AEV and Coca-Cola bottler CCEP to jointly acquire Coca-Cola Beverages PH

Philippine conglomerate Aboitz Equity Ventures (AEV) and Coca-Cola Europacific Partners (CCEP) intend to jointly acquire Coca-Cola Beverages Philippines (CCBP) for USD$1.8 billion, according to a statement by the companies.

Both AEV and CCEP have entered into a non-binding Letter of Intent with The Coca-Cola Company to acquire 100% ownership of CCBP on a debt-free and cash-free basis.

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AEV and CCEP plan on a 60:40 ownership structure with AEV having signed a non-binding Term Sheet, according to the companies. 

“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,” continued the statement.

The statement also cited CCBP’s well-run business structure, attractive profitability and potential for growth as factors for the proposed acquisition.

The proposed acquisition outlined that both companies will focus on ensuring 40% of leadership positions are held by women, replenish 100% of water used annually, make all of its packaging recyclable and to reduce added sugar to name a few.

Additionally, the proposed acquisition of CCBP is subject to conditions that include the satisfactory completion of confirmatory due diligence, receipt of AEV and CCEP’s board approvals, and both parties signing the definitive agreements.

Recently, the Coca-Cola company also appointed influencer, actor and model Win Metawin as its first ASEAN brand ambassador for its "A Recipe for Magic" campaign to celebrate the human connections made when food is shared around a table.

Based in Thailand and a self-professed foodie, Metawin will collaborate with the beverage brand to unveil his own "Recipe for Magic" through a series of activities that include film, media engagements, social media activations and interactions.

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