ABOITIZ AND CCEP COMPLETE COCA-COLA BEVERAGES PHILIPPINES, INC. ACQUISITION

Aboitiz Equity Ventures Inc. (AEV) today announces it has, together with Coca-Cola Europacific Partners Plc (CCEP), completed its acquisition of Coca-Cola Beverages Philippines, Inc. (CCBPI), from The Coca-Cola Company (TCCC).

Further to announcements made on 2 August 2023, 20 November 2023 and 30 January 2024, Aboitiz Equity Ventures Inc. (AEV) today announces it has, together with Coca-Cola Europacific Partners Plc (CCEP), completed its acquisition of Coca-Cola Beverages Philippines, Inc. (CCBPI), from The Coca-Cola Company (TCCC). CCBPI, the exclusive bottler and distributor of TCCC products in the Philippines is profitable and has attractive growth prospects.

Key terms of the acquisition:

● 60:40 ownership structure between CCEP and AEV
● Values 100% of CCBPI at US$1.8 billion on a debt-free, cash-free basis
● Shareholders’ agreement between CCEP and AEV with comprehensive governance terms takes effect at closing.

The transaction has received clearance from the Philippine Competition Commission.

The acquisition would build on AEV’s portfolio diversification into the branded consumer goods space. AEV is well-positioned to support CCBPI’s growth ambition through the synergies which could be generated from AEV’s other business interests in the country. The acquisition would also build on CCEP’s successful expansion into Australia, Pacific & Indonesia (API) in 2021.