Watchdog Oks Sale of Bulgaria's Top Water Bottler Devin

Bulgaria's leading water bottling company Devin has a new owner - global private equity fund Advent International. File photo

Global private equity fund Advent International has been given the green light to buy about 75% of Bulgaria's leading water bottling company Devin, the anti-trust regulator said in statement on Wednesday.

The approval of the Commission for Protection of Competition will make it possible for the deal to be finalized.

Advent International signed an agreement to buy about 75% of Bulgaria's leading water bottling company Devin, majority owned by Austria's Soravia Group, at the end of September.

The deal price is said to be around EUR 21 M to 22 M. Its final value will be fixed between the signing of the contract and its conclusion.

The Austrian group holds 75.3% in the company while the rest of the equity is traded on the Bulgarian Stock Exchange. Once the deal is concluded, Advent will launch a buyout of these shares.

Soravia acquired full control of Devin and distributor Devin Royal in 2005 for an undisclosed sum.

The first sale deal to be completed in the Bulgarian water bottling sector this year is expected to be the acquisition of Gorna Banya company by Armenian major businessman Gagik Tsarukyan for EUR 25 M.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!