ABOITIZ Equity Ventures has entered into an agreement with Coca-Cola Europacific Partners Plc (CCEP) allowing them to jointly acquire Coca-Cola Beverages Philippines, Inc. (CCBPI).

Presently, the CCBPI is 100 percent owned by The Coca-Cola Company.

It is a US-based firm that licenses the Coca-Cola brand and products. 

In a disclosure at the Philippine Stock Exchange, Aboitiz said that they would hold 40 percent ownership of CCBPI, as CCEP would have a 60 percent stake.

The purchase contains CCBPI that is valued at US$1.8 billion on a debt-free, cash-free basis.

According to AEV, the transaction went through various regulatory approvals. 

It looks to close in the first quarter of 2024.

"The proposed acquisition would build on AEV’s portfolio diversification strategy to enter the branded consumer goods space," it added.