Coca-Cola Europacific Partners (CCEP) has entered into a letter of intent to jointly acquire Coca-Cola Beverages Philippines (CCBPI) from the Coca-Cola Company for $1.8 billion with Aboitiz Equity Ventures (AEV).
CCEP and AEV have signed a non-binding Term Sheet regarding the acquisition of CCBPI, which CCEP said would offer a “great opportunity to co-acquire an established, well-run business”.
The non-binding letter of intent with the Coca-Cola Company implies an enterprise value (or CCBPI of $1.8 billion. CCEP would be the majority owner (60%), and it is expected to consolidate CCBPI on the acquisition date to establish a “non-controlling interest” representing AEV’s 40% minority interest.
The proposed acquisition would build on CCEP’s expansion into Australia, Pacific and Indonesia in 2021.
CCBPI would be managed by a board of five members – three appointed by CCEP and two by AEV.
The acquisition is subject to the satisfactory completion of due diligence, the parties concluding definitive agreements and the receipt of regulatory approvals.
By Gwen Jones
Source: foodbev.com
Paine Schwartz Partners has closed on a Paine Schwartz Food Chain Fund VI, L.P. at $1.7 billion. The fund is aimed at investing in the food and agribusiness value chain. The company has invested about 40% of Fund VI in AgroFresh Solutions, Costa Group, Elemental Enzymes, HGS BioScience and Monterey Mushrooms.
After 26 years in Geneva, Switzerland, the decision to move has been made after visitor and exhibitor feedback, as well as growth plans for the Vitafoods brand. Vitafoods Europe 2025 will be held on 20-22 May 2025 at Fira Barcelona, with more details to be announced next year.
The traditional symbol of family reunion and cultural pastry of Asia is undergoing a reinvention. With the majority of young consumers in Asia expressing an increasing interest in healthier options, a growing market for mooncakes tailored to dietary preferences and restrictions is opening up across the globe.
