Coca-Cola Europacific Partners (CCEP), a Coca-Cola bottler chaired by Catalan businesswoman Sol Daurella, has reached a definitive agreement to purchase a majority stake in the Philippine bottler, as reported to the CNMV this Monday.
The operation was announced in August and values the company at 1.8 billion dollars, about 1.64 billion euros, debt-free. CCEP takes over 60% of the capital and the remaining 40% remains in the hands of the Philippine group Aboitiz Equity Ventures, which until now was the owner with The Coca-Cola Company.
The all-cash purchase makes CCEP the largest Coca-Cola bottler by product volume in the world, the top spot it already held based on revenue, while supporting its long-term growth strategy and focus on drive value for shareholders.
CCEP expands its footprint in Asia, where it was already active in Indonesia, and reaches 30 countries globally. The acquired Philippine company operates in a market of 115 million inhabitants, the second largest in Asia after Indonesia, and has 19 factories and some 9,000 workers. In the last year it had obtained sales close to 1,550 million euros. "It offers a great opportunity to be part owner of an established and well-managed business with attractive profitability and growth prospects," he says in a statement.
The multinational has explained that this acquisition builds on CCEP's "successful expansion" in Australia, the Pacific and Indonesia in 2021 and will further "strengthen" its partnership with its main shareholder, The Coca-Cola Company.
The transaction is subject to customary closing conditions, including receipt of required regulatory approvals. The transaction is expected to close early next year.
