Aboitiz Equity Ventures Inc. (AEV) said it has completed the purchase of Coca-Cola Beverages Philippines Inc. (CCBPI) from The Coca-Cola Company (TCCC).
AEV made the acquisition in partnership with Coca-Cola Europacific Partners Plc (CCEP).
The two parties acquired the exclusive bottler and distributor of TCCC products in the Philippines for $1.8 billion on a debt-free, cash-free basis, of which AEV will have a 40 percent stake.
The transaction has received clearance from the Philippine Competition Commission, AEV said.
The acquisition would build on AEV’s portfolio diversification into the branded consumer goods space, the conglomerate added.
This also gives the two companies a foothold in an operation that has a supply chain footprint of 73 production lines and 19 plants, and that enjoys a strong customer base, servicing more than 1 million outlets.
“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 & Indonesia (API) in 2021,” it said. – Ruelle Castro
