Aboitiz Equity Ventures (AEV) has partnered with Coca-Cola Europacific Partners Plc (CCEP) to jointly acquire Coca-Cola Beverages Philippines, Inc. (CCBPI) from The Coca Cola Company (TCCC). CCBPI is the country’s leading beverage supplier and the exclusive bottler and distributor of Coca-Cola products with 19 manufacturing plants and about 50 sales offices and distribution centers.

The Aboitiz group has always taken a proactive stance to grow and diversify its portfolio, especially into non-power and consumer or retail-oriented businesses. According to the firm, “The acquisition of CCBPI presents a unique opportunity to ensure long-term growth and value creation in this dynamic, post-pandemic market, especially with CCBPI's operational excellence, attractive market profitability, and positive growth prospects.” 

With a $720-million (P40 billion) investment in CCBPI, the Aboitiz Group will be strengthening its position in the consumer segment with a global market. TCCC is a US-based licensing firm that currently owns CCBPI, with a value of US$1.8 billion. 

The CCBPI is a welcome addition to Aboitiz Group’s growing investment portfolio. It bolsters its presence in the branded consumer goods market and diversifies its power, banking, and food-related enterprises to acquire consumer, infrastructure, and technology. Currently, the P265-billion AEV is active in the food business in several subsidiaries such as Pilmico Foods Corp., Pilmico Animal Nutrition Corp., and Pilmico International Pte. Ltd. 

“CCBPI, along with its strong brand equity, offers AEV a strategic entry into the consumer goods sector, which is in line with AEV’s diversification strategy. Besides the additional revenue streams, this broadens the markets we can serve, and AEV, CCEP, and CCBPI can all benefit from the strengths and synergies of each other’s various business portfolios.

"For its part, AEV brings a wide-ranging and robust local infrastructure with its numerous established business units as one of the largest conglomerates in the country. AEV is well-positioned to support CCBPI’s growth strategies with its nationwide network of businesses and interests.

“CCEP and CCBPI meanwhile bring with them decades of experience in the branded consumer goods space. As one of the most recognizable consumer brands in the world, the partnership can give AEV invaluable insights and best practices in managing assets of this type and scale. The acquisition builds on AEV's portfolio diversification strategy to enter the consumer goods market, and forms another part of the Aboitiz Group's Great Transformation journey to become the Philippines' first techglomerate, an industry player that behaves with the agility, efficiency, and innovation of a life-changing start-up, driven by technology and a renewed entrepreneurial spirit,” said the Aboitiz group.

In November 2023, AEV disclosed details of its definitive agreement with CCEP to acquire CCBPI. According to the Share Purchase Agreement, the ownership structure is split between CCEP with a majority share of 60 percent and 40 percent for AEV. The CCEP is a multinational bottling company that engages in the marketing, production, distribution, and sale of non-alcoholic ready-to-drink beverages, bottled and canned soft drinks, juices, isotonic and carbonated waters. 

The transaction is on a debt-free, cash-free basis and the final cash consideration will be subject to cash, debt-like items, and working capital adjustments at completion of the transaction.

On January 30, 2024, AEV and CCEP received the certificate of approval from the Philippine Competition Commission (PCC) to proceed with the acquisition of ownership in CCBPI. All parties involved plan to close the transaction towards the end of February 2024. 

Aboitiz Equity Ventures is one of Manila Bulletin’s Newsmakers of the Year. The MB Newsmakers of the Year Awards is co-presented by International Container Terminal Services, Inc. (ICTSI), GCash, SM Development Corporation, and The Medical City. This event is also supported by major partner SM Supermalls.