Press Release Press Release

IFC acquires stake in Vienna Insurance Group’s Bulgarian pension fund Doverie with legal assistance from Wolf Theiss

Sofia, 17 February 2023 – Wolf Theiss advised the International Finance Corporation (IFC) on taking a minority stake in Bulgaria’s largest pension assurance fund Doverie, currently owned by Vienna Insurance Group.

Wolf Theiss assisted IFC in acquiring a minority stake of the share capital of Pension Assurance Company Doverie AD, owned by Vienna Insurance Group AG (VIG – Wiener Versicherung Gruppe). Currently, Doverie is Bulgaria’s largest pension management company.

The transaction, which was closed in December 2022 but post-closing works continued until recently, was led by Wolf Theiss partners in Sofia Richard Clegg (Corporate/M&A) and Katerina Kraeva (Banking & Finance). Counsels Katerina Novakova (Projects), Oleg Temnikov (Disputes) and Hristina Dzhevlekova (Competition Antitrust) handled the regulatory issues, while the transactional part was efficiently covered by Consultant Radena Tsvetanova and Senior Associate Staniella Todorova (both Corporate/M&A).

Doverie pension fund has been a steady market leader in Bulgaria for 15 years, managing the country’s two largest universal and professional funds, and ranking third among voluntary funds.

“The role of financial institutions in the development of stability-driving sectors in Bulgaria, such as pension funds and infrastructure has proven its importance. The participation of international institutional actors like the IFC is key to the steady development and guaranteed innovation of those key verticals.”

Katerina Kraeva, Wolf Theiss Partner, Banking & Finance

Wolf Theiss’ representation of IFC includes also assistance with regard to the funding of Sofia Airport’s concessionaire in 2021 and 2022, where IFC was part of a consortium with other financing institutions.