Moldova's Purcari acquires Timbrus

The deal, which is expected to close within three weeks after the signing, will extend Purcari Wineries' position in the Stefan Voda protected geographical indication wine region by around 130 ha of agricultural land, including 112 ha of vineyards in the Purcari village, the company said in a filing to the Bucharest Stock Exchange.

The value of the deal was not disclosed.

Purcari Wineries said the acquisition is expected to bring the total group area of vineyards under management to almost 1,600 hectares. Purcari will also acquire all other Timbrus assets, such as product inventories and equipment, as part of the transaction.

"Through this acquisition we secure our supply of high-quality grapes in the Purcari village, to sustain our accelerated growth as we ramp up our export sales," Purcari Wineries CEO Victor Bostan said.

Earlier this year, Purcari Wineries expanded to Turkey by acquiring a 90% stake in Turkish company HTA Danismanlik Turizm Dis Ticaret.

Purcari Wineries currently manages around 1,450 hectares of vineyards and operates seven production platforms in Romania, Moldova and Bulgaria. The company is the leader in Romania's premium wines segment with a market share of approximately 25% and Moldova's largest wine exporter, delivering to over 40 countries.

Blue-chip Purcari Wineries shares traded 0.13% higher at 15.2 lei ($3.3/3.06 euro) per share as of 1631 CET on Friday on the Bucharest bourse.

(1 euro = 4.9695 lei)