Coca-Cola Europacific Partners PLC on Tuesday said that together with Aboitiz Equity Ventures Inc, it has received approval to buy Coca-Cola Beverages Philippines, Inc or CCBPI.
The Uxbridge, England-based Coca-Cola Co bottling partner, which operates in 29 countries, said the Philippines Competition Commission has granted regulatory approval for the two companies’ joint acquisition of the multinational drinks manufacturer’s Philippines bottler.
Coca-Cola EP said it expects the deal to close towards the end of February.
The company announced on November 20 that it had agreed with Aboitiz, the holding company of Manila-based conglomerate Aboitiz Group, to jointly buy CCBPI. The buyers signed a letter of intent back in August, saying they would buy CCBPI at an enterprise value of $1.8 billion on a debt-free, cash-free basis.
Shares in Coca-Cola EP were trading 1.0% lower at €63.10 in London at noon on Tuesday.
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