MEXICO: Coca-Cola FEMSA agrees US$700m deal for Grupo Yoli
Coca-Cola FEMSA is to acquire debt
Coca-Cola FEMSA is to buy Mexican bottler Grupo Yoli in a deal valued at US$700m, subject to regulatory approval.
FEMSA will get Yoli's two Coca-Cola bottling facilities and 20 distribution centres serving Acapulco and Ixtapa Zihuatanejo, the company announced yesterday (17 January). FEMSA will take on about MXN1bn (US$79.3m) in debt as part of the agreement, it said.
FEMSA will also acquire a further 10.14% stake in Promotora Industrial Azucarera to give it a 36.3% share in the Mexican sugar producer, while Yoli will receive about 42.4m FEMSA shares valued at MXN7.8bn.
Carlos Salazar Lomelin, FEMSA's CEO said the transaction “underscores our commitment to continue expanding within Latin America”.
Last year, Yoli, which has 3,500 staff, sold about 99m unit cases and posted net sales of MXN4bn.
FEMSA has widened its horizons in the past few months. In December, it agreed to buy a bottler in the Philippines, its first acquisition outside Latin America.
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