Camerons targets Bulgaria

CMS Cameron McKenna has opened its first project office in Bulgaria after closing the country’s largest ever leveraged privatisation for longstanding client Advent.

The £730m privatisation of Bulgarian telecoms operator BTC closed on 11 June after two years of negotiations and court battles.

The firm advised the consortium, led by Central European private equity house Advent, on the deal.

The deal represents the largest privatisation Bulgaria has seen and marks the arrival of the former Soviet state on the international investment scene ahead of its accession to the EU in 2007.

Managing partner for Central Europe Duncan Weston led the team for Camerons, supported by finance partner Paul Stallebrass.

Denton Wilde Sapte advised the Bulgarian government on the transaction, supported by local Bulgarian firm Djingov Gouginski Kyutchukov & Velichkov.

On the back of the deal, Camerons has established a base in Bulgaria. Initially it will be staffed by a single associate working out of Advent’s offices, but Weston said the firm plans to increase its presence by the end of the year.

Through its CMS association, the firm already has offices throughout Central and Eastern Europe, including the Czech Republic, Hungary, Poland, Romania, Russia and Serbia and Montenegro.