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As part of the agreement, the franchise will have an option to acquire the remaining 49% of the Philippines bottler for seven years after the closing of the deal and also has an option to sell the stake back to Coca-Cola in year six.
Mexico-based Coca-Cola FEMSA aims to capture the opportunities and further improve the bottler's operations and financial results.
The deal, which is expected to close in early 2013, allows the bottler to expand beyond Mexico while capturing one of the company's biggest markets.
Coca-Cola FEMSA chief executive officer Carlos Salazar Lomelin said the company will strengthen its position in the global beverage industry, through the transaction.
"This represents an important step in our growth strategy and our commitment to The Coca-Cola System," Lomelin said.
CCBPI's operations consist of 23 production plants and are expected to sell about 530 million unit cases of beverages in 2012.