Aboitiz Equity Ventures (AEV) on Wednesday, August 2, said it is looking to partner with a global consumer goods firm to buy the Philippine manufacturer of Coca-Cola products.
In a disclosure to the stock exchange, AEV said it is in advanced discussions with Coca-Cola Europacific Partners PLC (CCEP) for a possible joint buyout of Coca-Cola Beverages Philippines (CCBP).
CCBP is currently 100 percent owned by The Coca-Cola Company, the US-based firm which licenses the Coca-Cola brand and products.
AEV said it sees CCBP having an enterprise value of $1.8 billion. There will also be a 60:40 ownership structure between CCEP and AEV, the company added.
“AEV would be well positioned to support CCBP’s growth ambition given the synergies that can be generated from AEV’s other businesses,” the company said.
Aboitiz however also said there is “no certainty at this stage, that the proposed acquisition” will be completed, but the company will provide updates on the matter.
If the deal pushes through, Aboitiz said it expects the transaction to close this fiscal year subject to certain governmental and regulatory approvals, including clearance from the Philippine Competition Commission.