NORMA Group Receives Binding Bids For Water Division, Negotiations Underway

(RTTNews) - NORMA Group AG (NOEJ.DE) confirmed receipt of binding offers for its Water Management Business and is currently engaged in advanced, non-exclusive negotiations with a select group of bidders.

While no agreement has been reached, the company stated that it will disclose further details upon finalization of the negotiations.

Earlier today, Bloomberg reported that Advanced Drainage Systems Inc. is in advanced talks to acquire NORMA Group's water management unit in a deal valued at approximately 850 million euros or $1 billion.

Hilliard, Ohio-based ADS submitted a binding bid before last week's deadline, and a formal agreement could be reached in the coming days, the report said citing people familiar with the matter.