Aboitiz Equity, Coca-Cola Europacific To Buy Coca-Cola Beverages Philippines For $1.8 Bln

(RTTNews) - Aboitiz Equity Ventures Inc. or AEV, a Philippine-based holding company, announced on Monday that it has inked a deal with Coca-Cola Europacific Partners Plc or CCEP to jointly acquire Coca-Cola Beverages Philippines, Inc. from Coca-Cola Co. (KO) for $1.8 billion on a debt-free, cash-free basis.

The deal allows a 60:40 ownership structure between CCEP and AEV.

AEV, said: "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 which 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 & Indonesia (API) in 2021."

CCBPI is an exclusive bottler and distributor of the products of the Coca-Cola in Philippines.