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


Target: Vivacom
Sector: Telecoms & IT
Stake: 100%
Buyer: BC Partners Holdings
Country of buyer: United Kingdom
Deal: EUR 1,28bn
Value Source: 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.


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


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.


Target: Nova Broadcasting Group
Sector: Media
Stake: 95%
Buyer: Advance Properties
Country of buyer: Bulgaria
Deal: EUR 172,8m
Value Source: 1

Value Source:

  1. Official data
  2. Market estimate provided by EMIS and based on publicly available information
  3. EMIS estimate

Top three sectors


Telecoms & IT:
16 deals


Wholesale & Retail:
11 deals


10 deals

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Key contacts

Atanas Bangachev
Atanas Bangachev
Head of Corporate, CMS Sofia
T +359 2 921 9913
Gentscho Pavlov
Gentscho Pavlov
Co-Managing Partner of CMS Sofia and CEE Partner
T +359 2 447 1350