Coca-Cola FEMSA has finalized the acquisition of 51% of Coca-Cola Bottlers Philippines (CCBPI) from the Coca-Cola Company for $689m.
According to Coca-Cola FEMSA, the franchise bottler of Coca-Cola, purchase price represents an aggregate enterprise value for 100%of the bottler of $1.35bn.
Coca-Cola FEMSA chief executive officer Carlos Salazar Lomelin said the deal is expected to bolster the company's position in the global beverage industry.
"We recently announced a merger agreement with Grupo Yoli and its shareholders, one of the oldest family-owned bottlers in the Coca-Cola system in Mexico, which serves both Acapulco and Ixtapa-Zihuatanejo, two of the most important tourist destinations in the coast of the Pacific Ocean," Lomelin said.
As part of the agreement, which was originally announced in December 2012, the company will have an option to acquire the remaining 49% of CCBPI at any time during the seven years following the closing and to sell the stake back to Coca-Cola in year six.
