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Advent Acquires Bulgaria's Top Water Bottler Devin

Date: 28.09.2009

Global private equity fund Advent International has signed an agreement to buy about 75% of Bulgaria's leading water bottling company Devin, majority owned by Austria's Soravia Group, Devin announced.

The statement was published on the Bulgarian stock exchange's website and confirmed earlier reports about the acquisition, which is still subject to regulatory approval.

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.

Devin shares climbed to a year high of BGN 3.50 in the morning trading on Wednesday, on reports that global private equity fund Advent International has finalized an agreement to buy control of the company.

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

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.

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