MANILA — Aboitiz Equity Ventures said Monday it entered a definitive agreement with Coca-Cola Europacific Partners Plc (CCEP) to jointly acquire Coca-Cola Beverages Philippines, Inc. (CCBPI).
CCBPI is currently 100 percent owned by The Coca-Cola Company, the US-based firm which licenses the Coca-Cola brand and products.
Aboitiz told the Philippine Stock Exchange it would hold 40 percent ownership of CCBPI, while CCEP would have a 60 percent stake.
The purchase values CCBPI at US$1.8 billion on a debt-free, cash-free basis.
AEV said the transaction was subject to regulatory approvals. It may close in the first quarter of 2024.
The company said it would be well positioned to support CCBP’s growth ambition given the synergies that could be generated from AEV’s other businesses.
"The proposed acquisition would build on AEV’s portfolio diversification strategy to enter the branded consumer goods space," it added.
AEV announced it August that it was in "advanced discussions" to buy CCBPI.