AUS: Coke Amatil closes Palm Springs buy-up
Coca-Cola Amatil has closed its acquisition of Australian water cooler distribution firm Palm Springs.
The two companies met on Friday (29 September) to close the deal, expected to be worth around A$7.4m (US$5.7m). In July, the loss-making Palm Springs approached CCA and asked it to make a bid for the company, Australia's second-largest HOD (home and office water delivery) producer.
Palm Springs has subsequently been snapped up by CCA's subsidiary Neverfail Springwater. The company confirmed the deal in an announcement to the Australian Stock Exchange late last week.
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