Definitive agreement to jointly acquire CCBPI

Coca-Cola Europacific Partners plc (CCEP) announces it has, together with Aboitiz Equity Ventures Inc. (AEV), entered into a definitive agreement to jointly acquire Coca-Cola Beverages Philippines, Inc. (CCBPI) from The Coca-Cola Company (KO).

Share Purchase Agreement (SPA)

• Further to the announcement on 2 August 2023, CCEP announced that it has completed its due diligence and entered into a definitive agreement, together with AEV, to acquire 100% of CCBPI from KO
• The SPA confirms the key terms of the proposed acquisition:

• The SPA is subject to a number of customary closing conditions, including receipt of required regulatory approvals

Compelling strategic rationale

The acquisition will build on CCEP’s successful expansion into Australia, Pacific & Indonesia (API) in 2021, further strengthening the partnership with its significant shareholder KO, and positioning CCEP as the world’s largest Coca-Cola bottler by both revenue and volume while supporting its long-term growth strategy and focus on driving shareholder value.

CCEP’s acquisition of CCBPI, with AEV, one of the leading conglomerates in the local market, offers a great opportunity to co-own an established, well-run business with attractive profitability and growth prospects.

The transaction is a further step for CCEP to create a more diverse footprint within its existing API business segment. It will also provide the opportunity to leverage best practice and talent, including supporting Indonesia’s transformation journey. It is therefore aligned with CCEP’s aim of driving sustainable and stronger growth through diversification and scale, and underpins the company’s mid-term strategic objectives.

Read the press release in full here. 

* = Subject to adjustment in the event of any currently unforeseen event which causes AEV to terminate its participation in the acquisition – in which case CCEP may acquire 60% or 100% of CCBPI (at the election of KO)