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Key contacts
Managing Partner: Georgi Spasov
Partner (Finance): Vassil Hadjov
Quick facts
Lawyers

20 full-time

Memberships

Adriala Network

Key practice areas
Banking and finance
Financial and corporate
M&A
Energy and infrastructure
Project development
Firm overview

Spasov&Bratanov is a premier corporate and finance law firm which provides full range of legal services to financial institutions, companies and various investors on predominantly cross-border transactions. The firm has established relationships with leading law firms based in the City of London, on Wall Street, and in other leading financial centres in Europe and East Asia.

Client feedback

"Quality and delivery would be fit for any City of London law firm."

Key transactional practices
  • Banking
  • Capital markets
  • Competition/Antitrust
  • Financial services regulatory
  • M&A
  • PPP
  • Private equity
  • Project development
  • Project finance
  • Real estate 
  • Restructuring/insolvency
  • Structured finance/securitisation
Key practice contacts and recent transactional highlights

Mergers & Acquisitions:
Georgi Spasov, Managing Partner
Georgi.Spasov@sbn-law.com

Boyko Bratanov, Partner
boyko.bratanov@sbn-law.com

Recent transactional highlights:

  • Advising  MTG Modern Times Group on the disposal of its Bulgarian business;
  • Advising  Akuo Energy International on its acquisition of EDF Energies Nouvelles’ Bulgarian hydropower generation business 
  • Advising Inercom on the attempted acquisition of CEZ’ Bulgarian business 

Banking & Finance:
Vassil Hadjov, Partner
Vassil.Hadjov@sbn-law.com

Nadia Hadjova, Counsel
Nadia.Hadjova@sbn-law.com

  • Advising a Citigroup-led bank syndicate on EUR 500M term loan secured financing for BTC and subsequent financings
  • Advising KBC Bank, BNP Paribas Fortis, Cooperatieve Rabobank and ING Belgium on EUR 131M multi-currency term loan secured financing for Aliphos Bulgaria/Technophos
  • Advising HSBC and  Bank of China Macau Branch on their USD 80M term loan secured financing for the Hong Kong parent group of ISB;
  • Advising European Investment Bank on EUR 100M secured term loan financing

Competition/Antitrust:
Georgi Spasov
Georgi.Spasov@sbn-law.com
Kremena Yaneva, Senior Associate
Kremena.Yaneva@sbn-law.com

  • Defending Nova Broadcasting Group and affiliates against alleged abuse of dominant/stronger bargaining position 
  • Defended the Bulgarian subsidiaries of CEZ in various antitrust proceedings 
  • Representing Inercom in merger clearance towards proposed acquisition of CEZ’ Bulgarian business 

Project Development:

Vassil Hadjov, Partner
vassil.hadjov@sbn-law.om

Petar Dyankov, Senior Associate
petar.dyankov@sbn-law.com

 

  • Representing the consortium AdP/TAV in Sofia Airport Concession Tender
  • Advising greenfield investment in the heavy industry sector 
  • Advising South Stream Bulgaria (Gazprom subsidiary) on its’s assets disposal to BulgarTransGaz
Address:
Slavyanska Office Centre
29A Slavyanska Str., Floors 2/3
Sofia 1000
Tel:+359 2 980 1808 Fax:+359 2 980 2510 Email:Contact Us Web Address:http://www.sbn-law.com
Rankings published in 2026
Banking and finance
Tier 2
23 firms ranked
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Tier 1

Boyanov & Co
5 practice areas
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CMS Sofia
5 practice areas
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Djingov Gouginski Kyutchukov & Velichkov
5 practice areas
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Eversheds Sutherland Bulgaria
5 practice areas
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Kinstellar
4 practice areas
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Schoenherr
5 practice areas
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Tier 2

Kambourov & Partners
5 practice areas
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Spasov & Bratanov
5 practice areas
View full profile
Wolf Theiss
5 practice areas
View profile

Tier 3

Deloitte Legal Law Firm
4 practice areas
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Dimitrov Petrov & Co
5 practice areas
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Penkov Markov & Partners
5 practice areas
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Tier 4

Arsov Natchev Ganeva
5 practice areas
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Dinova Rusev & Partners
5 practice areas
View profile
Eurolex Bulgaria
3 practice areas
View profile
Georgiev Todorov & Co
5 practice areas
View profile
Gugushev & Partners
5 practice areas
View profile

Tier 5

Act legal Bulgaria
4 practice areas
View profile
CERHA HEMPEL Gerginov
4 practice areas
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Dobrev & Lyutskanov
4 practice areas
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Notable

Ilieva Voutcheva & Co
4 practice areas
View profile
Kinkin & Partners
5 practice areas
View full profile
Sabev & Partners
3 practice areas
View profile
M&A
Tier 4
28 firms ranked
View full list

Tier 1

Boyanov & Co
5 practice areas
View full profile
CMS Sofia
5 practice areas
View profile
Djingov Gouginski Kyutchukov & Velichkov
5 practice areas
View full profile
Kambourov & Partners
5 practice areas
View profile
Kinstellar
4 practice areas
View profile
Schoenherr
5 practice areas
View profile

Tier 2

Dimitrov Petrov & Co
5 practice areas
View profile
Penkov Markov & Partners
5 practice areas
View profile
Wolf Theiss
5 practice areas
View profile

Tier 3

CERHA HEMPEL Gerginov
4 practice areas
View full profile
Deloitte Legal Law Firm
4 practice areas
View profile
Eversheds Sutherland Bulgaria
5 practice areas
View full profile
Hristov & Partners
3 practice areas
View profile

Tier 4

Arsov Natchev Ganeva
5 practice areas
View profile
Dinova Rusev & Partners
5 practice areas
View profile
Gugushev & Partners
5 practice areas
View profile
Ilieva Voutcheva & Co
4 practice areas
View profile
Komarevski, Dimitrov and Partners
4 practice areas
View profile
Spasov & Bratanov
5 practice areas
View full profile

Tier 5

Act legal Bulgaria
4 practice areas
View profile
Dobrev & Lyutskanov
4 practice areas
View profile
Georgiev Todorov & Co
5 practice areas
View profile
Kinkin & Partners
5 practice areas
View full profile
Nina Boteva Law Office
3 practice areas
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Notable

CasePro
3 practice areas
View profile
Eurolex Bulgaria
3 practice areas
View profile
Peterka & Partners
5 practice areas
View profile
Popov, Arnaudov & Partners
5 practice areas
View profile
Project development
Tier 4
21 firms ranked
View full list

Tier 1

Boyanov & Co
5 practice areas
View full profile
CMS Sofia
5 practice areas
View profile
Djingov Gouginski Kyutchukov & Velichkov
5 practice areas
View full profile
Kambourov & Partners
5 practice areas
View profile

Tier 2

Dimitrov Petrov & Co
5 practice areas
View profile
Kinstellar
4 practice areas
View profile
Penkov Markov & Partners
5 practice areas
View profile
Schoenherr
5 practice areas
View profile

Tier 3

Dinova Rusev & Partners
5 practice areas
View profile
Georgiev Todorov & Co
5 practice areas
View profile
Wolf Theiss
5 practice areas
View profile

Tier 4

Act legal Bulgaria
4 practice areas
View profile
Arsov Natchev Ganeva
5 practice areas
View profile
Deloitte Legal Law Firm
4 practice areas
View profile
Gugushev & Partners
5 practice areas
View profile
Kinkin & Partners
5 practice areas
View full profile
Komarevski, Dimitrov and Partners
4 practice areas
View profile
Spasov & Bratanov
5 practice areas
View full profile

Tier 5

Dobrev & Lyutskanov
4 practice areas
View profile
Ilieva Voutcheva & Co
4 practice areas
View profile

Notable

Popov, Arnaudov & Partners
5 practice areas
View profile
Linked Reviews
Financial and corporate

Established in 1999, Spasov & Bratnov, is a premier full-service Bulgarian law firm centered in Sofia. The firm has 16 lawyers in total with experienced qualification in US and UK law. It is a founding member of Adriala law firm network, an independent premium law network covering nine jurisdictions in Southeast Europe. 

 

Highlights  

Spasov & Bratanov advised International Finance Corporation and Raiffeisenbank International on a term-loan secured financing of the 199MW St George solar PV park. The team handled the entire Bulgarian work stream, including the issuance of capacity and enforceability of security opinions. The transaction closed in November 2024.  

The firm also acted as lead counsel to Aviapartner SA in its acquisition of a minority stake in Omega Aviation Ltd., a local ground-handling operator. The transaction was valued at EUR 1,000,000 and closed in September 2024. The team was led by partner Vassil Hadjov 

 

Key Clients  

International Finance Corporation; Santander Bank; UniCredit SpA/UniCredit Bulbank; EBRD; US EximInercom; AES; Compass Capital; VP Brands; Avia Partner; Bulgaria Solar 

 

Testimonials 2024/2025 

We value Spasov Bratanov for their deep familiarity with our structure and regulatory landscape, which enables them to deliver precise, tailored legal solutions in all matters and projects they have advised us on. (Banking & Finance) 

The team - especially Vassil Hadjov, Boyko Bratanov and Nadia Hadjova - is very responsive, collaborative and trusted by us with high-stakes issues, working seamlessly with us and external stakeholders to finalize documentation and ensure smooth execution. (Banking & Finance) 

They are proactive and find solutions themselves. I do not have to chase them so that they offer me solution - they came with ready solution and with ready documents. (Banking & Finance) 

Spasov & Bratanov's team is very well structured, knowledgeable, reliable and providing support not only on pure legal matters but business-wise. Their efficiency is based on the excellent communication with the client and the strong expertise in the financial sector. This gives them the opportunity to suggest entirely new legal solutions to support the business needs. They are ready always to go an extra mile so that the identified legal risks are covered. (Banking & Finance) 

We appreciate the firm’s timely delivery of service, depth of understanding of cross border capital markets listings, and complexity of service from primary legal work to various aspects of legal support. (Capital Markets) 

Boyko Bratanov stands out for his deep technical command and strategic insight across multiple legal domains. He excels at drafting and negotiating complex finance documents, including credit facility agreements, pledges, and shareholder resolutions, ensuring that all legal instruments align with both Bulgarian and international standards. 

Boyko Bratanov’s responsiveness, clarity in communication and ability to distil complex legal issues into actionable guidance make him a highly valued legal partner. (Banking & Finance) 

Petar Dyankov is proactive and actively seeks solutions. (Banking & Finance) 

Petar Dyankov is very knowledgeable, diligent, detailed and organized. His expertise in the practical aspects of security establishment and perfection are indispensable. (Banking & Finance) 

Vassil Hadjov demonstrates strong legal acumen in structuring and executing complex financing transactions. He is particularly effective at coordinating across multiple stakeholders to ensure timely and accurate execution of finance documents. His attention to detail is evident in his handling of Bulgarian security documents and consents where he ensures alignment with both local legal requirements and lender expectations. (Banking & Finance) 

Vassil Hadjov contributes meaningfully to discussions on regulatory compliance and contractual structuring, often stepping in to clarify legal nuances and support decision-making under tight timelines. (Banking & Finance) 

Georgi Spasov is seasoned reputable attorney-at-law who possesses both outrageous academic background and legal practice. His palette of knowledge and experience is so wide and rich that it distinguishes him in the legal market. He has a solid expertise not only in financing but also in acquisition, competition rules, regulatory matters, employment and this list is not complete. (Banking & Finance) 

 

Testimonials 2023/2024

They work to solve the problems and to achieve the ultimate goals.” - Banking and finance  

A friendly, very efficient and highly expert team with a very business like approach to clients and stakeholders.” - Financial restructuring  

Smart, nice and effective.” - Financial restructuring  

They have very good expertise and communication.” - Financial service regulatory  

 

Vassil Hadjov  

Highly likeable individual qualified in at least two jurisdictions, with great international experience and business acumen. He is a top notch lawyer who provides very commercially-oriented advice.”  

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