Conglomerate Aboitiz Equity Ventures Inc. (AEV) announced Friday that it, together with partner Coca-Cola Europacific Partners Plc. (CCEP), completed the acquisition of Coca-Cola Beverages Philippines Inc. (CCBPI).
AEV and CCEP acquired CCBPI from The Coca- Cola Company (TCCC) for $1.8 billion.
“CCBPI, the exclusive bottler and distributor of TCCC products in the Philippines, is profitable and has attractive growth prospects,” AEV said.
Under the terms of the deal, AEV acquired 40-percent stake in CCBPI, while CCEP purchased the remaining 60 percent.
The closing transaction was finalized after all conditions precedent to the transactions were completed as of Feb. 23, 2024, the parties said in a statement.
AEV and CCEP received early this month clearance from the Philippine Competition Commission for the transaction.
“The acquisition would build on AEV’s portfolio diversification into the branded consumer goods space,” AEV said.
AEV said it is well-positioned to support CCBPI’s growth ambition through the synergies which could be generated from its other business interests in the country. The acquisition would also build on CCEP’s successful expansion into Australia, Pacific and Indonesia (API) in 2021, it said.
AEV is one of the leading conglomerates in the Philippines. It has major investments in power, banking and financial services, food, infrastructure, land and data science and artificial intelligence.
The company aims to become the Philippines’ first “techglomerate” as it continues to shape the future by advancing business and communities.
CCEP is one of the leading consumer goods companies in the world serving 600 million consumers and helping 2 million customers across 30 countries.
Nomura acted as the sole financial adviser to AEV.