New deal: Purcari Wineries acquires 76% of Angel's Estate shares in Bulgaria, earning 124 million lei in six months.

The wine producer Purcari Wineries (stock symbol WINE) announced the completion of the acquisition of a 76% stake in the largest cellar, Angel's Estate, in Bulgaria, according to a report published on the stock exchange.

Angel's Estate- This is a fully circular cellar located near Stara Zagora, in one of the most prestigious wine regions of Bulgaria, the Thracian Plain. The winery owns about 100 hectares of vineyards, with an annual production capacity exceeding one million bottles, including some of the most famous wine brands in Bulgaria, such as Angel and Stallion.

The report does not specify the cost of the share package. "Acquiring Angel's Estate is a step towards realizing our vision of becoming the undisputed wine champion in Central and Eastern Europe, acting as a consolidator of this fragmented industry. We are adding a new geography to our group, a great privilege to build upon the existing millennia-old winemaking traditions of Bulgaria, including by expanding the export operations of Angel's Estate.

Purcari reported revenues of 124 million lei for the first six months of the year, which is a 16% increase, and a net profit of 20.8 million lei, which is 2% higher than in the first half of 2021. The largest sales growth was noted in the Republic of Moldova, with an increase of 44%. WINE shares have lost 40.7% since the beginning of the year, with a turnover of 110 million lei. With a market capitalization of 354 million lei, the company is 20% owned by the Amboselt Universal fund, registered in the British Virgin Islands, where Victor Bostan, the founder of Purcari, is the largest shareholder.