Aug 2 Reuters CocaCola Europacific Partners said on Wednesday it intends to jointly acquire CocaCola Beverages Philippines with Aboitiz Equity Ventures AEV for 1.8 billion, in an effort to become the world39;s largest CocaCola bottler by revenue and volumes.

The deal to buy CocaCola39;s Philippines business in cash will be on 6040 ownership structure between CCEP and Philippines conglomerate Aboitiz.

CCEP has signed a nonbinding term sheet and is in advanced discussions with AEV regarding a potential joint transaction, the company said in a statement.

CCEP, which bottles and sells CocaCola products in Western Europe, Australia and New Zealand, also said that its earlier expectation to return to the topend of its net debt to adjusted core profit range of 2.53 times by the end of 2023 is expected to be achieved in 2024 instead.

Reporting by Radhika Anilkumar in Bengaluru; Editing by Rashmi Aich and sonia Cheema

Source Reuters