Manila, Philippines – Holding company Aboitiz Equity Ventures (ABV) and Coca-Cola Europacific Partners (CCEP) have officially completed the acquisition of Coca-Cola Beverages Philippines (CCBP), following subsequent announcements made by the two companies in August and November 2023, as well as in January this year.
Through the acquisition, CCEP and ABV will be managing a 60-40 ownership structure of CCBP, with CCBP confirmed to be valued at US$1.8b on a debt-free, cash-free basis. Additionally, the shareholders’ agreement between CCEP and AEV with comprehensive governance terms will take effect at the official closing. Both companies have said that the acquisition has been cleared by the Philippine Competition Commission (PCC).
“The acquisition would build on AEV’s portfolio diversification into the branded consumer goods space. AEV is well-positioned to support CCBPI’s growth ambition through the synergies which could be generated from AEV’s other business interests in the country,” AEV said in a press statement.
Said acquisition also aligns with CCEP’s expansion into Australia, Pacific & Indonesia (API) which began in 2021.
It should be recalled that The Coca-Cola Company acquired Coca-Cola Beverages Philippines from San Miguel Corporation back in 2007 for US$590m. Through the acquisition back then, The Coca-Cola Company has acquired San Miguel’s 65% shareholding in Coca-Cola Bottlers Philippines.
