On Friday, Mexican bottler Coca-Cola FEMSA (NYSE:KOF) announced it has today completed the purchase of a 51% stake in Coca-Cola Bottlers Philippines, or CCBPI, from Coca-Cola (NYSE:KO). FEMSA confirms that it paid $688.5 million for the controlling stake, in an all-cash acquisition.

The purchase price values the whole of CCBP at $1.35 billion in enterprise value. FEMSA has the option of purchasing Coke's remaining 49% interests in CCBPI at any time in the next seven years. Alternatively, if FEMSA should experience buyer's remorse, it will have the option to "put," or force Coke to buy back, its 51% interest at any time during year six.

Coca-Cola FEMSA shares are down 0.1% on the news at $157.43, while Coke's own shares are down even more -- 0.3%, to $37.01.

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