By Joe Hoppe
Coca-Cola Europacific Partners said it has reached a definitive agreement to jointly buy Coca-Cola Beverages Philippines, Inc., or CCBPI, from The Coca-Cola Company for $1.8 billion in a joint acquisition.
The London-listed bottling company said Monday it has agreed together with Philippines conglomerate Aboitiz Equity Ventures Inc. to buy the entirety of CCBPI, in a 60:40 ownership structure. Coca-Cola Europacific will hold the larger stake.
The company said the acquisition will build upon its prior expansion into Australia, Pacific and Indonesia in 2021, positioning Coca-Cola Europacific as the world's largest Coca-Cola bottler by both revenue and volume.
The acquisition is still subject to a number of closing conditions, including regulatory approval.
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(END) Dow Jones Newswires