The Aboitiz Group is pushing deeper into the consumer segment with a $720-million (P40 billion) investment in soft drinks giant Coca-Cola Beverages Philippines Inc.
Aboitiz Equity Ventures (AEV) said on Monday it had signed a definitive agreement with partner Coca-Cola Europacific Partners Plc. to jointly buy Coca-Cola Philippines from US-based The Coca-Cola Co. in a deal worth $1.8 billion.
The Philippine power, banking and food conglomerate will take 40 percent of the venture, which marks its biggest investment in the consumer sector after Aboitiz-led Union Bank of the Philippines completed the P72-billion takeover of Citi Philippines assets in 2022.
The P265-billion AEV is in the midst of a major makeover to diversify its once power, banking and food-focused businesses to include consumer, infrastructure and technology.