Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Coca-Cola bottler CCEP intends to acquire Coke's Philippines business for $1.8 billion

Published 08/02/2023, 04:13 AM
Updated 08/02/2023, 10:55 AM
© Reuters. FILE PHOTO: A detail of a can of Coca-Cola is seen in London, Britain March 16, 2016. REUTERS/Stefan Wermuth/File Photo

(Reuters) - Coca-Cola (NYSE:KO) Europacific Partners said on Wednesday it intends to jointly acquire Coca-Cola Beverages Philippines with Aboitiz Equity Ventures (AEV) for $1.8 billion, in an effort to become the world's largest Coca-Cola bottler by revenue and volumes.

The deal to buy Coca-Cola's Philippines business in cash will be on 60:40 ownership structure between CCEP and Philippines conglomerate Aboitiz.

CCEP has signed a non-binding term sheet and is in advanced discussions with AEV regarding a potential joint transaction, the company said in a statement.

CCEP, which bottles and sells Coca-Cola products in Western Europe, Australia and New Zealand, also said that its earlier expectation to return to the top-end of its net debt to adjusted core profit range of 2.5-3 times by the end of 2023 is expected to be achieved in 2024 instead.

Latest comments

have anyone's interested I work for Coca-Cola Enterprise when it was in California the United States 25 years 3 months and I've had to start since 1989 and I've done very good I never traded it I just left it alone and it's it's like a rocket once it gets going it don't stop God bless each and every one of you made a good Lord watch over you protect you and guide you and your families and the United States and protect us✝️🇺🇲
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.