M&A activity in Bulgaria has been growing, with total deal value peaking at €1.489 billion in 2013. The telecoms and IT sector accounted for the largest share of deal value in 2014 at 31.3%. Key players facilitating M&A deals in Bulgaria include international investment banks and consulting firms such as EY, KPMG, and Deloitte for larger deals, and local firms such as Boyanov & Co., Entrea Capital, and PNL for smaller to medium sized deals.

2. M&A Market in Bulgaria
Last 5 years

3. M&A activity in Bulgaria: value of deals 2011-2014
Total value of merger and acqusition (M&A) transactions in Bulgaria from 2011 to 2014 (in million
euros)
Source: Statista 2016
1,204
1,240
1,489
1,067
0
200
400
600
800
1000
1200
1400
1600
2011 2012 2013 2014
ValueofM&Adealsinmillioneuros

4. Number of M&A Deals in Bulgaria
(2015 is forecast)

5. M&A activity in Bulgaria: number of deals 2011-2014
Number of merger and acqusition (M&A) deals in Bulgaria from 2011 to 2014
* anticipated
Source: Statista 2016
120
83
73
69
55
0
20
40
60
80
100
120
140
2011 2012 2013 2014 2015*
NumberofM&Adeals

7. M&A activity in Bulgaria: Top 10 of the largest deals in 2014, by value
Largest merger and acquisition (M&A) deals in Bulgaria in 2014, by deal value (in million euros)
Source: Statista 2016
255
211.7
130
47.2
40.8
40.6
33
24
23
20
0 50 100 150 200 250 300
Huvepharma***
Telerik AD**
Bulgartabac Holding*
Credit Agricole Bulgaria**
Remotex-Radnevo**
Zografski Private Company*
Plaza West*
Bourgas Shipyards**
BenchMark Business Centre**
bauMax Bulgaria*
Value of M&A deal in million euros

8. M&A sector share in total deal value in Bulgaria as of 2014
Share of sector in the aggregate value of merger and acqusition (M&A) transactions in Bulgaria in
2014
Source: Statista 2016
31.3%
27.7%
13.8%
6.3%
5.3%
5%
4.4%
6.3%
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%
Telecoms & IT
Manufacturing
Food & Bevereges
Real Estate
Finance & Insurance
Services
Agriculture, Forestry, Fishing & Hunting
Other
Sector share in total value of deals

9. M&A Market in Bulgaria
2015

10. M&A activity in Bulgaria: Top 10 of the largest deals in 2015, by value
Largest merger and acquisition (M&A) deals in Bulgaria in 2015, by deal value (in million euros)
195
120.0
16
14.0
10.0
6.5
0 50 100 150 200 250
KAI Group
Blizoo
Fadata
Ameta
Walltopia
Dimyat Hotel
Alpha Bank
Bulpros
Bosch
IPS
Value of M&A deal in million euros

11. Key players on the M&A Bulgarian market –
BIG ticket
• EY
• KPMG
• Deloitte
• PWC
• BDO
• Raiffeisen Investment
• Pioneer Investments
• Amundi Asset Management
• United Bulgarian Bank Investment Banking
• BNP Paribas
• OTP Capital
• DSK Asset Management

12. Key players on the M&A Bulgarian market –
Small and Medium Deals
International and Investment Funds
• Schoenherr
• Baker Tilly
• CMS Cameron McKenna
• Balkan Advisory Company
• BlackPeak Capital
• Empower Capital
• CEE Equity Partners
Local
• Boyanov & Co.
• Entrea Capital
• PNL
• GLO Capital
• Synergy Group
• Eurolex Bulgaria
• Transacta
• Mane Capital
• Bulbrokers
• Georgi Popov & Co.
• Bulgarian Business Consultants

13. If you need to read the corresponding article on M&A in Bulgaria in 2015, please visit the Blog of
www.avs-europe.com or just tap on this link: http://avs-europe.bg/en/the-ma-market-in-bulgaria-
an-internet-research/
The present marketing research is based solely on internet media sources which have been quoted
in detail in the corresponding article as stipulated above.
If you would like an internet-source marketing research on a specific topic for Bulgaria, do not
hesitate to order using the on-line order form at http://avs-europe.bg/en/virtual-assistant/internet-
research/
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