BULGARIA: Advent to acquire majority stake in Devin
US buyout firm Advent International is to acquire around 75% of Bulgarian bottled water company Devin.
Advent will take the stake from the Soravia Group of Austria for a purchase price of between BGN3.06 (US$2.31) and BGN3.17 per share, the company said today (24 September).
The deal values Devin at between EUR28m and EUR29m.
Completion of the share purchase agreement is subject to several conditions, including competition approval. Upon completion Advent will launch a mandatory takeover bid for the acquisition of the remaining shares in Devin traded on the Bulgarian Stock Exchange.
The three top managers of the company will retain their approximate 6.75% stake in Devin after completion.
Soravia and Advent are acting through special purpose vehicles Devin Beteiligungs GmbH and Advent Water (Luxembourg) respectively.
- Boom time for soft drinks in West Europe?
- Protein interest offers drinks opportunities - NPD
- Patron's lesson for the broader spirits sector
- Britvic's H1 Performance by Region - Focus
- Alcohol and the risk of breast cancer - ISFAR
- Analysts clash over AB InBev SAB Brexit impact
- Pernod switches Travel Retail Europe op's director
- SABMiller issues currency alert as Africa weakens
- Diageo names Javier Ferran as new chairman
- AB InBev unveils Stella Artois three-packs
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends
- Global travel retail insights - market forecasts, product innovation and consumer trends
- Global RTD insights - market forecasts, product innovation and consumer trends
- Keurig Green Mountain in Hot Drinks (World)
- Global non-Scotch whiskies insights - market forecasts, product innovation and consumer trends