The end of the transition period and the privatization process as well as the forthcoming EU accession have established a highly M&A-favorable environment in Bulgaria. Certain local companies have developed considerably during the last years and their performance has attracted the interest of international investors. In the same time, Bulgarian business has to get ready for the challenges of the increasing competition after the EU-accession, which would foster mergers in various sectors of the economy. Hence, although local M&A history is not very rich, it is our belief that this type of transactions will accelerate substantially.

The long-standing presence of FFBH on the local financial market and the expertise of its corporate finance team enable us to offer a broad range of advisory services on takeovers, acquisitions and mergers, including:

• Providing expert strategic alternative analysis of the company involving a review of its market, industry, potential partners and financing options;
• Assisting the company in finding strategic partners or acquiring selected targets for vertical or horizontal integration;
• Conducting valuation and supervising the due diligence process;
• Transaction structuring, marketing and negotiations.

FFBH can also assist with the development and implementation of turnaround and restructuring programs, asset disposals, debt-asset swaps, etc.

Privatization

FFBH has been actively involved in the privatisation process in Bulgaria, both as consultant and broker. We have advised a number of local and foreign entities on their participation in privatisation tenders since 1995. Assistance provided includes advisory services, tender offer preparation and transaction execution. FFBH has been the sell-side broker of the state for the privatisation of a number of stakes through the Bulgarian Stock Exchange-Sofia.