ABOITIZ Equity Ventures Inc. (AEV), together with Coca-Cola Europacific Partners Plc (CCEP), entered into a definitive agreement to jointly acquire Coca-Cola Beverages Philippines Inc. (CCBPI), from The Coca-Cola Company for US$1.8 billion.
CCBPI is the exclusive bottler and distributor of the products of The Coca-Cola Company in the Philippines. Once closed, CCEP will own 60 percent of CCBPI while AEV will get the remaining 40 percent.
The transaction is expected to close in the first quarter of next year.
The proposed acquisition would build on AEV’s portfolio diversification strategy to enter the branded consumer goods space. AEV is well positioned to support CCBPI’s growth ambition due to the synergies that could be generated from AEV’s other business interests in the country.
The proposed acquisition would also build on CCEP’s successful expansion into Australia, Pacific and Indonesia in 2021.