Moldovan-Romanian winemaker Purcari (BVB: WINE) reached an agreement to acquire a 76% stake in Bulgarian joint stock company Angel’s Estate Winery, a full cycle winery located near Stara Zagora, in one of the most prominent wine regions in Bulgaria (Thracian Lowlands).

The Angel’s Estate Winery operates circa 100ha of its own vineyards and has an annual production capacity exceeding one million bottles, producing some of the best-known Bulgarian wine brands, including Angel and Stallion.

As part of the transaction, the current shareholders of Angel’s Estate will retain a 24% stake in the winery and continue acting as a value-ad investor in developing the business.

The closing of the deal is envisaged within two weeks from the signing date.

andrei@romania-insider.com

(Photo source: Sergiy Palamarchuk/Dreamstime.com)