Todor Papanov

Counsel

Areas of Focus

Todor Papanov

Counsel

todor.papanov@akingump.com

Areas of Focus

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Biography
  • Advises on all aspects of UK and EU competition law, focusing on merger control and antitrust investigations.
  • Advises on national security and foreign investment regimes around the globe.
  • Significant experience in digital platforms regulation, and the application of competition law to online services and the e-commerce sector.

Todor is a dual UK and European Union (EU) qualified competition and foreign investment lawyer based in Akin’s London office.

He advises on a wide range of competition law matters, including multijurisdictional antitrust and foreign investment reviews, cartel investigations (Wood Pulp), follow-on litigation (DRAM Chips), sector enquiries (App Stores), market investigations (Marketplaces; Mobile Browsers & Cloud) and competition law compliance.

Todor has secured merger control approvals under both the UK and the EU regimes, and also has considerable experience in UK Phase 2 investigations (JD Sports/Footasylum), as well as appeals before the UK Competition Appeal Tribunal (CAT).

Todor frequently advises on the application of competition law to commercial agreements, distribution and trading practices under both the UK and the EU vertical rules.

In addition, he has assisted a broad range of international clients as they seek to navigate the increasingly complex national security and foreign investment screening landscape around the world, as well as with respect to other regulatory matters, such as subsidy control.

Todor has experience in various industries and sectors, such as retail, tech, e-commerce, agriculture, oil & gas, construction, chemicals and transport. In recent years, as part of his tech-related practice, Todor has advised online platforms on various matters relating to digital regulation in the EU (under the Digital Markets Act (DMA) and Digital Services Act (DSA)) and in the UK (under the Digital Markets, Competition and Consumers Act (DMCC) and Online Safety Act (OSA)).

Prior to joining Akin, he worked in the London offices of two leading international law firms and a competition law boutique.  

Todor is a guest lecturer at Queen Mary Law School, University of London and at the Dickson Poon School of Law, King's College London.

Representative Work

International Merger Control – Main Parties

  • Komatsu and NTT DOCOMO on the European competition law aspects of the formation of their Smart Construction joint venture (JV) “Landlog” in Japan, including obtaining a merger control approval from the European Commission (EC).
  • Footasylum on its completed acquisition by JD Sports, which was subject to an in-depth Phase II review by the Competition and Markets Authority (CMA) and also subject to appeals in the UK CAT.
  • A consortium of the six biggest agricultural commodity traders (ADM, Bunge, COFCO, Cargill, Glencore, LDC) on the establishment of a JV to create a digital process management platform “Covantis” relying on blockchain technology.
  • Ebiquity Plc, the international media audit and investment consultancy, on its acquisition of Media Management Inc and MediaPath Network AB, including merger control and commitments procedures.   
  • Vitec Group, a multinational manufacturer of photography equipment, on its acquisition of a photography background paper producer, Savage Universal.
  • Rio Tinto on its acquisition of a controlling stake in the aluminium recycling JV Metalco with Giampaolo Group.
  • Stolt-Nielsen, Golar LNG and Höegh LNG on the establishment of their JV “Avenir LNG” and its competition law compliance program. Also, advising on Avenir’s subsequent acquisition of Nordic and German LNG businesses.
  • Ingevity Corporation, a major US specialty chemicals company, on its acquisition of the UK’s largest caprolactone business CapaTM.

International Merger Control – Third Parties

  • A leading US investment bank in relation to the London Stock Exchange (LSE)/Refinitiv and Aon/Willis Towers Watson mergers investigated by the European Commission at Phase II.
  • US and UK financial institutions and investors interested in high-profile mergers, including: Amazon/iRobot, Avast/Norton, Chr.Hansen/Novozymes, Cobham/Ultra, Microsoft/Activision, Pfizer/Seagen, Blue Prism/SS&C, HomeServe/Brookfield, Vantage/Vodafone/KKR, Welbilt/Ali, EMIS/Optum, Mandiant/Google, Vantage/Vodafone/KKR/GIP, Shaftesbury/Capco, Ritchie Bros/IAA Inc, EVO Payments/Global Payments, Chart/Howden, and others.
  • Titan International Inc. regarding the Yokohama Rubber/Trelleborg Wheel merger investigated by the European Commission.

National Security, Foreign Investment & Foreign Subsidies

  • The world’s second largest steel producer on its acquisition of sole control over a global trader of steel and raw materials active in 88 countries, leading the multijurisdictional foreign investment workstream, plus assisting with the required EU Foreign Subsidies Regulation (FSR) and merger control filings.
  • Goodman, a global property group operating in 14 countries, on its planned acquisitions and asset disposals throughout Europe, providing foreign investment advice covering its entire portfolio, including data centres.    
  • Aviat on all UK national security and foreign investment aspects of its acquisition of NEC’s microwave business assets.
  • A private equity fund on increasing its shareholding in a medical start-up, including foreign investment and merger control advice in relation to over 15 jurisdictions around Europe and the Americas.

Digital Platforms, AI & Ecosystems

  • Acting as the main European and ex-US competition counsel to a major US-based marketplace and its UK subsidiary active in the online second-hand clothing market, providing complex advice regarding pricing tools and interface architecture; algorithms and search criteria; fulfilment services; EU DMA, DSA and UK DMCC compliance. Representing the same clients in recent CMA investigations against different Gatekeepers.   
  • Advising an online platform in relation to information exchange and a potential data leak, conducting an internal investigation and advising on leniency procedures.
  • Representing a popular dating app in a number of recent CMA and EC investigations against different Gatekeepers. Advising the same client on various digital regulation matters under the EU DMA, DSA and the UK DMCC frameworks; representing the client in EC workshops with Google, Apple and Meta in relation to their DMA compliance; representing the client as a third party in follow-up EC investigations into potential non-compliance with the DMA by certain Gatekeepers.

Cartel Investigations & Damages Claims

  • Successfully defending Stora Enso, the multinational forestry, wood pulp and paper producer, raided by the EC as part of its second Wood-Pulp antitrust investigation which was closed before the statement of objections stage.
  • A global manufacturer of automotive components regarding follow-on damages claims stemming from the Occupant Safety Systems Cartel investigated by the EC.
  • A major pharmaceutical company in an antitrust investigation of alleged excessive pricing and collusive practices at an EU level with regards to cancer medicines.
  • A South Korean DRAM memory chips manufacturer in two follow-on damages claims in the UK High Court; negotiated and concluded successful settlements.

EU/UK Regulatory & Compliance

  • AGCO, a US agricultural machinery corporation, on revising its distribution agreements post-Brexit, and also on establishing a data platform for its suppliers.
  • Bobst, a major Swiss supplier of packaging machinery, on various industry-wide initiatives and collaborations relating to recycling, including advice on standard-setting procedures.
  • Subaru Corporation on the EU competition law aspects of its distribution agreements for spare parts with its European distributors.
  • Two Japanese automotive manufacturers in relation to a collaborative arrangement for the joint development, production and distribution of Driver and In-cabin Monitoring Systems.
  • Multinational companies, such as RedBull, Dairy Crest, Compass Group, Qatar Airways, EasyJet, Enersys, Sodexo and Columbia Threadneedle, on competition law compliance and implementing international compliance programmes and training.
  • Network Rail on EU state aid law and regulatory issues concerning government funding for two major infrastructure projects, including in relation to developing broadband and 5G capabilities.
  • A major housing developer on EU state aid regulation applicable to government funding received for the purposes of building social housing and related infrastructure.

List may include matters worked on prior to joining Akin.

Languages
  • Bulgarian

  • Spanish

Education
  • L.P.C., BPP University Law School, England, 2015

  • LL.B. with Business, University of Warwick, 2014

  • P.G.D.L., King's College, London, 2020

Bar Admissions
  • Admitted as Advocaat, Belgium

  • Solicitor, England and Wales

Speeches and Publications
  • Co-author, “Chambers Merger Control Guide 2024 - UK”, Chambers and Partners, July 2024.
  • Co-author, “UK Foreign Investment Control – Updated Guidance Issued”, Concurrences Bulletin, May 2024.
  • Co-author, “Chambers Merger Control Guide 2023 - UK”, Chambers and Partners, July 2023.
  • Co-author, “UK CMA proposes a new vertical agreements block exemption order” Open Letter, Concurrences Bulletin, July 2022.
  • Co-author, “Facebook/Giphy: the CMA’s unique approach to analysing tech deals”, Concurrences Bulletin, June 2022.
  • Co-author, “Response to the UK Government’s Subsidy Control Consultation”, Concurrences Bulletin, December 2021.
  • Co-author, “Response to the European Commission’s public consultation on a block exemption regulation and guidelines on vertical agreements”, Concurrences Bulletin, October 2021.
  • Co-author, “UK launches consultation on new domestic regime for subsidy control following the conclusion of the UK-EU Trade and Cooperation Agreement”, Concurrences Bulletin, February 2021.
  • Co-author, “CMA launches consultation on the future of the UK competition rules applicable to vertical agreements”, Concurrences Bulletin, February 2021.
  • Co-author, “CMA orders Viagogo to divest StubHub’s international arm”, Concurrences Bulletin, February 2021.

Insights and Achievements

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