KOF Goes to Asia

KOF Goes to Asia

Mexico Asia M&A

Coca-Cola Femsa (KOF) has agreed to pay $689m to buy 51% of Coca-Cola Bottlers Philippines from Coca-Cola, it says, in the Mexican bottler’s first buy outside of LatAm. It enters a market that the company and analysts see as having a similar profile to the LatAm countries where KOF already operates. Analysts find the price to be reasonable, at 13.5x 2012 Ebitda. The multiple of $2.50 per unit case, Banorte says in a note, is in line with the $2.50-$3.00 level the shop would expect. “This multipl

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