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Aboitiz Equity Ventures Inc. (AEV) and Coca-Cola Europacific Partners Plc (CCEP) announced a partnership to acquire the sole bottler and distributor of Coca-Cola Beverages Philippines Inc. (CCBPI).
After the transaction is completed, CCEP will hold 60% of CCBPI’s equity and AEV will hold 40%. CCBPI is valued at US$1.8 billion and the transaction is expected to close in the first quarter of 2024. AEV said the acquisition will enhance its diversification strategy, support CCBPI’s growth ambitions and leverage AEV’s interests in other businesses to achieve synergies. The acquisition also builds on CCEP’s successful expansion into Australia, the Pacific and Indonesia in 2021.
The transaction currently requires approval from the Philippine Competition Commission.
(Source: cnnphilippines Image source: freepik)
