MANILA, Philippines — The Aboitiz Group’s entry into the branded consumer goods space is ready to commence with its successful acquisition of Coca-Cola Beverages Philippines Inc. (CCBPI).
In a stock exchange filing, Aboitiz Equity Ventures Inc. (AEV) said the parties have closed the transaction following the completion of all the conditions precedent to the acquisition.
These conditions include the receipt of approval from the Philippine Competition Commission; that no governmental entity of competent authority issued an order or enacted a law that makes the transaction illegal or prohibits the consummation of the transaction; the fulfillment of the warranties and covenants of the sellers and the buyers; that no material adverse effect shall have occurred and finally, the completion of the incorporation of the holding company which will acquire the shares in CCBPI.
“All these conditions have been completed as of Feb. 23, 2024,” AEV said.
AEV and Coca-Cola Europacific Partners plc (CCEP) have purchased 100 percent of CCBPI from Atlanta-based The Coca-Cola Co. for $1.8 billion.
AEV holds 40 percent beneficial ownership while CCEP has 60 percent stake.
The acquisition will build on AEV’s portfolio diversification strategy to enter the branded consumer goods spaces.
A beverage supplier in the country, CCBPI has a wide supply chain footprint consisting of 73 production lines and 19 plants.
AEV’s core businesses include power generation, distribution and retail electricity supply, financial services, food manufacturing, real estate and infrastructure.