MIYA, Shari Arison’s water venture held through Israel’s Arison Investments has acquired the controlling interest in Brazilian engineering services company BBL at a value of $27 million. The acquisition will enable MIYA to participate in projects in Brazil and later in Latin America.

MIYA specializes in reduction of water loss and management of urban water. BBL builds turn-key projects to improve municipal water systems in general, with a focus on water conservation.

Arison Investments chairwoman Efrat Peled told Globes, Israel’s leading financial daily: “This acquisition by MIYA is in line with parent company Arison Investments’ investment strategy.”

Peled added, “Brazil’s economic growth rate is projected to exceed five percent in 2010. The country is the fourth most populous in the world. The country’s largest water company, Companhia de Saneamento Basico do Estado de Sao Paulo has set a target to reduce water loss from 28% to 13%. This creates a golden opportunity for MIYA, which integrates advanced water technologies in the world with expertise in the carrying out of large-scale water projects of this kind.”