its share participation in PAC Doverie AD to IFC for USD 20,850,000.
  • Advised Mania Group and its shareholders on the USD 45,000,000 acquisition of Green Line Group AD.
  • Advising Invenio Partners Fund II SCSp on the restructuring of the debt of Software Group BG AD and on the conversion of loans into shares participation in the company in aggregate amount of EUR 37,000,000.

Lawyers

Leading partners
The strongest partners in their field, leading on market-leading deals and endorsed by peers and clients alike.

Practice head

The lawyer(s) leading their teams.

Nikolay Cvetanov, Boris Lazarov, Roman Stoyanov

Other key lawyers

Boris Strijlev, Tihomir Tishev, Patrizia Foffo, Atanas Valov, Maria Pashalieva, Anelia Licheva, Milena Gaydarska, Ivan Markov