Aboitiz Equity Ventures Inc. said Monday it has entered into a definitive agreement with Coca-Cola Europacific Partners Plc for their joint acquisition of Coca-Cola Beverages Philippines Inc., which values the beverage bottler at USD1.8 billion on a debt-free, cash-free basis.
The final cash consideration will be subject to cash, debt-like items and working capital adjustments at completion of the transaction.
Aboitiz Equity and Coca-Cola Europacific will acquire CCBPI, the exclusive bottler and distributor of the Coco-Cola products in the Philippines, from The Coca-Cola Co.
Coca-Cola Europacific will own 60 percent of the partnership while Aboitiz Equity will hold the balance of 40 percent. The partners are confident CCBPI could deliver strong growth and profits.
The transaction is subject to a number of customary closing conditions, including clearance from the Philippine Competition Commission.
The proposed acquisition would build on Aboitiz Equity’s portfolio diversification strategy to enter the branded consumer goods space. The listed investment holding company of the Aboitiz Group said it is well positioned to support CCBPI’s growth ambition due to the synergies which could be generated from Aboitiz Equity’s other business interests in the country.
The proposed acquisition would also build on Coca-Cola Europacific’s successful expansion into Australia, Pacific & Indonesia in 2021.
The transaction is expected to close in first quarter of 2024.
