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Bulgaria’s Merger Control Update: Below the thresholds but not below the radar
On 23 October 2025, Bulgaria adopted changes to its Competition Protection Act, introducing below-threshold merger filings. The legislator and the competition protection authority cited the following reasons for the changes: fast-paced technology developments and innovation, a growing number of “killer acquisitions”, as well as more legal certainty for investors. The changes become effective on the day of their promulgation – expected in first week of November. 1. Background Following the ECJ judgment in the Illumina/Grail case in 2024, it became clear that EU Member States may not refer below-threshold transactions to the European Commission if none of the EU Member States has jurisdiction
Follow the rules or face the consequences: Bulgaria’s Arbitration Reform
On 1 August 2025, Bulgaria introduced significant changes to its arbitration law, the title of which is now the Arbitration Act. The changes aim at promoting transparency and trust in arbitration proceedings. While some amendments were welcomed by practitioners in the field, others may raise questions, including of practical nature, related to excessive formality, administrative burdens and threat to the confidentiality. 1. Who is affected arbitration institutions with seat in Bulgaria; international arbitration institutions with seat outside of Bulgaria – when the place of the arbitration proceedings is in Bulgaria; ad hoc international arbitration tribunals – when the place of
Food prices in Bulgaria: Businesses to remain vigilant even after the competition authority finds no anti-competitive agreements between supermarkets
In a decision that will shape the competitive landscape of the Bulgarian food market, the Bulgarian Commission for Protection of Competition (“CPC”) concluded that there is no evidence of anti-competitive agreements between the major supermarket chains regarding food prices. Background and investigation The CPC initiated an investigation in response to the significant increase in retail prices of basic food commodities observed since early 2022 and the first months of 2023. The competition authority aimed to identify any practices restricting competition, such as: covert agreements, collusion, or concerted actions among retailers. While much of the data in the CPC’s decision remains confidential
First in-depth M&A investigation under the EU Foreign Subsidies Regulation: What it means for future M&A deals
The EU Foreign Subsidies Regulation (“FSR”) started to apply on 12 July 2023 as another instrument in the EU regulatory toolkit aimed at preventing distortions of competition on the EU internal market. In the spotlight of the framework are foreign subsidies granted to companies carrying out economic activities within the EU in the context of (i) M&A transactions, (ii) public procurement and (iii) other market activities. Foreign subsidies are all financial contributions provided, directly or indirectly, by non-EU countries, including any transfer of financial resources from non-EU countries such as grants, capital injections, loans, tax incentives, credits and funds. In the context of M&A, the FSR imposes
Kinstellar Sofia authors the Bulgarian chapter of the GAR Commercial Arbitration
Kinstellar’s team in Sofia authored the Bulgarian chapter on Commercial Arbitration 2024, published by the Global Arbitration Review (GAR), the leading resource on international arbitration news and community intelligence. Our Bulgarian experts contributed with answers to a total of 51 questions across a variety of topics such as the infrastructure for international arbitration in Bulgaria, requirements for an arbitration agreement, the arbitral procedure, and enforcement. The publication was put together by Boryana Boteva (Senior Counsel), thanks to her significant experience in advising and representing clients in international and domestic arbitration proceedings on commercial and investment disputes, and in litigations