Coca-Cola Europacific Partners (CCEP) has, together with Aboitiz Equity Ventures (AEV), signed a definitive agreement to acquire Coca-Cola Beverages Philippines (CCBPI) from The Coca-Cola Company.
The deal to jointly acquire CCBPI was first announced in August, with the companies announcing that they had signed a letter of intent regarding the proposed acquisition.
Today (20 November 2023), CCEP has announced that it has completed its due diligence and entered into a definitive agreement with AEV to acquire 100% of CCBPI, valued at $1.8 billion on a debt-free, cash-free basis.
The two companies have signed a Share Purchase Agreement which details the acquisition’s key terms, including a 60:40 ownership structure between CCEP and AEV.
CCEP said the proposed acquisition will build on its successful expansion into Australia, Pacific and Indonesia (API) in 2021, further strengthening its partnership with The Coca-Cola Company and positioning CCEP as the world’s largest Coca-Cola bottler by both revenue and volume.
It will support the company’s long-term growth strategy and is described as a further step to create a more diverse footprint within its existing API business segment.
The Share Purchase Agreement is subject to customary closing conditions, including receipt of required regulatory approvals.
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