UPDATE 1-Mexico's KOF buys Brazil drinks maker for $364 mln
(Recasts, adds chief executive quote, background)
MEXICO CITY, June 26 (Reuters) - Mexico's KOF (KOFL.MX)(KOF.N), the world's second-largest bottler of Coca-Cola drinks, said on Thursday it acquired Brazilian soda maker and brewer Refrigerantes Minas Gerais Ltda (Remil) for $364.1 million.
KOF, also known as Coca-Cola Femsa, said the purchase will give its consolidated Brazilian operations a 30 percent share of the Coca-Cola bottling system in Brazil, with more than 41 million consumers.
"This transaction will expand our footprint in Brazil by more than a third and substantially increase the number of clients and customers that we will serve ," KOF Chief Executive Carlos Salazar said in a statement.
The purchase follows KOF's acquisition last year of juice maker Jugos del Valle, which has operations in Mexico and Brazil, for $370 million.
"The company continues to use its cash flow to expand its reach and beverage portfolio," ratings agency Fitch said in a report earlier this month.
KOF is formed by Coca-Cola (KO.N) and Mexican drinks maker and brewer Femsa (FMSAUBD.MX) (FMX.N), which produces Tecate, Sol and Dos Equis beers.
