Billionaire Aboitiz Family And CCEP to acquire Coca-Cola’s Philippines business for $1.8 billion

Aboitiz Equity Ventures Inc., which is owned by the Aboitiz family, has announced a collaboration with Coca-Cola Europacific Partners (CCEP) to purchase Coca-Cola Philippines together. The acquisition is valued at $1.8 billion.

Upon completion of the deal, Coca-Cola Beverages Philippines, Inc. (CCBP) will be owned 60% by Coca-Cola Europacific Partners PLC (CCEP) and 40% by Aboitiz Equity Ventures (AEV).

The deal will help Aboitiz Equity Ventures (AEV) diversify away from its electricity generation business, which accounted for roughly 58% of the group’s net profit in 2022.

“The acquisition would build on Aboitiz’s portfolio diversification strategy to enter the consumer market through a highly profitable business with one of the best global brands,” said Sabin M. Aboitiz, 59, President and Chief Executive Officer of AEV. “It offers exciting learning experiences for Aboitiz on marketing, distribution, logistics and operations.”

Aboitiz Equity Ventures (AEV) is one of the leading conglomerates in the Philippines, with over 100 years of business history. It has major investments in power, banking and financial services, food, infrastructure, land, data science, and artificial intelligence.

AEV’s parent company, Aboitiz & Co., has a long history dating back to the late 1800s when Paulino Aboitiz, a sailor from Spain’s Basque region, came to the Philippines and established a hemp trading and shipping business. Over the course of five generations, the family has transformed the conglomerate into a powerhouse in the banking and power industries. Today, the Aboitiz family has a net worth of $2.9 billion.

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