Chambers Global

Chambers Europe

Legal 500


Banking, Finance and Capital Markets


Kambourov & Partners provides ‘prompt and high quality’ advice across the full spectrum of banking and finance work. The team is experienced in refinancing large loan facilities and arranging project and acquisition financing, chiefly on behalf of borrowers. Proceedings arising from insolvencies and liquidations are another key strength, where it draws on the firm’s strong litigation practice. Yavor Kambourov, who is praised for his ‘great knowledge of the market and the country’ heads the team, while Vladimir Rangeloff, whose ‘knowledge and experience are exceptional in the field’ leads on most of the team's largest matters.

Commercial, Corporate and M&A


Kambourov & Partners advises on major transactions in both the Bulgarian and wider regional markets. With M&A mandates in the energy, IT, telecoms and banking industries, the team is experienced in executing large transactions in highly regulated sectors. Recent work includes acting for Advance Media Group on its €185m acquisition of Nova Broadcasting Group. The group also advises on structuring complex payment and security arrangements for share transfers, and regularly handles corporate restructurings for large companies including Wizz Air and Naspers. The practice is led by the ‘strategic’ Vladimir Rangeloff and the ‘committed’ Veronika Hadjieva.

Dispute Resolution


Kambourov & Partners is experienced in domestic and international arbitration proceedings, as well as multi-jurisdictional litigation, securitisation of claims and exequatur procedures. The firm acts for clients in contentious post-merger proceedings, litigation relating to public procurement proceedings, and high-profile white collar criminal defence. The team, led by Emil Emanuilov, offers alternative forms of dispute resolution and enforcement, such as debt restructuring, debt-equity swaps, and acquisitions. Kambourov & Partners acts in contentious matters for major clients including First Investment Bank, the Bulgarian Football Union, Strabag, and Wizz Air.

Energy and Natural Resources


The ‘pro-active’ team at Kambourov & Partners is particularly experienced in the field of electricity trading, having advised the European Federation of Energy Traders, GEN-I, MVM Group and the Hydroenergy Group on their activities in the Bulgarian market. Pipelines are another core strength of the firm; it acted for Societa Appalto Lavori Pubblici and Citygas Bulgaria on public procurement bids for pipeline construction, and associated subsequent contractual disputes. The practice is headed by Stefan Tzakov, an experienced litigator who ‘stands out’ for his wide-ranging expertise in the Bulgarian energy market. Irena Petkova is also noted.

EU and Competition


Kambourov & Partners’ EU and competition practice advises corporate clients on compliance, acts in contentious matters brought by competitors or the competition authorities, and provides consultancy on merger control and clearance. Notable contentious matters include acting for Wizz Air in its claim against the Bulgarian state for illegal state aid to its competitors. Abuse of stronger bargaining position - introduced in 2015 - has become another key focus of the firm, which has since advised market-leading clients in a range of sectors. The team is led by the ‘impressive’ Stefan Tzakov, with Plamen Yotov and Elena Apostolova also noted.

Intellectual Property


Kambourov & Partners primarily advises clients in the media and manufacturing industries. For media clients, this has included acquisition of intellectual property assets relating to M&A deals, acting against unauthorised use of copyrighted fictional characters, and drafting contracts that protect recordings of live concerts. Notably the firm successfully represented a television production company against a defamation claim, brought by a former member of parliament mocked in a comedy sketch. The team also acts for manufacturers on the protection of their industrial designs. The ‘extremely accomplished’ Margarita Guigova leads the team.

Projects and PPP


Kambourov & Partners handles large-scale infrastructural, real estate, and energy projects, with experience in public procurement processes. The firm advises participants in public tenders for gas pipeline construction, metro design and construction, and electronic fee collection. Projects include oil and gas exploration, factory expansion, and construction of office buildings. The team is headed up by Stefan Tzakov, experienced in concession procedures and tender award litigation, and Atanas Shopov, who has extensive experience in public procurement procedures in a variety of sectors.

Transport (including Shipping)


Kambourov & Partners’ extensive transport practice counts engineering and construction firms, car manufacturers, bus fleet operators, airlines, and fee-collection subcontractors among its clients. It advises on M&A deals in the transport sector, tender participation, and ongoing contractual advice for winning bidders of infrastructural project tenders. The practice is jointly led by Stefan Tzakov and Atanas Shopov, both experts in public procurement, who have advised several winning bidders of concessions to build or operate major transport and shipping hubs.

Real Estate and Construction


Kambourov & Partners seek to assist clients throughout the life-cycle of large scale projects, including due diligence, facilitating negotiations between partners and with financial institutions, structuring transactions, FIDIC drafting, construction regulation compliance, and long term leasing arrangements. Notably, the firm has acted for First Investment Bank on its financial lease of 40% of a huge tract of land outside Sofia, on the site of what was formerly Bulgaria’s largest steel mill. The firm advises property developers on an ongoing basis regarding major office and residential developments, as well as clients in the logistics and manufacturing industries. The ‘knowledgeable, thorough, and flexible’ Atanas Shopov heads the practice, while Radosveta Kojuharova, praised as ‘a great negotiator, flexible but persistent’, is a key team member.



The ‘practical and solution-oriented’ TMT practice at Kambourov & Partners advises major telecoms and tech companies, including Vodafone and Broadcom, on the regulatory and licensing requirements for expansion into Bulgaria. The firm is highly experienced in IP law, in addition to data protection; it advises clients in a wide range of sectors on GDPR and AML compliance, including customer service outsourcing companies on data transfer regulations. The ‘proactive’ Mitko Karushkov heads the practice, which includes newly-promoted senior associate Mario Arabistanov, noted for his ‘diligence’ and ‘proficiency’.