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
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