Canada's Sparkling Spring Water Holdings (SSW) said today that it has closed on the sale of all of its outstanding stock to Groupe Danone, the largest home and office bottled-water company in the world.

"I wish to thank all of our employees and customers who have contributed to the success of Sparkling Springs and look forward to working with Groupe Danone to continue our mission of building the pre-eminent home and office bottled-water company in the world," said G. John Krediet, chairman of SSW.

The deal is a further move for Danone into the home and office water delivery market, where it is already the world's number one operator. Although it is a market without the high profile brands of the bottled water segment it is a fast-growing business nonetheless.

Terms of the acquisition weren't disclosed. However, The Wall Street Journal reported that when the agreement was announced in November, Sparkling Spring was likely to fetch $300 million to $400 million, based on deals for similar companies.

SSW is a leading producer and distributor of bottled water to the home and office segment and serves approximately 270,000 customer locations.

The company has business as in the UK, the Netherlands, The US and Canada.