2-8-2023 (MANILA) Coca-Cola Europacific Partners (CCEP) announced on Wednesday its plans for a joint acquisition of Coca-Cola Beverages Philippines with Aboitiz Equity Ventures (AEV) for $1.8 billion. The move is aimed at propelling CCEP to become the world’s largest Coca-Cola bottler in terms of both revenue and volumes.
Under the deal, the purchase of Coca-Cola’s Philippines business will be conducted in cash, with a 60:40 ownership split between CCEP and the Philippines conglomerate Aboitiz.
In a statement, CCEP confirmed that it has signed a non-binding term sheet and is currently engaged in advanced discussions with AEV regarding the potential joint transaction.
CCEP’s primary operations involve bottling and distributing Coca-Cola products across Western Europe, Australia, and New Zealand. With the acquisition of Coca-Cola Beverages Philippines, the company aims to expand its global footprint and strengthen its position as a major player in the beverage industry.
In addition to the acquisition plans, CCEP also addressed its financial expectations. The company previously anticipated returning to the top-end of its net debt to adjusted core profit range, which stands between 2.5-3 times, by the end of 2023. However, CCEP now expects this milestone to be achieved in 2024 instead.
