Coca-Cola Europacific Partners (CCEP) has on Monday announced that it has, together with Aboitiz Equity Ventures (AEV), entered into a definitive agreement to jointly acquire Coca-Cola Beverages Philippines (CCBPI) from The Coca-Cola Company.
The deal values CCBPI at $1.8 billion (£1.44bn), with CCEP, the world’s largest Coca-Cola bottler by both revenue and volume, owning 60 per cent of the business, and AEV, one of the leading conglomerates in the local market, holding the rest of the stake.
CCEP said the acquisition will build on its successful expansion into Australia, Pacific and Indonesia in 2021, further strengthening the partnership with its significant shareholder, The Coca-Cola Company, while supporting its long-term growth strategy and focus on driving shareholder value.
“The transaction is a further step for CCEP to create a more diverse footprint within its existing API business segment. It will also provide the opportunity to leverage best practice and talent, including supporting Indonesia’s transformation journey. It is therefore aligned with CCEP’s aim of driving sustainable and stronger growth through diversification and scale, and underpins the company’s mid-term strategic objectives,” the company said in a statement.