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Coca-Cola Europacific Partners plc has announced that, together with Aboitiz Equity Ventures Inc., the companies have entered into a letter of intent to purchase Coca-Cola Beverages Philippines, Inc.
According to a press release by Coca-Cola Europacific Partners, the two companies have agreed and signed a non-binding Term Sheet to purchase Coca-Cola Beverages Philippines for $1.8 billion, with Coca-Cola Europacific Partners as majority owner (60%) and Aboitiz Equity Ventures with a minority interest (40%).
Coca-Cola Europacific Partners said that the proposal “offers a great opportunity to co-acquire an established, well-run business with attractive profitability and growth prospects”.
The deal proposes that Coca-Cola Beverages Philippines would be managed by a board of five members, three from Coca-Cola Europacific Partners and two from Aboitiz Equity Ventures.
The proposed acquisition would position Coca-Cola Europacific Partners as the world’s largest Coca-Cola bottler by revenue and volume, building on its expansion into Australia, Pacific & Indonesia in 2021.
The deal will be subject to approval.
Source: Coca-Cola Europacific Partners
