Aboitiz Equity Ventures Inc., or AEV, has formally completed its acquisition of minority stakes in Coca-Cola Beverages Philippines, Inc., or CCBPI, under a $1.8-billion cash joint venture deal with Coca-Cola Europacific Partners, or CCEP. The listed company announced on Friday through a stock exchange disclosure that the transaction had been completed as early as 23 February—just about half a year after the deal was first announced in August 2023. A joint venture company called CCEP Aboitiz Beverages Philippines Inc., or CABPI, duly incorporated on 13 December 2023, was responsible for carrying out the transaction. AEV first announced the deal in August 2023. On the other hand, the AEV of the Aboitiz family has major investments in power, banking and financial services, food, infrastructure, land, and data science and artificial intelligence.

Source: Daily Nation February 23, 2024 11:19 UTC