Coca-Cola Içecek Anonim Sirketi 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.

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.