The Aboitiz family’s acquisition of Coca-Cola Beverages Philippines (CCBP) in partnership with Coca-Cola Europacific Partners (CCEP) is pushing through, with the closing of the transaction targeted by the first quarter of next year.
In a regulatory filing, AEV said the company, in collaboration with CCEP, entered into a definitive agreement to jointly acquire CCBP from The Coca-Cola Company.
The transaction remains contingent on various customary closing conditions, including approval from the Philippine Competition Commission.
CCBP is the exclusive bottler and distributor of the products of The Coca-Cola Company in the Philippines.
The joint acquisition of 100 percent of CCBP is valued at $1.8 billion on a debt-free, cash-free basis.
AEV said the proposed acquisition would build on the conglomerate’s portfolio diversification strategy to enter the branded consumer goods space.
“AEV is well positioned to support CCBP’s growth ambition due to the synergies that could be generated from AEV’s other business interests in the country,” the company said.
The proposed acquisition would also build on CCEP’s successful expansion into Australia, Pacific & Indonesia in 2021.