The Aboitiz Equity Ventures Inc. (AEV) and Coca-Cola Europacific Partners Plc (CCEP) tandem on Friday announced the completion of their acquisition of Coca-Cola Beverages Philippines, Inc. (CCBPI), from The Coca-Cola Company (TCCC).
CCBPI, the exclusive bottler and distributor of TCCC products in the Philippines is profitable and has attractive growth prospects.
Under the terms of the acquisition, the CCEP owns 60 percent of the enterprise and the AEV 40 percent. The CCBPI was purchased at 100 percent of value or USD1.8 billion on a debt-free, cash-free basis.
The shareholders’ agreement between CCEP and AEV takes effect at closing and has received clearance from the Philippine Competition Commission..
The acquisition expects to build on AEV’s portfolio diversification into the branded consumer goods space.
AEV is well-positioned to support CCBPI’s growth plans through synergies that could be generated from AEV’s other business interests in the country.
The acquisition would also build on CCEP’s successful expansion into Australia, Pacific & Indonesia (API) in 2021.
