Mexico's Coca-Cola FEMSA has reached an agreement with The Coca-Cola Company to acquire 51 percent of the U.S. beverage giant's bottling operations in the Philippines for $688.5 million, the buyer said in a press release.

As part of the all-cash deal, the world's largest franchise bottler of Coca-Cola products will have the option of acquiring the remaining 49 percent of Coca-Cola Bottlers Philippines, Inc. within seven years after the transaction closes.

It also will have a put option to sell its interest in CCBPI back to The Coca-Cola Company at any time during the sixth year, Coca-Cola FEMSA said Thursday, adding that the transaction will likely close in early 2013.

"This purchase price represents an aggregate enterprise value for 100 percent of the bottler of $1.35 billion which results in a 2012 projected EBITDA multiple of approximately 13.5 times," the Monterrey, Mexico-based firm said.

The Philippines has one the highest per-capital consumption rates of Coca-Cola products in the region and presents significant growth opportunities, the statement said.

Coca-Cola FEMSA CEO Carlos Salazar Lomelin, said the transaction strengthens his company's position in the global beverage industry and reaffirms its commitment to "identify avenues of growth and value creation for our shareholders."

For his part, the chairman and CEO of The Coca-Cola Company, Muhtar Kent, said the Atlanta-based soft-drink titan will work with Coca-Cola FEMSA "to capture future opportunities for growth and investment and bring even more social and economic value to customers and communities throughout the country."

The Philippine bottler has 23 production plants and is expected to sell 530 million unit cases of beverages by the close of 2012.

Coca-Cola FEMSA has 60 bottling facilities and employs more than 100,000 employees worldwide. EFE