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Aboitiz Equity Ventures Inc is a Philippines holding company with reportable segments of power distribution and generation, financial services, food manufacturing, real estate, and infrastructure. The power segment is engaged in power generation and the sale of electricity. The food manufacturing segment is engaged in the production of flour and feeds and swine breeding. Aboitiz Equity Ventures generates maximum revenue from the power segment. Geographically, it operates solely in the Philippines.

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Coca-Cola European Partners plc Ordinary Shares

CCEP

ABOIF

Coca-Cola Europacific Partners PLC (NASDAQ: CCEP) and Aboitiz Equity Ventures Inc (OTC: ABOIF) inked a letter of intent to jointly acquire Coca-Cola Beverages Philippines from The Coca-Cola Company (NYSE: 

Bottler CCEP Proposes Joint Acquisition Of Coca-Cola&#39;s Philippines Business For $1.8B

ABOITIZ EQUITY VNTRS INC by Aboitiz Equity Ventures, Inc.

Aboitiz Equity Ventures Inc

Aboitiz Equity Ventures

Coca-Cola Europacific Partners PLC&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CCEP#NASDAQ">CCEP</a>) and&nbsp;Aboitiz Equity Ventures Inc&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/ABOIF#OTC">ABOIF</a>) inked a letter of intent to jointly acquire Coca-Cola Beverages Philippines from&nbsp;The Coca-Cola Company&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>)&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/23/08/ac33513068/coca-cola-europacific-partners-plc-announces-proposed-joint-acquisition-of-ccbpi" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">for $1.8 billion</a>.

With this deal, CCEP plans to diversify its footprint within its existing API business segment and position itself as the world&#39;s largest Coca-Cola bottler by both revenue and volume.

Post-acquisition, the ownership structure between CCEP and AEC will be 60:40.

CCEP expects its Net Debt to Adjusted EBITDA range to return to the top end of the guided range of 2.5x-3.0x by the end-FY23 instead of FY24 (as earlier expected).

The transaction is expected to close around the end of FY23.

Apart from this, CCEP also reported H1 FY23 revenue growth of 8.5% Y/Y to &euro;8.98 billion and EPS&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/23/08/ac33513222/coca-cola-europacific-partners-plc-announces-results-for-the-six-months-ended-30-june-2023" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">increase of 27.5% Y/Y to &euro;1.86</a>.

Comparable free cash flow<a class="editor-rtfLink" href="https://www.benzinga.com/calendars/earnings" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">&nbsp;stood at &euro;850 million</a>.&nbsp;

FY23 Outlook: The company raised guidance for comparable revenue growth to&nbsp;<a class="editor-rtfLink" href="https://www.rns-pdf.londonstockexchange.com/rns/0422I_1-2023-8-2.pdf" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">8%-9% (from 6%-8% previously)</a>, comparable operating profit growth of 12%-13% (from 6%-7% earlier), and FCF to at least &euro;1.7 billion (from&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/calendars/guidance" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">at least &euro;1.6 billion earlier)</a>.

Price Action: CCEP shares are trading higher by 0.60% at $63.51 premarket on the last check Wednesday.

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Latest Aboitiz Equity Ventures Stock News | OTC:ABOIF | Benzinga

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