European soft drinks bottler Coca-Cola European Partners (CCEP) has announced it has received approval from Philippine anti-trust regulators to buy peer Coca-Cola Beverages Philippines (CCBPI) from The Coca-Cola Company (KO), in a joint deal with investment fund Aboitiz Equity Ventures (AEV).
Under the terms of the deal, CCEP holds a 60% stake in the acquired business, and AEV the remainder.
In a statement from November, CCEP said the acquisition would build on its successful expansion into Australia Pacific & Indonesia in 2021, further strengthening the partnership with its significant shareholder KO, and positioning CCEP as the world’s largest Coca-Cola bottler by both revenue and volume.
“The transaction is a further step for CCEP to create a more diverse footprint within its existing API business segment”, CCEP said at the time. “It will also provide the opportunity to leverage best practice and talent, including supporting Indonesia’s transformation journey”.