Aboitiz Equity Ventures Inc. completed its acquisition of Coca-Cola Beverages Philippines Inc. from The Coca-Cola Company.

CCBPI, the exclusive bottler and distributor of TCCC products in the Philippines, is profitable and has attractive growth prospects.

Key terms of the acquisition includes 60:40 ownership structure between CCEP and AEV; values 100 percent of CCBPI at $1.8 billion on a debt-free, cash-free basis: Shareholders' agreement between CCEP and AEV with comprehensive governance terms takes effect at closing.

The transaction has received clearance from the Philippine Competition Commission.

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.

The acquisition would also build on CCEP's successful expansion into Australia, Pacific and Indonesia in 2021.