Aboitiz, CCEP complete Coca-Cola Beverages Philippines Inc. acquisition

Aboitiz, CCEP complete Coca-Cola Beverages Philippines Inc. acquisition

FURTHER to announcements made on August 2, 2023, November 20, 2023, and January 30, 2024, Aboitiz Equity Ventures Inc. (AEV) on Friday, February 23, 2024, announced that it has, together with Coca-Cola Europacific Partners Plc (CCEP), completed its 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, AEV said in a statement.

Below are the key terms of the acquisition:

The ownership structure between CCEP and AEV is 60:40.

It values 100 percent of CCBPI at US$1.8 billion on a debt-free, cash-free basis.

The shareholders’ agreement between CCEP and AEV with comprehensive governance terms takes effect at closing.

The transaction has received clearance from the Philippine Competition Commission.

The acquisition would build on AEV’s portfolio diversification into the branded consumer goods space.

AEV is well-positioned to support CCBPI’s growth ambition through the synergies which 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 and Indonesia (API) in 2021, AEV said.

AEV is one of the leading conglomerates in the Philippines with over 100 years of business history. It has major investments in power, banking and financial services, food, infrastructure, land, and data science and artificial intelligence.

AEV is a member of the United Nations Global Compact, Global Compact Network Philippines Board of Trustees, the APEC Business Advisory Council and the Council for Inclusive Capitalism and helps champion sustainability initiatives on a regional level through policies, advocacies, and initiatives that contribute to the United Nations Sustainable Development Goals.

CCEP, on the other hand, is one of the leading consumer goods companies in the world, serving 600 million consumers and helping two million customers across 30 countries to grow their business. CCEP is currently listed on Euronext Amsterdam, NASDAQ (and a constituent of the Nasdaq 100), London Stock Exchange and on the Spanish Stock Exchanges, trading under the symbol CCEP.

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