ADS Said in Advanced Talks for Norma’s $1 Billion Water Unit (3)

Advanced Drainage Systems Inc. is in advanced talks to buy the water management unit of Germany’s Norma Group SE in a deal valued at about €850 million ($1 billion), according to people familiar with the matter.

Hilliard, Ohio-based ADS made a binding bid by a deadline last week and an agreement could be reached as soon as the coming days, the people said, declining to be identified because the information is private.

Shares of Norma rose for a second day on Friday following the Bloomberg News report. The stock is up 6.8% as of 11:35 a.m. in Frankfurt, giving the ...