LISTED holding firm Macay Holdings, Inc. is set to acquire 100% of RC Global Beverages, Inc. (RCGBI) for $21.4 million after the close of its share purchase agreement with RC Global Ventures, Inc.
“The acquisition by Macay of RCGBI provides Macay a global platform and foreign currency revenues in addition to the current peso revenues from its local operations,” the firm said in a disclosure to the Philippine Stock Exchange on Monday.
RCGBI holds global licensing rights to RC Cola and associated brands in over 100 countries and has a wholly owned subsidiary, Royal Crown Cola International, LLC.
“The acquisition is also immediately financially accretive to Macay and will strengthen the food and beverage investments portfolio of Macay,” it added.
If realized, Macay will acquire 100% voting and controlling interest in RCGBI. The acquisition will be through a share purchase transaction and is expected to close not earlier than a month after the execution.
The acquisition also aims to enhance the synergies between Macay, the Philippine bottler of RC Cola, and RCGBI “as trademark owner and supplier of concentrates.”
Macay said that the acquisition is a way to expand its business across other territories as it introduces new brands or products.
The acquisition is still subject to the fulfillment of closing conditions and is still subject to adjustments, the firm added.
According to the disclosure, both Macay and RCGBI are beneficially owned by the investment management firm Mazy’s Capital, Inc.
On the stock market on Monday, shares in Macay closed unchanged at P4.59 apiece. — Justine Irish D. Tabile