Aboitiz Equity, Coca-Cola Europacific to acquire Philippines’ Coca-Cola distributor

The transaction is targeted to be completed in the first quarter of 2024.

Aboitiz Equity Ventures (AEV) and the Coca-Cola Europacific Partners Plc (CCEP) entered a definitive deal to acquire the exclusive bottler and distributor of the Coca-Cola Company in the Philippines.

In a disclosure, AEV said it will own 40% of Coca-Cola Beverages Philippines, Inc. (CCBPI), whilst CCEP will hold the remaining 60% under the proposed acquisition.

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The proposed acquisition values CCBPI at $1.8b on a “debt-free, cash-free basis,” with the final cash consideration subject to cash, debt-like and working capital adjustments at the completion.

“The transaction is subject to a number of customary closing conditions, including clearance from the Philippine Competition Commission,” it said.