Mexico's Coca-Cola FEMSA closes on Philippines deal
MEXICO CITY Jan 24 (Reuters) - Mexico's Coca-Cola FEMSA said on Thursday that it had closed on its $688.5 million acquisition of a 51 percent stake in Coca-Cola Co's Philippines bottling operations, part of a recent shopping spree to expand its global footprint.
Coca-Cola FEMSA will have the option to acquire the remaining 49 percent of Coca-Cola Bottlers Philippines Inc (CCBPI) at any time during the next seven years.
Earlier this month, Coca-Cola FEMSA said it had agreed to buy Grupo Yoli, the maker of a popular lime-flavored soft drink, in a deal valued around $700 million in which the Coke giant will pay with shares and absorb debt.
In May last year, the company closed the acquisition of the drinks unit of Mexico's Grupo Fomento Queretano in a $501 million deal.