Ireland's leading mineral water brand, Ballygowan, has been sold to a British company as part of a €250m deal.
Irish company C&C sold its soft drinks division, which includes Ballygowan, Club Orange, Club Energise and Mi-Wadi, to Britvic.
The UK firm also bought the distribution operation of Pepsi and 7up from the Irish firm.
A quarter of a century ago when Ballygowan was in its infancy, selling bottled water in Ireland seemed like a niche market.
Now, it is big business.
Some analysts even call it the oil of the 21st century because of the volume of water that has been privatised around the world.
Ballygowan, which has a 50% market share in Ireland, is bottled in Newcastle West, Co Limerick.
This is the second sell-off for C&C in as many years.
The company sold its crisp brand, Tayto, in 2006.
It still owns Bulmers and Magners, which were not part of the deal with Britvic.
Chief executive Maurice Pratt said that C&C would have a 'sharper focus' after the sale and would capitalise on the growth potential from its cider and spirits brands.
C&C shares were up 37c at €12.35 in Dublin this morning.
