Italy's Lavazza Wraps up EUR 6 M Takeover of Bulgaria's Onda
Torino-headquartered Lavazza Coffee Shops Srl (LCS) has stepped on the Bulgarian market by closing the acquisition of local coffee shop chain Onda Coffee in a EUR 6 M deal, the companies announced.
The Italian company filed at the end of March a request at the state antitrust commission to give the green light to the acquisition.
This is the second deal in the sector within less than a year. At the end of 2009 British coffee shop chain Costa Coffee bought Coffeeheaven , a London-listed rival, both of which have outlets in Bulgaria, for GBP 36 M.
Onda Coffee Break, whose biggest shareholder is Greece's Global Finance, has eleven coffee shops in the Bulgarian capital Sofia.
The Greek based asset management firm Global Finance decided to invest in local coffee shop chain Onda Coffee Break in 2005. The model for the outlets was developed by Irish and Dutch specialists.
Lavazza has more than 350 outlets throughout Europe, Asia and the US but not in Bulgaria.
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