Aboitiz, CCEP to buy sole Coca-Cola distributor in PH

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Metro Manila (CNN Philippines, November 20) — Aboitiz Equity Ventures Inc. (AEV) and Coca-Cola Europacific Partners Plc (CCEP) on Monday announced their agreement to jointly acquire the sole bottler and distributor of Coca-Cola products in the country.  

CCEP will hold a 60% stake, while AEV will get 40% interest of Coca-Cola Beverages Philippines, Inc. (CCBPI) once the deal is complete. It is expected to close in the first quarter of 2024.

CCBPI was valued at $1.8 billion on a debt-free, cash-free basis, Aboitiz said in its announcement.

The holding company said the 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," it said.

It added: "The proposed acquisition would also build on CCEP's successful expansion into Australia, Pacific & Indonesia (API) in 2021."

AEV and CCEP's acquisition from The Coca-Cola Company is currently subject to customary closing conditions and has yet to receive clearance from the Philippine Competition Commission.