Aboitiz Group of Companies holding firm, Aboitiz Equity Ventures Inc. (AEV) on Wednesday announced the official changing of Coca-Cola Beverages Philippines Inc. (CCBPI) into “Coca-Cola Europacific Aboitiz Philippines Inc.” (CCEAP).
AEV, along with Coca-Cola Europacific Partners Plc (CCEP) in February, disclosed the completion of its 60-40 ownership of CCBPI from the Coca-Cola Company.
“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 Gareth McGeown, President and CEO of CCEAP.
“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 (slogan),” 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.
Sabin Aboitiz, President and CEO of Aboitiz Group said, “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.”
Last year’s acquisition 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 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.