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Coca-Cola Europacific Partners (CCEP) and Aboitiz Equity Ventures have announced plans to purchase Coca-Cola Beverages Philippines, Inc. (CCBPI) for $1.8 billion. This ambitious acquisition strategy aims to consolidate CCEP as the world's leading Coca-Cola bottler in terms of volume and revenue.
Coca-Cola Europacific Partners said this move is part of an effort to become the largest Coke bottler in terms of volumes and revenue. According to Reuters, the deal to acquire Coke Philippines’s business will divide the ownership between CCEP and Aboitiz, which will be 60:40, respectively. The companies will be paying in cash.
For the buyout, it was reported that CCEP had already signed a non-binding term sheet and is now in advanced talks with AEV for a possible joint transaction. The proposed acquisition will count on CCEP’s successful expansion and growth in Australia, and Pacific & Indonesia in 2021.
This success positioned the company as the largest Coca-Cola bottler in the world by revenue and volume. Coca-Cola Europacific Partners bottles and markets Coca-Cola products in Australia, New Zealand, and Western Europe.
“As CCEP would be the majority owner (60%), it is expected to consolidate CCBPI as of the acquisition date and establish a non-controlling interest representing AEV’s minority interest (40%),” the bottling company said in a statement. “The business would be governed by a Board of 5 members, three appointed by CCEP and two by AEV. CCEP would also appoint the CEO.”
The firm added, “The proposed acquisition is subject to a number of conditions, including satisfactory completion of due diligence which is well underway, the parties concluding definitive agreements and the receipt of regulatory approvals.”
Finally, Coca-Cola Europacific Partners also clarified that, at this point, it is not yet certain if they will be able to complete the acquisition since it still needs approval. If the transaction proceeds, the deal is expected to close by the end of this year.
Photo by: Coca-Cola Europacific Partners Media
