Aboitiz completes $1.8-B Coke deal

‘AEV noted that the conclusion of the deal included the approval from the Philippine Competition Commission or PCC, which it received last January as well as the completion of the incorporation of the holding company required for CCBPI shares acquisition.’

Aboitiz Equity Ventures Inc., or AEV, has formally completed 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.

The listed company announced on Friday through a stock exchange disclosure that the transaction had been completed as early as 23 February—just about half a year after the deal was first announced in August 2023.

AEV noted that the conclusion of the deal included the approval from the Philippine Competition Commission or PCC, which it received last January as well as the completion of the incorporation of the holding company required for CCBPI shares acquisition.

JV company formed

A joint venture company called CCEP Aboitiz Beverages Philippines Inc., or CABPI, duly incorporated on 13 December 2023, was responsible for carrying out the transaction.

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

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.

As of early 2023, all mergers and acquisitions that breach a P7-billion size of party and P2.9billion 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.

PHOTOGRAPH COURTESY OF ABOITIZ INFRACAPITAL Envoy gets MCIA tour Aboitiz InfraCapital GMR Megawide Cebu Airport Corp., the operator of Mactan-Cebu International Airport, recently welcomed David Bruce Hartman, Ambassador of Canada to the Philippines, at MCIA. Aldwin Uy (right), deputy chief operations officer, introduces Hartman (center), and Counsellor and Senior Trade Commissioner Guy Boileau (left) to members of MCIA’s Airport Operations Control Center.