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Coca-Cola 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.
Article originally published by Reuters. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.
Published by
02 Aug 2023
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.
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