Further to the announcement on 02 August 2023, Aboitiz Equity Ventures Inc. (AEV) today announces it has, together with Coca-Cola Europacific Partners Plc (CCEP), entered into a definitive agreement to jointly acquire Coca-Cola Beverages Philippines, Inc. (CCBPI), from The Coca-Cola Company (TCCC). CCBPI is the exclusive bottler and distributor of the products of The Coca-Cola Company in the Philippines and benefits from attractive profitability and growth prospects.
Key terms of the proposed acquisition:
- 60:40 ownership structure between CCEP and AEV
- Values 100% of CCBPI at US$1.8 billion on a debt-free, cash-free basis
- Final cash consideration will be subject to cash, debt-like items and working capital adjustments at completion of the transaction
- Shareholders’ agreement between CCEP and AEV with comprehensive governance terms will take effect at closing.
The transaction is subject to a number of customary closing conditions, including clearance from the Philippine Competition Commission.
The proposed acquisition would build on AEV’s portfolio diversification strategy to enter the branded consumer goods space. AEV is well positioned to support CCBPI’s growth ambition due to the synergies which could be generated from AEV’s other business interests in the country. The proposed acquisition would also build on CCEP’s successful expansion into Australia, Pacific & Indonesia (API) in 2021.
Further updates will be provided in due course. The transaction is currently expected to close in Q1 of 2024.
AEV is one of the leading conglomerates in the Philippines with over 100 years of business history. It has major investments in power, banking and financial services, food, infrastructure, land, and data science and artificial intelligence. AEV is recognized as one of the best-managed companies in the Philippines and the region, consistently cited for its commitment to good corporate governance and sustainability. Currently, the company is on its Great Transformation journey to become the Philippines’ first Techglomerate as it continues to shape the future by advancing business and communities. AEV is a member of the United Nations Global Compact, Global Compact Network Philippines Board of Trustees, the APEC Business Advisory Council and the Council for Inclusive Capitalism, and helps champion sustainability initiatives on a regional level through policies, advocacies, and initiatives that contribute to the United Nations Sustainable Development Goals (UN SDGs). With a clear focus on ESG, the company is implementing its #OneAboitizSustainability Synergy model which transforms its life-essential businesses to improve sustainable practices and continue to create a positive impact on society and the environment.
Link to AEV’s website and release: https://aboitiz.com/investor-relations/disclosure/
About CCEP (LEI 549300LTH67W4GWMRF57)
CCEP is one of the leading consumer goods companies in the world. It makes, moves and sells some of the world’s most loved brands – serving 600 million consumers and helping 2 million customers across 30 countries grow their business. It combines the strength and scale of a large, multinational business with an expert, local knowledge of the customers it serves and communities it supports.
CCEP is currently listed on Euronext Amsterdam, the NASDAQ Global Select Market, London Stock Exchange and on the Spanish Stock Exchanges, trading under the symbol CCEP. For more information about CCEP, please visit www.cocacolaep.com & follow CCEP on Twitter at @CocaColaEP.
Nomura is acting as the sole financial adviser to AEV. Skadden, Arps, Slate, Meagher & Flom LLP and Sycip Salazar Hernandez & Gatmaitan are acting as legal counsel to AEV.