April 20 (SeeNews) - Czech mineral water producer Karlovarské minerální vody (KMV) has signed a binding agreement to acquire Bulgarian bottling company Quadrant Beverages for an undisclosed sum, the Sofia-based company said on Thursday.
The deal is subject to regulatory approval and is expected to be completed in the first half of 2017, Quadrant Beverages said in a statement.
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“After successfully acquiring two leading Hungarian bottling companies, we are continuing with our strategy to expand to other interesting foreign markets,” Alessandro Pasquale, CEO of KMV, said.
Quadrant Beverages is the official bottling company of PepsiCo products in Bulgaria, including Pepsi, Mirinda, 7up, Lipton and other brands. The company has a registered capital of 11.2 million levs ($6.15 million/5.72 million euro), according to the Bulgarian commercial register.
KMV, established in 1873, is the biggest producer of mineral and spring water in the Czech Republic. The company currently bottles mineral and spring water of the Mattoni, Magnesia and Aquila brands and exports them to more than 20 countries worldwide.
(1 euro = 1.95583 levs)