AEV seeks completing $1.8-B Coke infusion

Aboitiz Equity Ventures Inc., or AEV, is expecting to close its acquisition of minority stakes in Coca-Cola Beverages Philippines, Inc. or CCBPI under a $1.8-billion cash joint venture deal with Coca-Cola Europacific Partners or CCEP by the end of this month.

AEV disclosed in a stock exchange report on Wednesday that it received the Philippine Competition Commission’s, or PCC, Certificate of Approval for the transaction last Tuesday, 30 January.

According to AEV, a joint venture company called CCEP Aboitiz Beverages Philippines Inc., or CABPI, which was duly incorporated on 13 December 2023, will be responsible for carrying out the transaction.

The funding for CABPI will be provided by CCEP and AEV in a 60:40 ratio, respectively

August announcement

AEV first announced the deal in August 2023. Back then, it anticipated the deal’s closure by the end of last year.

However, due to the adjusted release of PCC clearance, the timeline was revised, and the P2.9-billion size of the transaction need to be reviewed by the PCC.

CCEP is a global consumer goods company serving 600 million consumers and helping 1.75 million customers across 29 countries grow their businesses.

Meanwhile, CCBPI is the leading beverage supplier in the country, with a supply chain footprint consisting of 73 production lines and 19 plants.

On the other hand, the AEV of the Aboitiz family has major investments in power, banking and financial services, food, infrastructure, land, and data science and artificial intelligence.