KOF Adds in Brazil

KOF Adds in Brazil

Brazil Mexico M&A

Mexico's Coca-Cola Femsa (KOF) has agreed to buy Spaipa, the second-largest privately owned Coca-Cola bottler in Brazil, for $1.86bn cash, it says. The deal follows an agreement for Companhia Fluminense de Refrigerantes in July, and gives KOF a leading share in the Brazilian market, according to brokerage Ve Por Mas, with 40%. The price implies a multiple of 13.8x Ebitda, the shop says, above the 11.2x seen in the Companhia Fluminense deal, though the premium is “justified” given the competitive

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