THE Conglomerate Aboitiz Equity Ventures Inc. (AEV) and Coca-Cola Europacific Partners Plc (CCEP) had bought the acquisition of Coca-Cola Beverages Philippines Inc. (CCBPI) for $1.8 billion.

The announcement was made by the AEV.

In a statement, the AEV and CCEP would acquire CCBPI from The Coca-Cola Company for $1.8 billion on a debt-free and cash-free basis.

It also resulted in the ownership structure of CCBPI, which is about 60:40 between CCEP and AEV.

Earlier AEV announced that they announced its plan to acquire CCBPI - the exclusive bottler and distributor of Coca-Cola products in the Philippines— in August 2023.

The AEV and CCEP had entered into a definitive agreement for the CCBPI's acquisition in November last year.

This had been approved by the Philippine Competition Commission early this month.

“The acquisition would build on AEV’s portfolio diversification into the branded consumer goods space. AEV is well-positioned to support CCBPI’s growth ambition through the synergies which could be generated from AEV’s other business interests in the country,” the company said.

“The acquisition would also build on CCEP’s successful expansion into Australia, Pacific & Indonesia (API) in 2021,” it added.