Coca-Cola Europacific Eyes Takeover of Coca-Cola's $1.8 Billion Philippines Bottling Business
02 Agosto 2023 - 4:47AM
Dow Jones News
By Joe Hoppe
Coca-Cola Europacific Partners said Wednesday that it is
considering together with Aboitiz Equity Ventures to buy Coca-Cola
Beverages Philippines from The Coca-Cola Company, valuing it at
around $1.8 billion.
The London-listed bottling company said the Philippines bottling
business shows attractive profitability and growth prospects, and
would build upon its own expansion into the Australia, Pacific and
Indonesia market that started 2021.
A takeover would be expected to close around the end of 2023. It
is still subject to a number of conditions, including due diligence
and regulatory approval, and there can be no certainty it will be
entered into nor completed, it said.
The European bottler said it has entered a letter of intent and
signed a nonbinding term sheet with AEV on the potential joint
transaction, based on a 60:40 ownership structure for Coca-Cola
Europacific and AEV, respectively.
The agreement implies an enterprise value of $1.8 billion on a
debt-free, cash-free basis for the Philippines business. The
consideration would be paid in cash.
The proposed acquisition would position Coca-Cola Europacific as
the world's largest Coca-Cola bottler by both revenue and
volume.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
August 02, 2023 03:32 ET (07:32 GMT)
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