Aboitiz Equity Ventures Inc. (AEV), the holding firm of the Aboitiz Group of Companies, on Wednesday announced the official changing of Coca-Cola Beverages Philippines, Inc. (CCBPI) into “Coca-Cola Europacific Aboitiz Philippines, Inc.” (CCEAP).

In February last year, (AEV) today announced it had, together with Coca-Cola Europacific Partners Plc (CCEP), completed its 60-40 ownership of CCBPI from The Coca-Cola Company (TCCC).

“Our new name signifies an exciting new phase in our journey as we reaffirm our commitment to serving our customers, supporting our people and communities, and driving long-term growth for the country,” said CCEAP president and CEO Gareth McGeown.

“In the 113 years that Coca-Cola has called the Philippines home, we look forward to a hundred more years of refreshing our consumers and making a difference through our Great People, Great Beverages, Great Execution, and Great Partners — Done Sustainably,” the CCEAP official added.

Following the announcement on 23 February 2024 on the completed acquisition of CCEAP by CCEP and AEV, the company has obtained approval from the Securities and Exchange Commission for the change of company name to be used effective 15 January 2025. 

“More than anything, this new name represents the strength of our partnership with Coca-Cola Europacific Partners. We share a solid commitment to our customers and communities, and with this new identity, we believe we can make a much more meaningful impact,” Aboitiz Group president and CEO Sabin Aboitiz said.

Last year’s acquisition last year was valued at 100 percent of CCBPI at $1.8 billion on a debt-free, cash-free basis.

Further, key terms of acquisition state that the shareholders’ agreement between CCEP and AEV with comprehensive governance terms takes effect at closing.

The transaction was greenlighted and has received clearance from the Philippine Competition Commission.

The acquisition would build on AEV’s portfolio diversification into the branded consumer goods space.

AEV said that the holding firm was well-positioned to support CCBPI’s growth ambition through the synergies that could be generated from AEV’s other business interests in the country.