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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 reportedly finalised an agreement to buy control of Bulgaria's leading water bottling company Devin.
Austrian diversified company Soravia Group has sold a 82.1% stake in the water bottling company, which is a leader in Bulgaria with some 30% market share, for EUR 40 M, Kapital weekly reported, citing sources with direct knowledge of the matter.
The Austrian group held 75.3% in the company while the rest of the equity is traded on the Bulgarian Stock Exchange.
In May, DealWatch, which focuses on M&A deals in emerging markets, said that at least three buyout companies have filed bids for Devin company as the cash-strapped Austrian owner seeks to wrap the fire sale within two months.
Private equity houses Argus Capital and the Balkan Accession Fund (BAF) were cited as emerging contenders for the stake in Devin.
Soravia acquired full control of Devin and distributor Devin Royal in 2005 for an undisclosed sum.
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