BULGARIA Trends and Developments Contributed by: Yordan Naydenov and Hristian Gueorguiev, Boyanov & Co.
for construction of the future hybrid RES park Lazas in Latvia by the renowned Bulgarian solar park devel - oper Sunotec. The photovoltaic plant there is planned to maintain a power of 400 MW and battery storage of 600 MWh, and the total investment is estimated at EUR245 million. On local ground, one of the highlights in the photovoltaic sector was the 100% acquisition of the solar power company Agro NV Properties, which is developing a solar park with nominal power of 123 MW and a battery storage facility with a capacity of 90 MW near the town of Haskovo, by the Greek company Hellenic Energy. Boyanov & Co. is proud to announce its advisory role in the transaction, acting on the side of the acquirer. Another interesting deal was the acquisition of 50% of the shares in Dunav Solar Plant – the company developing the solar project “Gabara” near Byala Slatina – by the Austrian-Romanian OMV Petrom. Talking about the hi-tech and IT sector, it is to be noted that a pessimistic attitude is giving way in the face of a moderate but steady revival. The year was marked by the acquisition of 100% of the software company INDEAVR – a technology services company focused on digital, data, cloud and advanced software engineering – by US investor Marlabs. INDEAVR has over 200 employees in its Sofia office and a satellite office in Geneva. Another notable deal is the 100% acquisition of the Norwegian-owned (but founded in Bulgaria and having its development team located in Bulgaria) Documaster – specialising in the develop - ment of archiving software – by the Dutch investment fund Main Capital. The Bulgarian system integrator Telelink Services Group paid EUR15.75 million to the Slovenian Actual I.T. Informacijske Tehnologije for the acquisition of 70% of the Italian DBA Group with a call option for acquisition of the remaining 30% after three years. And the last mention in this sector goes to the acquisition of the software company Anthill by the US company Exadel, which previously bought the local Motion Software in 2022. 2025 was marked by many acquisitions in the health - care sector; we will limit our review to only the most emblematic ones. The first one is the acquisition of the hospital City Clinic – St. George based in the Bul - garian town of Montana by the healthcare-targeted investment group Haelan of the Invenio Partners
Fund. Serdika hospital, specialising in oncology and based in Sofia, was acquired by Bulpharma Group. The Eurohospital, based in the town of Varna, was acquired by Intermedica Group – a renowned local supplier of medical equipment. The private equity funds Eleven Ventures and Sofia Ventures, together with other acquirers, decided to diversify their port - folios by taking a 40% stake in Blue Longevity Clinic. The Bulgarian in-vitro clinic Adela changed hands and became property of the private equity fund Inte - gral Capital Group, acting through one of the leading IVF clinics in Romania, in which the fund is a major - ity shareholder. As is evident from the above, it turns out that the healthcare market is the rising star of the Bulgarian M&A scene. What to Expect in 2026 and Beyond The business environment in Bulgaria in 2026 and in the next couple of years will continue to be marked by several large pan-European or even global trends – especially, the digital transformation and the green transition. On a separate note, Bulgaria should make efforts to overcome the consequences of the wars in Ukraine and Iran for its economy and build mecha - nisms to protect its economy in various cases of an unstable macroeconomic and global environment. The political uncertainty – both domestic and glob - al – and the accelerating shift towards a multilateral model of global influence distribution in which the EU faces certain difficulties in terms of security, migration and economic recession, will most probably shape the demands in the world in the coming years. These trends will create both opportunities and challenges for businesses in the country and will require them to adapt, innovate and be on the creative side at all times. They could and should be expected to be not just the main growth drivers for the national economy, but also the main transaction generators. Bulgaria has a strong potential to become a leader in the digital transformation, thanks to its highly skilled and educated workforce, its vibrant start-up ecosys - tem and its strategic location in the region. Bulgaria has built its name as a regional IT hub, which it needs to firmly act to preserve despite the “cooling” pro - cesses in the market. The country has a lot of room for improvement, but also a lot of momentum and ambi - tion. The full implementation of the EU Digital Services
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