February 10 (SeeNews) - U.S.-based Advent International said on Wednesday it acquired an additional 7.8% of leading Bulgarian mineral water bottler Devin in a buyout bid.
Advent, which together with Devin managers owned 90.1% of the company prior to the buyout, wanted to buy all the shares they did not own at a price of 3.5 levs ($2.47/1.79 euro) each.
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Shareholders who failed to sell their stocks during the buyout procedure which was completed on Monday can sell their shares by May 8, Advent said in a statement.
Following the buyout bid, Advent will delist Devin from the Bulgarian Stock Exchange once it gets the approval of the country's financial regulator.
Prior to the buyout, Advent International owned approximately 83.4% of Devin after wrapping up the acquisition of approximately 79% of the company for 3.06 levs per share last November. The transaction valued the company at 40 millon euro. Advent bought the majority stake from Austrian diversified group Soravia. Devin's executive directors owned a combined stake of 6.7% in Devin.
Devin (www.devin-bg.com), based in a town of the same name in southern Bulgaria, sells mineral, spring and carbonated bottled water, carbonated drinks, ice tea and the Red Bull energy drink.
Advent International (www.adventinternational.com) focuses on international buyouts, strategic restructuring opportunities and growth buyouts. Advent has raised $24 billion in private equity capital and completed buyout and private equity transactions valued at over $45 billion since 1984.
Shares of Devin, part of the broader BG40 index on the Bulgarian Stock Exchange, traded 0.3% lower at 3.3 levs at 1021 GMT on Wednesday.
(1 euro = 1.95583 Bulgarian levs)