Coca-Cola Içecek Anonim Sirketi acquired 80% stake in Anadolu Etap Tarim ve Gida Urunleri Sanayi ve Ticaret A.S from Aep Anadolu Etap Penkon Gida Ve Tarim Urunleri Sanayi Ve Ticaret Anonim Sirketi.
April 18, 2023
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Coca-Cola Içecek Anonim Sirketi (IBSE:CCOLA) entered into a binding agreement to acquire 80% stake in Anadolu Etap Tarim ve Gida Urunleri Sanayi ve Ticaret A.S from Aep Anadolu Etap Penkon Gida Ve Tarim Urunleri Sanayi Ve Ticaret Anonim Sirketi for an enterprise value of approximately $210 million on December 26, 2022. The amount of $112 million will be paid in Turkish Liras and will be converted as per the average of the USD/TL foreign exchange buying rate and selling rate published on the website of the Central Bank one business day prior to the date on which the transfer of shares to be completed. The Agreement is based on the calculated enterprise value of Anadolu Etap Içecek of $214 million. The valuation report of Anadolu Etap Içecek, which includes a fair equity valuation range as of September 30, 2022, has been prepared by KPMG. The completion of the Transaction is subject to the fulfillment of the preconditions defined in the Agreement and the approval of the Türkiye Competition Authority. The Transaction is expected to be immediately EBITDA margin accretive for CCI.
Coca-Cola Içecek Anonim Sirketi (IBSE:CCOLA) completed the acquisition of 80% stake in Anadolu Etap Tarim ve Gida Urunleri Sanayi ve Ticaret A.S from Aep Anadolu Etap Penkon Gida Ve Tarim Urunleri Sanayi Ve Ticaret Anonim Sirketi on April 19, 2023.
Coca-Cola Icecek AS (CCI) is a Turkey-based company engaged in the bottling and distribution of alcohol-free beverages in Turkey, Pakistan, Central Asia and the Middle East. The Company bottles and distributes a number of The Coca-Cola Company brands of soft drinks and beverages, including Coca-Cola, Coca-Cola Zero, Coca-Cola Light, Fanta, Sprite, Cappy, Sen Sun, Powerade, Burn and Gladiator. Also under the agreement signed with Schweppes Holdings Limited, the Company has the exclusive right in Turkey, Kazakhstan and Jordan to sell and distribute beverages under the Schweppes trademark. CCI operates production facilities in different regions of Turkey as well as abroad. CCI also holds interest in Turkmenistan Coca-Cola Bottlers Ltd., CC Beverage Limited, the Coca-Cola Beverages Pakistan Ltd. and Azerbaijan Coca-Cola Bottlers Limited in Azerbaijan, among other.
Coca-Cola Içecek Anonim Sirketi acquired 80% stake in Anadolu Etap Tarim ve Gida Urunleri Sanayi ve Ticaret A.S from Aep Anadolu Etap Penkon Gida Ve Tarim Urunleri Sanayi Ve Ticaret Anonim Sirketi.