Kambourov & Partners

Kambourov & Partners is a leading Bulgarian full-service law firm with over 37 years of experience. Established in 1988 as a litigation-focused practice, the firm has evolved into a comprehensive legal advisor across all key areas of business law.

Today, the firm operates through 17 fully integrated departments and advises major international corporations, financial institutions, investors and public-sector entities on high-profile domestic and cross-border matters. The firm is particularly recognised for its strength in complex regulatory environments and strategically sensitive sectors such as energy, infrastructure, telecommunications, defence and financial services.

Managing Partners: Yavor Kambourov, Vladimir Rangeloff, Stefan Tzakov

Senior Partners: Emil Emanuilov, Atanas Shopov

Number of partners: 16

Total lawyers: 40+

Founded: 1988

Languages: 7

Quality certification: ISO 9001:2015

Head of Practice: Yavor Kambourov

The team advises domestic and international banks, financial institutions and borrowers on syndicated lending, structured finance, securities law and cross-border financing. The practice covers financial collateral, netting arrangements, enforcement of security structures and regulatory aspects of banking and capital markets transactions.

It also provides comprehensive support to major creditors in high-profile insolvency and restructuring matters, including asset tracing, enforcement actions, cross-border restructuring and bankruptcy litigation.

Recent work includes advising UniCredit Bulbank on financing transactions connected to private equity acquisitions; representing First Investment Bank in over 30 high-value disputes and enforcement proceedings; and advising Bulgartransgaz on financing related to the Alexandroupolis LNG terminal project.

The department has contributed to World Bank ROSC assessments and INSOL International publications on insolvency and creditor rights frameworks.

Head of Practice: Vladimir Rangeloff

Kambourov & Partners provides full-service corporate and commercial support across the entire corporate lifecycle — from incorporation, governance and restructuring to strategic M&A and post-deal integration. The team advises local and international clients on corporate structuring, shareholder arrangements, capital increases, joint ventures, reorganisations and regulatory approvals, with particular experience in regulated sectors such as telecommunications, energy, financial services, manufacturing and technology.

The practice is particularly active in complex cross-border mergers and acquisitions, advising on share and asset deals, carve-outs, spin-offs and business separations involving sophisticated equity and capital structures. The team supports clients through all transaction phases, including structuring, legal due diligence, negotiation of transaction documentation (including share purchase, escrow and financing agreements) and post-completion compliance and integration.

Recent mandates include advising United Group on the €1.2 billion sale of 4,800 telecom towers across Bulgaria, Croatia and Slovenia; advising Triton Partners on the Bulgarian aspects of the carve-out and acquisition of Siemens Energy’s Trench business; assisting Sega Sammy Holdings Inc. on the Bulgarian aspects of a take-private transaction for GAN; advising Viva Corporate on its acquisition of Bulsatcom; and advising Abris Capital Partners on strategic acquisitions in the healthcare sector. The team also acted for Silverfleet Capital on its investment in the merger of Bulpros and ec4u and advised Verisk on the sale of 3E to New Mountain Capital.

Head of Practice: Plamen Yotov

The EU & Competition team advises on the full spectrum of Bulgarian and EU competition law, combining strategic advisory capability with strong litigation experience. The practice covers abuse of dominance, cartel investigations, vertical restraints, merger control (domestic and cross-border), state aid, unfair competition and sector inquiries.

The team is regularly engaged in merger notifications and clearance procedures in the context of strategic M&A transactions, particularly in regulated sectors such as telecommunications, energy, retail, media and healthcare. It provides ongoing compliance support, including dawn raid assistance, risk assessments and internal investigations.

The department has extensive experience representing clients before the Bulgarian Commission on Protection of Competition and national courts. Its litigation capability is a distinguishing feature of the practice, particularly in high-stakes regulatory disputes.

Recent mandates include successfully defending United Group in proceedings concerning alleged gun-jumping; representing Wizz Air in Bulgaria’s first state aid private enforcement case before national courts; advising Lidl and Kaufland in cartel and unfair trading proceedings before the competition authority; securing unconditional merger clearance within six weeks for MS Galleon Group’s acquisition of Corab S.A.

Head of Practice: Emil Emanuilov

The Dispute Resolution practice advises and represents multinational corporations, financial institutions, state-owned entities and private clients in complex commercial litigation and international arbitration. The team acts across financial services disputes, regulatory and administrative litigation, shareholder and governance conflicts, public procurement matters, insurance and reinsurance disputes, and recognition and enforcement of foreign judgments and arbitral awards.

The practice has extensive experience in international arbitration under ICC and UNCITRAL rules, as well as in domestic arbitral fora, and regularly handles award enforcement and annulment proceedings before the Supreme Court of Cassation. A distinguishing feature of the team’s work is its involvement in disputes with regulatory, geopolitical or systemic implications, particularly in energy, telecommunications, banking and infrastructure.

Recent mandates include representing ČEZ Group in investment arbitration proceedings at ICSID concerning alleged breaches of the Energy Charter Treaty and representing Euroins Romania in a EUR 319 million arbitration and related annulment proceedings arising from a reinsurance dispute.

The team also represents major financial institutions in multi-party and multi-jurisdictional litigation and enforcement proceedings, and acts for telecom and infrastructure operators in high-value regulatory disputes, including administrative challenges to merger clearance decisions.

In addition to commercial mandates, the practice has been engaged in precedent-setting cases concerning Bulgaria’s arbitration and enforcement framework, reflecting its broader involvement in matters with public interest impact.

Head of Practice: Andrey Alexandrov

The department provides full-scope legal support to employers, employees, trade unions and public authorities on all aspects of Bulgarian and EU labour and social security law.

The team advises on structuring employment agreements, particularly within large international groups, and on drafting, amending and terminating individual and collective labour agreements. It assists clients in developing internal employment procedures, policies and handbooks, implementing remote and hybrid work arrangements, and ensuring compliance with workplace health and safety requirements. The practice also advises on social security matters, including pensions, maternity compensation and other statutory benefits.

The department regularly monitors compliance with employment, social security, anti-discrimination, personal data protection and dismissal legislation. It represents clients in employment litigation before Bulgarian courts, including disputes relating to professional injuries, mass dismissals, contractual claims and discrimination proceedings under the Protection against Discrimination Act.

The team also advises on anti-discrimination and workplace harassment issues, including drafting internal rules and supporting clients in related administrative and judicial proceedings.

In response to increasing international workforce mobility, the practice handles employment and immigration matters concerning EU and non-EU nationals working in Bulgaria, including short-term visas, long-term and permanent residence permits, and regulatory frameworks governing residence and employment.

Head of Practice: Stefan Tzakov

The Energy, Environment & Utilities department advises domestic and international market participants across the full spectrum of the energy sector, combining regulatory, transactional and contentious expertise developed over more than two decades of involvement in landmark Bulgarian energy projects.

The practice covers electricity generation (renewables, conventional and nuclear), smart grids, electricity transmission, distribution, supply and storage, cross-border electricity trading, natural gas exploration, transmission, distribution and trading, mining and fuels, energy efficiency, alternative fuels and electric vehicle infrastructure. The team also advises on regulatory regimes, project finance and sector-specific litigation.

The department assists clients on all legal, licensing and tax aspects associated with energy investments, including greenfield development of electricity generation projects, renewable energy initiatives, gas infrastructure and alternative fuels infrastructure. It regularly advises on regulatory pricing, sector approvals in M&A transactions, post-acquisition restructurings and financing in the energy sector.

The team represents clients before the Energy and Water Regulatory Commission, the Commission on Protection of Competition, the Ministry of Energy and other competent authorities, as well as before Bulgarian courts in energy-related disputes.

The practice has been actively involved in key energy developments in Bulgaria, including renewable energy expansion, hydrogen storage projects and the development of the natural gas market. It advises public-sector entities such as Kozloduy NPP – New Build, as well as international energy traders including RWE Supply & Trading, GEN-I, Danske Commodities, Uniper, Trafigura, SOCAR and Mercuria.

The team is also engaged in projects connected to the EU Green Deal and the Recovery and Resilience Facility, advising on regulatory and structural aspects of the energy transition.

Head of Practice: Margarita Guigova

The Intellectual Property practice provides comprehensive support across trademarks, copyright, designs, trade secrets and related technology-driven rights. The team advises domestic and international clients on protection, portfolio management, licensing arrangements and enforcement strategies.

The practice regularly represents clients before the Bulgarian Patent Office (BPO), the EU Intellectual Property Office (EUIPO) and the World Intellectual Property Organisation (WIPO), and acts in complex litigation before all levels of the Bulgarian courts. Contentious work is a core component of the department’s activity, including trademark and copyright infringement claims, invalidity and cancellation proceedings, domain name disputes and cross-border enforcement matters.

The team is particularly active in the media and entertainment sectors, advising on advisory, transactional and contentious matters involving licensing, broadcasting rights, online piracy and reputational issues. It represents clients such as Nova Broadcasting Group, the Motion Picture Association, and other media and film industry participants in regulatory and copyright disputes.

The practice also manages extensive trademark portfolios for clients across retail, fashion and consumer goods sectors, including Lidl and Nova Broadcasting Group, and conducts IP audits and due diligence in connection with acquisitions, disposals and financing transactions.

Cross-border matters form a significant part of the team’s work. All lawyers hold international academic qualifications alongside their Bulgarian degrees and frequently collaborate with foreign counsel on multi-jurisdictional strategies, particularly in disputes involving private international law and conflict-of-law issues.

The department has expanded its work in fintech, digital platforms and emerging technologies, advising on algorithm protection, data licensing, branding in digital environments and innovation-driven business models. To support large portfolios, the firm has developed proprietary trademark monitoring software (MAGIYA), designed to track newly filed applications against client portfolios and enhance enforcement efficiency.

Head of Practice: Atanas Shopov

The Real Estate & Construction practice advises investors, developers, contractors, lenders and public authorities across the full lifecycle of real estate and infrastructure projects. The team provides integrated support from acquisition and planning through development, financing and dispute resolution.

The department advises on acquisitions and disposals, due diligence, land use and zoning compliance, construction and infrastructure permitting, development structuring, FIDIC-based contracts, leasing arrangements, securitisation and mortgage structuring. It also represents clients in real estate and construction-related litigation and arbitration, including disputes arising under FIDIC contracts and complex ownership claims.

The firm is regularly engaged in large-scale industrial developments, retail expansion projects and transport infrastructure initiatives. Recent work includes advising on the construction and expansion of metro lines in Sofia, supporting the redevelopment and expansion of hypermarkets and production facilities, and advising on the development of high-value commercial and mixed-use assets.

The team is experienced in navigating layered regulatory frameworks, particularly where projects intersect with public procurement rules, urban redevelopment requirements, heritage protections and state investment incentives. Its client base ranges from infrastructure consortia and global retailers to foreign direct investors and industrial operators.

Head of Practice: Ivo Alexandrov

The Regulatory & Compliance practice advises companies on market entry, licensing and ongoing compliance in regulated industries under Bulgarian and EU law. The team supports clients in structuring operations in accordance with sector-specific regulatory frameworks and supervisory requirements.

The practice covers financial services regulation (including banking and payment services), healthcare and pharmaceutical regulation, product compliance and consumer protection, environmental regulation and telecom-related administrative requirements. It advises on authorisation procedures, reporting obligations, supervisory audits and regulatory risk management.

The team assists clients in interactions with sector regulators, including preparation of filings, responses to supervisory inquiries and compliance reviews, and provides strategic guidance where regulatory frameworks intersect with corporate transactions or operational restructuring.

Recent mandates include advising Visa on the regulatory rollout of a digital payments system across European platforms; advising AbbVie on the Bulgarian medicines reimbursement regime and related compliance issues; advising Entain on regulatory requirements applicable to its software development activities in Bulgaria; advising Amazon on product compliance and consumer protection obligations; and advising Robert Bosch GmbH on environmental and product regulatory requirements.

Head of Practice: Dennitsa Dimitrova, Martin Emanuilov

The department provides advisory and contentious tax services to domestic and international clients across corporate taxation, VAT, transfer pricing and cross-border structuring.

The team advises on direct and indirect taxation, M&A tax structuring, corporate reorganisations, customs matters and international tax planning, including the application of double tax treaties and EU tax directives. It regularly supports multinational groups in transfer pricing planning and documentation, including local and master files, benchmarking studies and cross-border financial transactions.

The practice has a strong contentious dimension and represents clients in complex administrative and tax disputes before all levels of the Bulgarian courts, including the Supreme Administrative Court. The team has experience in cases involving the interpretation of EU law and regularly challenges tax authority positions that conflict with EU principles, including matters with potential relevance before the Court of Justice of the European Union.

Recent work includes defending multinational groups in transfer pricing audits; advising on tax structuring in cross-border acquisitions and reorganisations; and representing clients in VAT disputes involving substantial assessments and procedural challenges.

The practice also supports clients in high-volume data environments through proprietary digital tools designed to enhance VAT reporting accuracy and tax analysis.

Head of Practice: Margarita Guigova

The TMT practice advises technology companies, telecom operators, media groups and digital platforms on regulatory, transactional and contentious matters in Bulgaria.

In the technology sector, the team advises multinational software, IT services, cloud, fintech and e-commerce companies on market entry, commercial agreements, data governance and sector-specific compliance. It regularly assists in structuring technology-driven transactions and digital platform operations.

In telecommunications, the practice acts for major market participants on licensing, infrastructure development, spectrum-related matters and sector-specific regulatory requirements. The team has been involved in significant infrastructure transactions and consolidation projects within the Bulgarian telecom market.

In media, the firm advises broadcasters, digital content providers and production companies on licensing, advertising, distribution rights and content-related disputes, including online piracy matters.

Recent mandates include advising United Group on the sale of its passive telecom infrastructure; advising Broadcom and Amazon on sector-specific regulatory and operational matters; representing Nova Broadcasting Group in content-related disputes; and advising fintech and digital platform operators on data protection and cross-border compliance frameworks.

The team regularly represents clients before telecom and data protection authorities and supports clients in complex transactions where digital assets, infrastructure and regulatory approvals intersect.