Manila, Philippines – Holding company Aboitiz Equity Ventures (ABV) and Coca-Cola Europacific Partners (CCEP) have announced that is set to acquire Coca-Cola Beverages Philippines (CCBP) at an estimated enterprise value of US$1.8b. The announcement was made through a recent stock filing at the Philippine Stock Exchange (PSE).
According to the filing, AEV has signed a non-binding term sheet and is in advanced discussions with CCEP regarding a potential joint transaction, which may lead to the acquisition of CCBP from The Coca-Cola Company (TCCC), based on a 60/40 ownership structure between CCEP and AEV.
If completed, the proposed acquisition would build on AEV’s portfolio diversification strategy to enter the branded consumer goods space and on CCEP’s successful expansion into the Asia-Pacific region via its acquisition of Coca-Cola Amatil in 2021.
Moreover, AEV would be well positioned to support CCBP’s growth ambition given the synergies that can be generated from AEV’s other businesses.
“AEV’s proposed acquisition of CCBP, with CCEP, offers a great opportunity to co-acquire an established, well-run business with attractive profitability and growth prospects,” the filing stated.
However, the filing did not specify when the acquisition will commence, adding that it will be announced in due course.
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.
