PCC OK’s Aboitiz, Coca-Cola Europacific’s acquisition of Coca-Cola Philippines

The transaction is valued at $1.8b.

The Philippine Competition Commission (PCC) has approved Aboitiz Equity Ventures and Coca-Cola Europacific Partner’s full acquisition of Coca-Cola Beverages Philippines, Inc. (CCBPI).

In a disclosure, Aboitiz said it will hold 40% of the CCBPI, whilst its partner will hold the remaining 60% stake, with CCEP Aboitiz Beverages Philippines–incorporated in December 2023–will acquire 100 of CCBPI’s share capital.

Aboitiza and CEEP will acquire through the holding company a total of 2,447,956,683 shares of class A common stock with a par value of $0.036 (PHP2), and 1,000 shares of class B common stock with a par value of $0.018 (PHP1).

The transaction is expected to close towards the end of February.

$1 = PHP56.19