M&A Report 2020: Bulgaria

Author: IFLR Correspondent | Published: 25 Mar 2020

Bulgaria's M&A market is being helped by the recovery of the EU-wide economy, including in the smaller economies across the EU. EU sources of funding for Bulgarian small- to medium-sized enterprises (SMEs) are also among the significant factors providing a boost to the Bulgarian M&A market.

Investors are typically interested in the acquisition of majority shareholdings in market leaders in different sectors of the economy or in companies with serious optimisation potential. Often, they look for consolidation opportunities where they would first invest in one of the local market leaders and subsequently, use the investment as a platform to acquire more companies in the same business sector in order to consolidate and optimise the market. Consolidation in the banking sector also represents a significant trend.

In 2019 we saw a major reshuffling in the media sector as the two largest Bulgarian private TV...