Advent Buying Bulgarian Bottled Water Company

SOFIA (Reuters) – Private equity fund Advent International has agreed to buy about 75 percent of Bulgaria’s leading water bottler Devin DEVIN.BB, majority owned by Austria’s Soravia Group, Devin said on Thursday.

In a statement on the Bulgarian stock exchange’s website, Devin said that the deal was worth around 21 million to 22 million euros ($31-$32.4 million) and was subject to regulatory approval.

It said the final value of the deal will be set in the period between the signing of the contract and its conclusion.

Once the deal is concluded, Advent will launch a buyout of the company’s remaining shares traded at the Bulgarian bourse.

Shares in Devin closed 6.15 percent lower to 3.05 levs per share on Thursday following the statement.

Speculation about the sale lifted Devin’s shares to a year high of 3.8 levs on Wednesday, dealers said.

Devin’s net profit stood at 1.06 million levs in the first half of the year, up from 3,000 levs in the same period a year ago. (Reporting by Tsvetelia Ilieva; Editing by David Cowell)