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.