MANILA -The Aboitiz family conglomerate is teaming up with Coca-Cola Europacific Partners PLC (CCEP) to jointly buy domestic beverage giant Coca-Cola Philippines for $1.8 billion (P100 billion). Coca-Cola Philippines has over 9,000 employees. INQ—MANILA -The Aboitiz family conglomerate teamed up with the European business arm of the Coca-Cola Group to buy domestic beverage giant Coca-Cola Philippines for $1.8 billion. Philippine-listed Aboitiz Equity Ventures said in a statement on Wednesday it signed a non-binding term sheet and is in “advanced” talks with Coca-Cola Europacific Partners PLC (CCEP) to acquire Coca-Cola Philippines. The deal to buy Coca-Cola’s Philippines business in cash will be on 60:40 ownership structure between CCEP and the Aboitiz group.

Source: Daily Nation August 02, 2023 11:44 UTC