cocacola europacific partners said wednesday that it is considering together with aboitiz equity ventures to buy cocacola beverages philippines from the cocacola company valuing it at around 18 billion the londonlisted bottling company said the philippines bottling business shows attractive profitability and growth prospects and would build upon its own expansion into the australia pacific and indonesia market that started 2021 a takeover would be expected to close around the end of 2023 it is still subject to a number of conditions including due diligence and regulatory approval and there can be no certainty it will be entered into nor completed it said the european bottler said it has entered a letter of intent and signed a nonbinding term sheet with aev on the potential joint transaction based on a 6040 ownership structure for cocacola europacific and aev respectively the agreement implies an enterprise value of 18 billion on a debtfree cashfree basis for the philippines business the consideration would be paid in cash the proposed acquisition would position cocacola europacific as the worlds largest cocacola bottler by both revenue and volume