Bulgaria

The Bulgarian M&A market remains healthy and its deal count of 70 in 2019 is broadly in line with the country’s five-year average. With four deals exceeding EUR 200m in value, there was an increase in the total deal value from EUR 2.46bn to EUR 2.73bn—up 10.9%. Activity is spread over several sectors, with telecoms & IT, wholesale & retail and manufacturing performing particularly well, each seeing more than ten transactions.

Bulgaria is clearly on the radar of regional and global financial investors.

Deals by value and volume

Top five deals

	#1 Target: Vivacom Sector: Telecoms & IT Stake: 100% Buyer: BC Partners Holdings Country of buyer: United Kingdom Deal: EUR 1,28bn Value Source: 2
	#2 Target: CEZ Bulgaria^* Sector: Energy & Utilities Stake: 100% Buyer: Eurohold Bulgaria Country of buyer: Bulgaria Deal: EUR 335m Value Source: 1 _{*The local regulator has not cleared the deal, prompting simultaneous appeals to the Administrative Court from both the buyer and the seller. As of early 2020, the deal is pending the court’s review.}
	#3 Target: Sofia Airport Sector: Transportation & Logistics Stake: 100% Buyer: Meridiam; Strabag; Flughafen Munchen Country of buyer: France; Austria; Germany Deal: EUR 281,6m Value Source: 1
	#4 Target: Central European Media (CME) assets in Bulgaria Sector: Media Stake: 100% Buyer: PPF Group Country of buyer: Czech Republic Deal: EUR 226,9m^* Value Source: 1 _{*Deal value estimate based on CME’s 2018 revenues attributable to Bulgaria.}
	#5 Target: Nova Broadcasting Group Sector: Media Stake: 95% Buyer: Advance Properties Country of buyer: Bulgaria Deal: EUR 172,8m Value Source: 1

Value Source:

Official data
Market estimate provided by EMIS and based on publicly available information
EMIS estimate

Top three sectors

Telecoms & IT:
16 deals

Wholesale & Retail:
11 deals

Manufacturing
10 deals

Key contacts

Contact

Atanas Bangachev

Partner

Head of Corporate, CMS Sofia

T +359 2 921 9913

Gentscho Pavlov